A former deputy governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, on Wednesday described the recent revocation of the banking license of Heritage Bank Plc as the chronicle of a death foretold.
He added that the development was not surprising and does not mean that the financial system was not sound.
In a series of posts on his X platform, Moghalu, a former presidential aspirant, said the apex bank’s action was to protect depositors’ funds, and maintain confidence in the banking system.
