The Nation Newspaper UPDATED: NDIC to pay Heritage Bank depositors N650bn this week
He explained that the majority of Heritage Bank’s depositors, 99.9 percent, have less than N5 million in their accounts. There are about 4,000 depositors with more than N5 million in their accounts. Before losing its license, Heritage Bank had issued over N700 billion in loans.
Heritage Bank lost its license for failing to comply with prudential guidelines set by the Central Bank of Nigeria . Others are, Risk Management Framework to identify and manage all relevant risks; Large Exposures to limit how much a bank can lend to a single borrower or related group; Loan Loss Provisioning by setting aside reserves for potential loan losses; Corporate Governance this is required to maintain strong governance practices, including a competent board of directors and sound internal controls and Anti-Money Laundering and Counter-Terrorist Financing required to Implement controls to prevent...
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