Shareholders push for MD, EDs’ probe

Some members of the minority shareholders community have called for a probe of the management and directors of the failed Heritage Bank.
The call was made in Abuja yesterday following the revocation of the licence of the bank by the Central Bank of Nigeria.
In announcing the licence revocation, CBN said that it was with immediate effect, insisting that the 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.
Recall that the CBN engaged with the bank and prescribed various supervisory steps intended to stem the decline but regrettably, the bank continued to suffer and had no reasonable prospects of recovery, thereby, making the revocation of the license the next necessary step.