SEC mandates fund managers to declare Heritage Bank investments

The Securities and Exchange Commission (SEC) has mandated all fund managers operating in Nigeria to submit comprehensive reports detailing their investments and exposure to Heritage Bank.

The SEC’s Head of Monitoring, Tarfa Makyur, has issued a circular to the Fund Managers Association of Nigeria, requiring fund managers to submit detailed information on their investments in Heritage Bank by June 30, 2024, via email.

The SEC expressed specific concerns about the potential repercussions on the capital market and is seeking to determine the scope of funds, both proprietary and client-related, that are tied to the bank.

The document partly reads, “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.”

The CBN announced the immediate revocation of Heritage Bank’s licence on June 3.