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BREAKING: CBN Revokes Heritage Bank’s Operating License Over “Poor Financial Performance”

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The Central Bank of Nigeria (CBN), on Monday, declared that Heritage Bank’s licence would be immediately revoked, citing the bank’s “inability to improve its financial performance, a condition which constitutes a threat to financial stability”.

This was said in a statement that the apex bank’s spokesperson, Mrs. Hakama Sidi Ali, signed.

According to the CBN, the decision to close the bank was made in compliance with its mandate to support a stable financial system in Nigeria and with the strength of its regulatory authority.

The statement said: “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

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.”

BIG STORY

Trump Diagnosed With Vein Issue After Leg Swelling, Hand Bruising

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US President Donald Trump has been confirmed to have a long-term but non-serious vein condition, according to the White House on Thursday, following public concern over his noticeably bruised hand and swollen legs.

At 79, Trump was diagnosed with “chronic venous insufficiency” after he “noted mild swelling in his lower legs” over the past few weeks, as stated by White House Press Secretary Karoline Leavitt.

Leavitt explained that the visible bruising on Trump’s right hand was due to “frequent handshaking” and his use of aspirin as part of a “standard cardiovascular prevention regimen.”

Trump became the oldest person ever to take office as US president when he began his second term in January, succeeding Democrat Joe Biden, who was 82 when he left the presidency.

The Republican leader often highlights his stamina and fitness, frequently golfing, and the administration recently shared an image portraying him as Superman.

In April, Trump said that after a routine check-up, he was in “very good shape.”

Leavitt’s comments came amid online speculation about Trump’s swollen ankles, particularly noticeable during the recent FIFA Club World Cup final in New Jersey, and his bruised hand.

She said Trump requested that she share a statement from his doctor about the condition “in the effort of transparency.”

According to Leavitt, he underwent “a comprehensive examination” and ultrasound scans, which diagnosed chronic venous insufficiency, a common and non-serious condition often found in individuals over 70.

This condition is caused by leg veins that can no longer effectively keep blood moving as they should.

“Importantly, there was no evidence of deep vein thrombosis or arterial disease,” she added.

Medical evaluations revealed that Trump had a “normal cardiac structure and function, no signs of heart failure, renal impairment or systemic illness,” Leavitt, 27, noted.

On the bruising, she explained, “This is a well-known and benign side effect of aspirin therapy. And the president remains in excellent health.”

The White House had previously downplayed concerns over Trump’s hand bruising, attributing it to handshakes.

The health of American presidents has always been a major topic of public interest, and with the two oldest presidents ever holding office in recent years, the focus has only increased.

Meanwhile, Trump’s administration has recently intensified claims that Biden’s presidency concealed evidence of his physical and mental decline.

Biden’s health was a central topic during the 2024 campaign, which he ended after a poor debate showing against Trump.

House Republicans have issued subpoenas to Biden aides, including his doctor, as part of an inquiry into Biden’s mental fitness.

Trump has claimed, without proof, that Biden’s use of an “autopen” to authorize official documents like pardons indicated he was unfit for office. The autopen — a mechanical tool used to replicate signatures — has long been utilized by US presidents and other high-ranking officials.

Biden was diagnosed with aggressive prostate cancer in May. He has rejected concerns about his mental sharpness while in office and said he believed he would have secured a second term.

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Every Government Has A Cabal, Buhari’s Administration Had One — Gambari

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Ibrahim Gambari, who served as chief of staff to the late former President Muhammadu Buhari, has confirmed that Buhari relied on a “cabal.”

He clarified, however, that this was not unique to Buhari’s time in office.

Gambari made the remark during a preview of an interview with Laolu Akande, the former spokesperson to ex-Vice-President Yemi Osinbajo, set to air on Friday.

Concerns over cabals in Nigerian presidencies have been long-standing, especially regarding the influence of unelected individuals on major governance and policy decisions.

These tight-knit and often discreet groups are known to influence appointments, key policies, and decisions — at times, more than formal institutions or the elected leader.

Gambari admitted that Buhari had his own small inner circle.

“I would address it honestly, and I want to and on record,” he said.

“They say there’s a cabal or was a cabal — there was, but every government has cabal. It is what they call them.

Some call it ‘kitchen cabinet’, some may call it ‘think tank’. Obasanjo had a group of people, the Aboyades of this world and others, and a small group of people.

It is the nature of the office of president that they must have some people in and out of government that they can lay their hair down, talk to freely.

So, some have more powers than others, but every government, I make it bold say, has a cabal of one kind of or whatever name it is called.”

Back in 2018, Buhari’s wife Aisha raised concerns over a few individuals allegedly wielding significant power in her husband’s administration at the expense of Nigerians.

Buhari, however, downplayed her warnings.

More recently, Solomon Dalung, a former minister, claimed that the group of insiders around President Bola Tinubu is far more dangerous, ambitious, and refined than the “clique that cocooned” Buhari.

Dalung, who served as Buhari’s youth and sports minister from 2015 to 2019, said that while Buhari’s cabal was less educated and inexperienced in politics and governance, Tinubu’s allies are “sophisticated, ambitious, and educated, with sound knowledge of power dynamics.”

He described the Tinubu cabal as the most dangerous in Nigeria’s political history.

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FG Warns Akwa Ibom, Jigawa, Katsina, 8 Others Of Imminent Flooding

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The federal ministry of environment has alerted the public to expected flooding across eleven states between July 16 and 20.

Usman Bokani, who serves as the director of the National Flood Early Warning Centre under the ministry, issued the warning on Wednesday.

As detailed in the alert, the areas likely to be affected include Adamawa (Mubi); Akwa Ibom (Edor, Upenekang, Oron, Eket); Borno (Ngala, Maiduguri); and Bauchi (Azare, Bauchi, Itas, Jama’are, Kafin-Madaki, Jama’a, Kari, Misau).

The list also includes Cross River (Calabar, Akpap); Jigawa (Miga, Gwaram, Diginsa, Ringim, Dutse); Katsina (Daura); Kano (Kunchi, Kano, Gezawa, Wudil, Bebeji, Sumaila, Tudun Wada); Plateau (Jos, Bukuru, Mangu); Yobe (Jakusko, Machina, Dapchi); and Zamfara (Bungudu, Gusau).

Bokani encouraged state governments and all relevant bodies to implement preventive steps to minimize the impact of the anticipated floods on both lives and property.

Earlier, the Nigeria Hydrological Services Agency (NIHSA) had identified 30 states along with the federal capital territory (FCT) as areas with high flood risk in 2025.

According to the agency, 2,187 communities in 293 LGAs fall within the states categorized as moderate flood risk.

In 2024, flooding resulted in 321 deaths, affected more than 1.37 million individuals, and displaced over 740,000 people across Nigeria.

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