The Securities and Exchange Commission has directed all Nigerian fund managers to give specific information about their exposure to the recently dissolved Heritage Bank.
The Head of the Monitoring Department, SEC, Tarfa Makyur indicated in a signed circular to the President of the Fund Managers Association of Nigeria, dated June 14, 2024, that the SEC requested detailed details on fund managers’ investments in Heritage Bank by June 30, 2024, via email, according to The Punch.
It also stated that the SEC was concerned about the potential impact on the capital market and wanted to know the extent of proprietary and customer funds related to the bank.
The document partly reads, “The commission is currently assessing the potential implications of the Central Bank of Nigeria’s decision to revoke the operating license of Heritage Bank Plc on the capital market.
“In this regard, we kindly request that your members provide detailed information on their level of exposure to Heritage Bank Plc in respect of proprietary funds and client funds.
“Please ensure that this information is submitted to the commission no later than June 30, 2024, via email. The commission appreciates your prompt cooperation and assistance in this matter.”
On June 3, the CBN announced the immediate revocation of Heritage Bank’s license.
