\n
Former Deputy Governor of the Central Bank of Nigeria, CBN, Kingsley Moghalu, has described the recent revocation of the banking license of Heritage Bank by the apex bank as the chronicle of a death foretold.<\/p>\n
Moghalu said the development wasn\u2019t surprising.<\/p>\n
In a post on his X handle on Wednesday, Moghalu said the revocation of the license of the defunct bank should not worry anyone, adding that it doesn\u2019t mean the financial system isn\u2019t sound.<\/p>\n
He said: \u201cThe revocation of the banking license of Heritage Bank by @cenbank is the chronicle of a death foretold. In other words, it\u2019s not surprising.<\/p>\n
\u201cI don\u2019t think it should worry anyone, nor does it mean the financial system isn\u2019t 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\u2019 funds.<\/p>\n
\u201cWhat 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.\u201d<\/p>\n
Heritage Bank: Revocation of license by CBN wasn\u2019t surprising \u2013 Moghalu<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
Former Deputy Governor of the Central Bank of Nigeria, CBN, Kingsley Moghalu, has described the recent revocation of the banking…<\/p>\n","protected":false},"author":1,"featured_media":35720,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4161,4274,16587,8133,15],"tags":[8,2779,519,63,16589,2397,8134,180,16806,16805,16804],"class_list":["post-35719","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-cbn","category-heritage-bank","category-moghalu","category-news","tag-akwa-ibom","tag-bank","tag-business","tag-cbn","tag-heritage","tag-license","tag-moghalu","tag-news","tag-revocation","tag-surprising","tag-wasnt"],"yoast_head":"\n
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