The Central Bank of Nigeria (CBN) recently announced that it revoked Heritage Bank Plc’s license effective immediately.
The stated purpose of this decision was to uphold a sound and steady financial system, in accordance with Section 12 of the 2020 Banks and Other Financial Institutions Act (BOFIA).
Heritage Bank’s violation of Section 12 (1) of BOFIA 2020 led to the revocation, according to a statement signed by Hakama Sidi Ali, Acting Director, Corporate Communications.
This has raised concerns for customers of the bank who fear that their monies would be inaccessible.
Nigerians have already begun to express difficulty in opening their apps and withdrawing money from the ATM.
According to a The Nation report, when your bank’s license is revoked, the following occurs to customers fund:
TimesNow.com.ng reported that a new report from Ernst and Young, a United Kingdom-based accounting firm, says 17 out of 24 banks in Nigeria will meet the capital requirement from the Central Bank of Nigeria (CBN) if raised 15 times from its current N25 billion.
The report says options available to banks outside CBN requirements include mergers and outright acquisitions.
The report acknowledged the banks’ financial soundness, which shows that Nigerian banks are safe and resilient as of 2023.
Source: TimesNow.com.ng
