Customers are reassured by Heritage Bank as worry grows

Prof. Uche Uwaleke, a university dean, claimed that only the CBN was qualified to judge whether a bank was financially healthy or not.Customers of Heritage firm, one of Nigeria's Deposit Money Banks (DMBs), have expressed concerns about the firm's financial situation, while the bank claims everything is well.Heritage Bank recently announced that it had begun long-term sustainability strategies based on reorganizing the bank, guaranteeing cost effectiveness, and managing its assets. This was according to a recent statement by Ozena Utulu, its Corporate Communication Manager. However, it acknowledged claims that it had decreased its employment and said that the impacted employees had received fair compensation. The News Agency of Nigeria (NAN) reports that over the years, stories of Heritage Bank failing have been widespread.This prompted the Central Bank of Nigeria (CBN) to reassure Nigerians sometime ago that the bank was not distressed. In its last Monetary Policy Committee meeting in July, the apex bank had pointed out that there was relative stability in key financial soundness indicators and resilience of Nigerian banks.