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A former deputy governor of the Central Bank of Nigeria, Kingsley Moghalu, on Wednesday, said the recent revocation of Heritage Bank Plc’s banking license by the apex bank should not “worry” anyone.Moghalu described the revocation of the bank’s license as the chronicle of a death foretold, adding that the move was not surprising.
“The revocation of the banking license of Heritage Bank by @cenbank is the chronicle of a death foretold. In other words, it’s not surprising,” he said in a statement on X.I don’t think it should worry anyone, nor does it mean the financial system isn’t sound. Banks are businesses , even if very special and thus heavily regulated ones. A bank that is badly run should not have a lifetime guarantee. The important thing is to protect depositors funds.
“I don’t think it should worry anyone, nor does it mean the financial system isn’t sound. Banks are businesses, even if very special and thus heavily regulated ones. A bank that is badly run should not have a lifetime guarantee. The important thing is to protect depositors’ funds,” he stated.To Moghalu, the Asset Management Corporation of Nigeria was established to ensure systemic financial stability and guard against bank failure.
“What we did in 2010 when we created @AmconNg was to ensure SYSTEMIC financial stability. We made sure no bank failed then to ensure systemic stability because of the unique situation of the global financial crisis. But over the long term, I never subscribed to a view that no bank, no matter how badly run, should ever fail. That would be a wrong approach to financial regulation,” he added.
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