Revocation of Heritage Bank’s licence shouldn’t worry anyone – Moghalu

A former Deputy Governor of the Central Bank of Nigeria, Kingsley Moghalu, has said the recent revocation of Heritage Bank Plc’s banking license by the Central Bank of Nigeria should not worry anyone.

Moghalu’s statement comes two days after the apex bank revoked the banking licence of the bank effective immediately.

The CBN, in a statement on Monday by its acting Director of Corporate Communication Department, Sidi Ali, said the decision was made because the bank’s failure to improve its financial performance posed a threat to financial stability.

Consequently, the Nigeria Deposit Insurance Corporation said it had commenced the liquidation of Heritage Bank Plc and assured all that it would pay depositors of the failed bank N5 million insured deposits.

READ ALSO:CBN revokes licence of Heritage Bank

The NDIC’s Director of Communication and Public Affairs, Bashir Nuhu, in a statement on Monday, said the liquidation is in accordance with Section 55 Sub-sections 1 & 2 of the NDIC Act 2023.

In a statement via X on Wednesday, Moghalu described the revocation of the bank’s license as the chronicle of a death foretold, adding that the move was not surprising.

The former presidential aspirant asserted that the apex bank’s license revocation was to protect depositors’ funds and maintain confidence in the banking system.