CBN Defends Heritage Bank, says Bank ‘Not in Distress’

As a response to rumours on the health of Heritage Bank Limited, the Central Bank of Nigeria said the bank is healthy and not in distress.

In a statement signed on behalf of the bank by Isaac Okoroafor, the apex bank said The attention of the Central Bank of Nigeria (CBN) has been drawn to false and malicious stories on the social media insinuating that Heritage Bank is under financial distress and therefore unable to discharge its obligations to its depositors.

“We wish to state that Heritage Bank is not in distress and as such its depositors should go about their transactions without fear. For the avoidance of doubt, we wish to further state that no Nigerian Bank is in distress”.

“The CBN, as the industry regulator, has a duty to depositors, in particular, and the economy, in general, to ensure the soundness of all financial institutions. We therefore wish to assure all depositors of the safety of their deposits”.

“The CBN also wishes to state that it will remain alive to its responsibility of ensuring banking system stability and soundness through constant monitoring and supervision of all licensed institutions”.

“The Central Bank of Nigeria wishes to reiterate that the banking system remains resilient enough to weather the current economic storm”.

However, the Central Bank did not provide data on the books of the bank. Heritage Bank is not quoted on the Nigerian Stock Exchange, NSE, it will be hard to know its asset and liabilities.

Heritage Bank has taken serious measures to shore up its working capital and gain a positive capital adequacy ratio. As a national bank, the bank has less pressure on it to have a higher ratio as in the case of Skye Bank PLC.

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