Unless something drastic happens to salvage the situation, Heritage Bank may run into serious financial crises that may render it unable to meet its obligations as a deposit money bank.
The bank is currently enmeshed in serious financial mess following the discovery by the new management of Nigerian Ports Authority, NPA, that a whooping $24.1million (N9.399 billion) belonging to the maritime agency was lodged with the bank but kept away from the new management.
Already, inside sources told our correspondent at the weekend that the NPA management has opened up discussions with the the management of Heritage Bank, but curiously, the bank is allegedly feigning ignorance of the huge sum, stating, instead that amount might have been an inherited liability from Enterprise Bank.
A source close to the NPA management said that the agency has shown sufficient proof that it has the $24.1million in the bank, but expresses surprise that a bank could claim ignorance of a princely $24.1 million hidden from the management.
More disturbing in the Heritage Bank saga is the reported confession by the bank that it stands the risk of going under should the NPA insisted on refund of the $24.1 million.
Heritage Bank top management, while admitting to hiding the huge some, reportedly told the NPA team led by its new Managing Director, Hadiza Bala Usman that the bank will go under if it is made to return the money.
Aside from Heritage Bank, NPA also has €6million (N2.09billion) trapped in First Bank and FCMB, while the last tranche of $5.4million (N2.106b) is in the NPA’s TSA Account in the CBN which some top officials of NPA feigned ignorance of.
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