₦airaland Forum

larride:
Meanwhile CBN don revoke license of Heritage Bank

larride:
Meanwhile CBN don revoke license of Heritage Bank

larride:
Meanwhile CBN don revoke license of Heritage Bank

The Acting Director, Corporate Communications, CBN, Hakama Sidi Ali, disclosed this in a statement.
She said: “The Central Bank of Nigeria, CBN, 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 Act (BOFIA) 2020, hereby revokes the licence of Heritage Bank Plc with immediate effect.

‘This action has become necessary due to the bank’s breach of Section 12 (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 constitutes a threat to financial stability.
“This follows a period during which the CBN engaged with the bank and prescribed various supervisory steps intended to stem the decline.
“Regrettably, the bank has continued to suffer and has no reasonable prospects of recovery, thereby making the revocation of the license the next necessary step.

“Consequently, the CBN has taken this action to strengthen public confidence in the banking system and ensure that the soundness of our financial system is not impaired.

“The Nigeria Deposit Insurance Corporation (NDIC) is hereby appointed as the Liquidator of the bank in accordance with Section 12 (2) of BOFIA, 2020.

“We wish to assure the public that the Nigerian financial system remains on a solid footing. The action we are taking today reflects our continued commitment to take all necessary steps to ensure the safety and soundness of our financial system.

izzou:
[color=royalblue]Is my 23k safe?

I no get app oh, and my card no dey with me [/color]

BlueRayDick:
This CBN statement is kinda confusing.

I remember attending a trianing few years ago and one of the facilitator being a senior official at NDIC was discussing about Risk-based approach to regulation of financial institutions. He said CBN and NDIC had adopted a Risk-based approach to regulating banks and that no bank in Nigeria can fail because one of the merits of the approach is that before a bank fails they would've arrested the situation and save shareholders and depositor's funds. He said that was why banks like Polaris were taken over by CBN when they nearly failed.

But this one now with CBN revoking Heritage bank instead of taking over the bank and selling it to investors. Does it mean Heritage bank is beyond redemption?

BlueRayDick:
What the man is saying is that things will get worse because FG has not tackled the root cause of the inflation but attempting to throw money at non-money problem.

For example now pepper is very very expensive. If minimum wage is increased and everybody has enough money at hand, the sellers of pepper will further jack up their prices because we now have so much cash chasing limited supply of pepper

liveLongNprospa:
Omo.. FG matter tire me

larride:
People do not even have the money to buy the pepper talkless of having enough money at hand.

Some people salary no even fit cover transport and feeding.

izzou:
[color=royalblue]Is my 23k safe?

I no get app oh, and my card no dey with me [/color]

BlueRayDick:
This CBN statement is kinda confusing.

I remember attending a trianing few years ago and one of the facilitator being a senior official at NDIC was discussing about Risk-based approach to regulation of financial institutions. He said CBN and NDIC had adopted a Risk-based approach to regulating banks and that no bank in Nigeria can fail because one of the merits of the approach is that before a bank fails they would've arrested the situation and save shareholders and depositor's funds. He said that was why banks like Polaris were taken over by CBN when they nearly failed.

But this one now with CBN revoking Heritage bank instead of taking over the bank and selling it to investors. Does it mean Heritage bank is beyond redemption?

sod09:
Is that not adenuga bank?

larride:
Yes. NDIC will make sure your money is safe.

BlueRayDick:
This CBN statement is kinda confusing.

I remember attending a trianing few years ago and one of the facilitator being a senior official at NDIC was discussing about Risk-based approach to regulation of financial institutions. He said CBN and NDIC had adopted a Risk-based approach to regulating banks and that no bank in Nigeria can fail because one of the merits of the approach is that before a bank fails they would've arrested the situation and save shareholders and depositor's funds. He said that was why banks like Polaris were taken over by CBN when they nearly failed.

But this one now with CBN revoking Heritage bank instead of taking over the bank and selling it to investors. Does it mean Heritage bank is beyond redemption?

larride:
Yes now, it was said in the press release that there was no path for recovery for the bank. The next sensible thing is to wind it up instead of chasing shadow.

GloriousGbola:
link pls?

sod09:
Enter the bank fess
I am 200% sure queue will be much in their branches nationwide

BlueRayDick:


Dey play! The maximum NDIC can guarantee is N500k. If u have above that, it is only N500k NDIC can guarantee u will get

larride:
Banks set dey on strike now.

BlueRayDick:
Things must have been pretty bad for them niyen o.

But my question is why didn't CBN step in earlier ? At least to save some ordinary shareholders?

Since SS1 when we did Economics and we were taught that ordinary shareholders are the least priority when a company winds down; na since that time I no like buying shares as form of investment. Funny enough, my popsy likes shares more than anything.

larride:
I know nah. Izzou money for there na 23k so him money safe.

sod09:
Are you sure
I entered union bank for oba akran road this morning

larride:
If banks no follow join the bank, what strike are they now striking?

larride:
Banks set dey on strike now.

BlueRayDick:


He should just use mobile app to transfer it ASAP o to avoid stories that touch

Ibunkun1:
Their app no dey open again o. For like a month now. I don dey suspect them too

Ibunkun1:
Their app no dey open again o. For like a month now. I don dey suspect them too

BlueRayDick:
WAEC is saying they would carry on with their exams irrespective of the strike . Hmmmm

So what if there was a serious crisis in Nigeria they will still go ahead with the exams ?

BlueRayDick:


Dey play! The maximum NDIC can guarantee is N500k. If u have above that, it is only N500k NDIC can guarantee u will get

BlueRayDick:
Ahhhh!

And u people kept quite and kept trusting the process? If bank app no work for one week I go don move my cash o.