AGS NEWS – Some minority shareholders have called for an investigation into the management and directors of the now-defunct Heritage Bank.

This follows the Central Bank of Nigeria (CBN) revoking the bank’s license due to financial instability and breaches of banking regulations.

CBN stated that Heritage Bank’s continued poor financial performance posed a threat to financial stability, despite previous supervisory interventions.

The Nigeria Deposit Insurance Corporation (NDIC) was appointed as the liquidator.

Boniface Okezie, National Coordinator of the Progressive Shareholders Association, argued that probing the bank’s managers would restore confidence in the banking sector.

ALSO READ: Lafarge shareholders to get N30bn dividend

He criticized both the CBN and AMCON for not acting sooner and expressed concerns over the financial impact on depositors.

Moses Igbrude, National Coordinator of the Independent Shareholders Association of Nigeria, also called for a thorough investigation to prevent future occurrences.

He questioned why the CBN took so long to act and suggested that replacing the bank’s management could have been a better option.

Bisi Bakare, President of the Pragmatic Shareholders Association, supported the CBN’s decision, noting that while depositors are somewhat protected, shareholders will bear the brunt of the losses.