Fund Managers Obliged By SEC To Report Heritage Bank Investments

Fund Managers Obliged By SEC To Report Heritage Bank Investments....KINDLY READ THE FULL STORY HERE▶

The Securities and Exchange Commission has directed Nigerian fund managers to furnish detailed reports on their investments in Heritage Bank, following the bank’s recent liquidation. In a circular addressed to the President of the Fund Managers Association of Nigeria dated June 14, 2024, SEC’s Head of the Monitoring Department, Tarfa Makyur, mandated that these reports must be submitted via email by June 30, 2024.

The SEC expressed concerns about the potential impact of Heritage Bank’s license revocation by the Central Bank of Nigeria on the capital market. The commission seeks to evaluate the extent of both proprietary and client funds linked to the bank among fund managers.

“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,” the circular stated. It further requested fund managers to provide comprehensive information on their exposure to Heritage Bank Plc by the specified deadline.

In a related development, the Central Bank of Nigeria had announced the immediate revocation of Heritage Bank’s license on June 3.