The Central Bank of Nigeria (CBN) has debunked widespread speculations that there are plans by the apex bank to revoke the licenses of three additional banks, describing the rumours as false which is orchestrated to trigger panic in the financial system. The CBN’s reaction is contained in a statement by Mrs. Hakama Sidi Ali, the Acting Director Corporate Communications, made available to newsmen on Tuesday. The CBN also assured that the Nigerian financial system remains...

The Central Bank of Nigeria, CBN, has revoked the operating license of Heritage Bank Plc, effective immediately. The decision comes after a period of sustained financial struggles at the bank. According to a statement issued by the CBN’s Acting Director of Corporate Communications, Hakama Sidi Ali, the bank’s management has not been able to “improve the bank’s financial performance, a situation which constitutes a threat to financial stability.” The CBN had previously engaged with Heritage...