The Central Bank of Nigeria has revoked the banking licence of Heritage Bank, minutes after a TechCabal report that officials of the Nigeria Deposit Insurance Corporation visited the bank.

“In accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 of the Banks and Other Financial Institutions Act, hereby revokes the Licence of Heritage Bank Plc,” a statement from the Central Bank read.

“The action has become necessary due to the bank’s breach of Section 21(1) of BOFIA 2020. The Board and management of the bank have not been able to improve the bank’s financial performance, a situation which constiutues a threat to financial stability.”

Heritage Bank’s struggles have long been public and a visit from NDIC officials on Monday morning were the final signs that a takeover was on the way.

*This is a developing story.