The Securities and Exchange Commission, SEC, has instructed all Nigerian fund managers to provide detailed information regarding their exposure to the recently liquidated Heritage Bank.
Recall that on June 3, the CBN had announced the immediate revocation of Heritage Bank’s licence.
The instruction is contained in a circular signed on Friday by the SEC’s Head of the Monitoring Department, Tarfa Makyur, to the President of the Fund Managers Association of Nigeria.
According to the circular, 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 read: “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.”
