• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Saturday, July 26, 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

Reps Charge CBN On Thorough Probe Of Heritage Bank Management

by James Kwen
1 year ago
in Business
CBN
Share on WhatsAppShare on FacebookShare on XTelegram

The House of Representatives has urged the Central Bank of Nigeria (CBN) to conduct a thorough investigation of the leadership and management of Heritage Bank to identify any possible issues of mismanagement or wrongdoing that might have contributed to the bank’s failure.

Advertisement

The Green Chamber also called for amendment of the Nigeria Deposit Insurance Corporation Act to increase the minimum amount of funds that is insured by the organisation to save depositors the agony they go through.

It equally urged the federal government to establish a robust and well-funded depositors’ protection fund to provide greater financial security and assurance for depositors in the event of bank failures, and to facilitate timely and fair compensation for affected depositors.

These resolutions followed the adoption of a motion of urgent public importance moved by

Hon. Uchenna Harris Okonkwo from Anambra State at plenary on Tuesday.

RELATED

Kano Govt Renames KUST After Dangote

Dangote Retires From Cement Board As Ikazoboh Steps In

4 hours ago
Experts Laud New CBN Policy On Diaspora Remittances, Urge Close Monitoring Of IMTOs

CBN Survey Shows Interest Rates Now Business Firms’ Biggest Constraint

23 hours ago

Moving the motion, Okonkwo recalled that on June 3, 2024, CBN publicly declared the revocation of Heritage Bank’s licence, citing its violation of Section 12 (1) of the Banks and Other Financial Institutions Act (BOFIA), 2020 and  designated the Nigerian Deposit Insurance Corporation (NDIC) as the entity responsible for overseeing the liquidation process;

He said NDIC has initiated the liquidation process of Heritage Bank Plc in accordance with Section 55, sub-sections 1 and 2 of the NDIC Act 2023 and swiftly commenced the liquidation procedures of the failed bank, prioritising immediate verification and disbursement of insured deposits to the bank’s depositors.

The lawmaker noted that the NDIC has initiated the liquidation process, which regrettably limited the verification and payment of depositors to a maximum insured amount of only N5 million.

 

According to him, the NDIC, in its statement dated June 3, 2024, has specified that depositors with funds surpassing N5 million will receive liquidation dividends only after the realisation of the bank’s assets and the retrieval of debts owed to the bank.

 

Okonkwo informed that: “Some depositors allegedly entrusted significant sums, amounting to in excess of N10 billion only, to Heritage Bank, representing their hard-earned savings and financial security, this realisation underscores the magnitude of the financial losses and uncertainties they are now facing, highlighting the profound impact of the bank’s failure on their lives and well-being;

 

“Amidst the prevailing economic challenges in Nigeria, the financial stability of its citizens has been significantly compromised, limiting compensation to N5 million is deeply inadequate to alleviate the substantial losses experienced by depositors who had placed their trust in Heritage Bank, exacerbating their financial distress and uncertainty.”

 

He expressed concern about the CBN’s failure to promptly disclose the financial instability of Heritage Bank, which has left depositors vulnerable to unexpected financial losses, saying this lack of transparency has not only eroded public trust in the banking system and regulatory bodies but has also intensified the distress and uncertainty faced by depositors who relied on the bank for their financial security.

 

“Further deeply concerned by allegations suggesting that the CBN had prior knowledge of the bank’s deficiencies for an extended period but failed to enact timely corrective measures, this underscores the pressing need for a thorough review of regulatory oversight mechanisms, as it is unjust for depositors to suffer the consequences of regulatory inaction,” the lawmaker maintained.

 

Adopting the motion, the House tasked the Committee on Banking Regulations on promoting public awareness and education campaigns to inform citizens about the risks associated with banking and the importance of diversifying their financial holdings.


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: Central Bank of Nigeria (CBN)Heritage Bank
SendShareTweetShare
Previous Post

Again, Glo Powers Ojude Oba Festival

Next Post

Zeberced’s 40,000 Jobs, Industrial Park Align With Tinubu’s Industrialisation Drive– Shettima

James Kwen

James Kwen

You May Like

Kano Govt Renames KUST After Dangote
Business

Dangote Retires From Cement Board As Ikazoboh Steps In

2025/07/26
Experts Laud New CBN Policy On Diaspora Remittances, Urge Close Monitoring Of IMTOs
Business

CBN Survey Shows Interest Rates Now Business Firms’ Biggest Constraint

2025/07/25
Fitch Upgrades Benue State, Affirms Lagos, Kaduna’s Ratings
Business

Fitch Upgrades Benue State, Affirms Lagos, Kaduna’s Ratings

2025/07/25
Dangote Donates Bags Of Rice To 48 Charity Groups In Abuja
Business

Dangote Sugar Posts N430.21bn Revenue In H1

2025/07/25
Gas Supply Shortages, Infrastructure Deficiency Bane Of Power Sector Growth –Nnaji
Business

Gas Supply Shortages, Infrastructure Deficiency Bane Of Power Sector Growth –Nnaji

2025/07/25
FMN Rewards 3 Innovative Local Businesses With N10m Cash Prize
Business

Moody’s Upgrades Ecobank Ratings Outlook To Stable

2025/07/25
Leadership Conference advertisement

LATEST

N16bn Lafia Flyover, Underpass Intact – Nasarawa Govt

FG Inaugurates Committee On National Carbon Budget

Ayobami’s Family Seeks Justice After Suspected Killer’s Death

AA Tackles INEC Over Wrong Convention Date

Gov Sule Demands Retraction Of Allegation By VC

NAF, NASENI Sign MoU On Defence, Aerospace Devt

Class Of 99 Governors Push for Jobs, Ask Tinubu to End Palliative Culture

Niger Delta Group Backs Amnesty Boss

Why PDP Lost In 2023 – APGA

Unsafe Drug Markets Symptom Of Systemic Failure – Prof. Baale

© 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.