The Securities and Exchange Commission has instructed all Nigerian fund managers to provide detailed information regarding their exposure to the recently liquidated Heritage Bank.
The Head of the Monitoring Department, SEC, Tarfa Makyur, stated in a signed circular to the President of the Fund Managers Association of Nigeria, dated June 14, 2024, that the SEC demanded comprehensive data on fund managers’ investments in Heritage Bank be submitted by June 30, 2024, via email.
It added that the SEC was particularly concerned about the potential impact on the capital market and sought to understand the extent of proprietary and client funds tied 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 not 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 licence.