The Nigeria Deposit Insurance Corporation (NDIC) has commenced the disbursement of N46.6 billion to depositors of the now-defunct Heritage Bank whose funds exceeded the maximum insured limit of N5 million. The NDIC confirmed the development in a statement issued on Sunday by its acting Head of Communication and Public Affairs, Hawwau Gambo. According to the…
South African pay-TV giant, Multichoice Group, has announced a significant financial setback, writing off N31.6 billion ($21 million) held in cash with Heritage Bank, which was recently liquidated by the Central Bank of Nigeria (CBN). This development was revealed in Multichoice’s financial results for the six-month period ending September 30, 2024. The company initially reported…
The Central Bank of Nigeria (CBN) has announced the immediate revocation of Heritage Bank Plc’s banking license due to its ongoing financial instability and inability to recover despite regulatory interventions. The decision, disclosed by the CBN’s Acting Director of Corporate Communication, Sidi Ali, on Monday, was taken to protect the financial system and maintain public…
