INFORMATION MINISTER PRAISES LAI MOHAMMED'S PIONEERING CONTRIBUTIONS TO MEDIA DEVELOPMENT. (PHOTO). #PRESS RELEASE

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 Press Release   Information Minister Praises Lai Mohammed's Pioneering Contributions to Media Development    The Minister of Information and National Orientation, Mohammed Idris, has commended his predecessor, Alhaji Lai Mohammed, for pioneering some historic initiatives that significantly advanced the development of Nigeria’s media landscape.    The Minister made the commendation in Abuja on Wednesday at the public presentation of the book “Headlines & Soundbites: Media Moments That Defined an Administration,” authored by Alhaji Lai Mohammed.   Idris said the hosting of the first International Press Institute (IPI) World Congress in Nigeria in 2018, as well as Nigeria’s successful bid to host the UNESCO Category Two Media and Information Literacy Institute during Alhaji Lai Mohammed’s tenure as Minister of Information, will remain a watershed in the country’s media history.    “There are two things that Alhaji Lai Mohammed has done that...
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CBN REVOKES LICENCE OF HERITAGE BANK. (PHOTO).

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 CBN revokes licence of Heritage Bank


The Central Bank of Nigeria, CBN, has revoked the operating licence of Heritage Bank.


The Acting Director, Corporate Communications, CBN, Hakama Sidi Ali, disclosed this in a statement.

She said: “The Central Bank of Nigeria, CBN, in accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 of the Banks and Other Financial Act (BOFIA) 2020, hereby revokes the licence of Heritage Bank Plc with immediate effect.


‘This action has become necessary due to the bank’s breach of Section 12 (1) of BOFIA, 2020.


“The Board and Management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability.


“This follows a period during which the CBN engaged with the bank and prescribed various supervisory steps intended to stem the decline.


“Regrettably, the bank has continued to suffer and has no reasonable prospects of recovery, thereby making the revocation of the license the next necessary step.


“Consequently, the CBN has taken this action to strengthen public confidence in the banking system and ensure that the soundness of our financial system is not impaired.


“The Nigeria Deposit Insurance Corporation (NDIC) is hereby appointed as the Liquidator of the bank in accordance with Section 12 (2) of BOFIA, 2020.


“We wish to assure the public that the Nigerian financial system remains on a solid footing. The action we are taking today reflects our continued commitment to take all necessary steps to ensure the safety and soundness of our financial system.”

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