Business

Shareholders push for MD, EDs’ probe

today06/07/2024 5

Background
share close

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.

Written by: bossgmsi

Rate it

Previous post

World

U.S. Files Forfeiture Action To Recover Over $5 Million Fraud

United States has filed a forfeiture action to recover approximately $5,315,746 alleged to be proceeds of a business email compromise (BEC) scheme targeting a Massachusetts workers union, as well as property involved in money laundering. According to the United States District of Massachusetts in a statement posted on its website, the fraudulently obtained funds, were transferred through series of intermediary bank accounts to a cryptocurrency exchange and various bank accounts […]

today06/07/2024 2

Post comments (0)

Leave a reply

Your email address will not be published. Required fields are marked *

0%
Our customer support team is here to answer your questions.
error: Alert: Content is protected !!