• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Friday, July 18, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

On Heritage Bank’s Liquidation

by Bukola Aro-Lambo
1 year ago
in Business, Feature
heritage bank
Share on WhatsAppShare on FacebookShare on XTelegram

Following the revocation of the license of Heritage Bank,  the Nigeria Deposit Insurance Corporation (NDIC) has commenced the payment of the insured deposit of the depositors o the bank even as shareholders call for the investigation of the management and board of the bank.

Advertisement

The CBN had on Monday, June 3, 2024 announced the revocation of the license of the bank 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.” The CBN stated in a press statement.

Consequently, the NDIC had announced plans to pay out insured deposit within one week. According to the Managing Director and Chief Executive of the corporation, Mr. Bello Hassan, 2.3 million depositors of Heritage Bank are to be paid approximately N650 billion.

The NDIC Managing Director explained that the majority of Heritage Bank’s depositors, 99.9 per cent, have less than N5 million in their accounts. This means the NDIC expects to process these insured deposits swiftly.

RELATED

How To Start Accepting Crypto As A Business

How To Start Accepting Crypto As A Business

3 hours ago
Why Credit Cards Excel For Online Casino Payments In Canada

Why Credit Cards Excel For Online Casino Payments In Canada

5 hours ago

There are about 4,000 depositors with more than N5 million in their accounts. Before losing its license, Heritage Bank had issued over N700 billion in loans. To manage the payment process, NDIC has deployed 400 staff members across the bank’s 116 branches and regional offices.

Meanwhile, minority shareholders community are calling for a probe of the management and directors of Heritage Bank. National Coordinator of Progressive Shareholders Association, Boniface Okezie said probing the bank managers would boost confidence in the sector.

Noting that CBN is also part of the problem in the system, he said “If the bank had been insolvent over the years and they had been living under the mercy of CBN, which should have taken action. In all this, what is the role of AMCON? They should have taken over the bank after all, the bank was also paying a levy to AMCON. Instead, CBN has directed NDIC to take over for liquidation. Is that the way to go?

“Besides, is it only Heritage Bank that is insolvent? What is the fate of some other banks in the sector? Are they strong and viable? They should tell us. The management should be called for questioning. Those who ran the bank aground should be called for questioning. It is not enough that NDIC should liquidate.”


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel



Tags: Heritage Bank
SendShareTweetShare
Previous Post

Nigeria Yet To Attain Democracy We Sacrificed For, Agbakoba, Ozekhome

Next Post

Conflict Resolution: NGO Trains Kaduna Women Peace Mediators

Bukola Aro-Lambo

Bukola Aro-Lambo

You May Like

How To Start Accepting Crypto As A Business
Business

How To Start Accepting Crypto As A Business

2025/07/18
Why Credit Cards Excel For Online Casino Payments In Canada
Business

Why Credit Cards Excel For Online Casino Payments In Canada

2025/07/18
Expo To Champion Homegrown Tech, Local Manufacturing
Business

Expo To Champion Homegrown Tech, Local Manufacturing

2025/07/18
GTCO’s Squad Partners Omnipay To Simplify FMCG Payments
Business

GTCO’s Dual Listings Drive Share Price Appreciation

2025/07/18
ECA Projects Slow Global GDP Growth
Business

Clean Energy: Economic Commission Pushes For Innovative Financing For Africa’s Industries

2025/07/18
I Will Continue To Support, Collaborate  With Army – Uzodimma
Business

Digital Skill: Imo Partners California Varsity To Train 100,000 Youths

2025/07/18
Leadership Conference advertisement

LATEST

Enugu Police Rescue 6 Stolen Children In Multiple Operations

Hit-and-Run Driver Kills Police Officer In Gombe

Police Arrest Wanted Notorious Bandit, Others In Kaduna

Your Periodic Attempts To Review 1999 Constitution, A Waste Of Resources, Gov Diri Tells Lawmakers

Pension: Labour Rejects Ogun Gov’s Plea, Vows To Continue Indefinite Strike

How To Start Accepting Crypto As A Business

WAFCON 2025: Dominant Super Falcons Thrash Zambia 5-0 To Reach Semifinals

In Kano, Tinubu Hails Late Dantata’s Legacy Of Humility, Generosity

Why Credit Cards Excel For Online Casino Payments In Canada

ICPC To Arraign KANSIEC Chair, Others Over Alleged N1bn Money Laundering

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.