HERITAGE BANK: SHAREHOLDERS PUSH FOR MD, EDs’ PROBE
Some minority shareholders of the failed Heritage Bank have called for an investigation into the management and directors of the bank following the revocation of its license by the Central Bank of Nigeria (CBN). The CBN stated that the revocation was necessary due to the bank's inability to improve its financial performance, posing a threat to financial stability. The Nigeria Deposit Insurance Corporation (NDIC) has been appointed as the liquidator.
Shareholders argue that probing the bank's management will boost confidence in the financial sector. Boniface Okezie, National Coordinator of the Progressive Shareholders Association, criticized the CBN and suggested that those responsible for the bank's downfall should be held accountable. Moses Igbrude, National Coordinator of the Independent Shareholders Association, echoed this sentiment, emphasizing the need for an investigation to prevent future occurrences. Bisi Bakare, President of the Pragmatic Shareholders Association, acknowledged that while depositors are somewhat protected, shareholders will suffer losses.
Some minority shareholders of the failed Heritage Bank have called for an investigation into the management and directors of the bank following the revocation of its license by the Central Bank of Nigeria (CBN). The CBN stated that the revocation was necessary due to the bank's inability to improve its financial performance, posing a threat to financial stability. The Nigeria Deposit Insurance Corporation (NDIC) has been appointed as the liquidator.
Shareholders argue that probing the bank's management will boost confidence in the financial sector. Boniface Okezie, National Coordinator of the Progressive Shareholders Association, criticized the CBN and suggested that those responsible for the bank's downfall should be held accountable. Moses Igbrude, National Coordinator of the Independent Shareholders Association, echoed this sentiment, emphasizing the need for an investigation to prevent future occurrences. Bisi Bakare, President of the Pragmatic Shareholders Association, acknowledged that while depositors are somewhat protected, shareholders will suffer losses.