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Heritage Bank is not in distress-CBN

By Babajide Komolafe

The Central Bank of Nigeria (CBN) Tuesday dismissed speculations about the financial condition of Heritage Bank, saying the bank is not distressed.

In a statement issued today, Acting Director, Corporate Communications, Mr. Isaac Okorafor, CBN, 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.” Also, the management of Heritage Bank said that the bank is remains sound and resilient.

According to the Divisional Head, Corporate Communications, Heritage Bank, Mrs. Olusola Longe-Okenimkpe: “The attention of Heritage Bank Plc has been drawn to deceptive reports contained in a media publication, alleging the bank’s inability to honour its obligations to customers amongst other contrived reports on the financial state of the bank.

Heritage Bank wishes to categorically refute this false information being circulated about the institution with a misdirected intent to derail and misinform the banking public on its financial state.

“Whilst we acknowledge the challenging operating environment currently experienced in all sectors of the economy, Heritage Bank remains financially stable and has continued to discharge its obligations to all customers and stakeholders. This position is buttressed by the commendable results posted by the bank in the past financial year and the last three quarters of 2016, resulting in shareholder approvals to list its shares on the Nigerian Stock Exchange within one year of its business combination with the erstwhile Enterprise Bank Limited.

“The bank wishes to assure all customers and stakeholders of the safety of their deposits and financial transactions in line with our commitment to a strong service culture and sound corporate governance practice.”


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