…Bank loses operating licence to corporate governance failure
Heritage Bank, which rose from the ashes of Societe Generale Bank of Nigeria, may have lost its licence to poor corporate governance.In announcing the withdrawal of its bank operations, the Central Bank of Nigeria (CBN) accused the board management of failure to improve the financial health of the bank.
The Acting Director of Corporate Communications of the CBN, Hakama Sidi Ali, who disclosed this in Abuja yesterday, said: “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.”
The apex bank stated that the step became necessary due to Heritage Bank’s breach of Section 12 (1) of BOFIA, 2020. “Regrettably, the bank…
Source: Guardian Newspaper
