Heritage Bank Plc is currently stuck in a debilitating liquidity situation;

Our sources disclosed on Monday that the bank is unable to meet customers’ immediate withdrawal requests and has wiped out all foreign currency domiciliary accounts through physical theft of cash by the bank's directors.

First Bank Plc, which handles Heritage Bank's universal clearing activities, has threatened to blacklist the bank and stop further clearing transactions if its outstanding deficit of over N5billion is not cleared.

At the weekend, at a meeting held at a secret location between the Managing Director and some top management staff, it was resolved that the Managing Director and two Executive Directors should resign their appointment for their role in throwing the institution into distress.

Sources said the bank's operations in the Northern part of the country region are sustained by one customer, Rano Oil Limited, which maintains a deposit with Heritage Bank because its Chairman is unaware of the severity of the situation in the bank has slipped into.

Among others, the Managing Director is alleged to have been involved in the laundering of about N12.8billion. Two insurance firms: IEI Insurance Plc, and the National Insurance Commission of Nigeria, are said to be connected to the matter. SaharaReporters gathered that the Economic and Financial Crimes Commission (EFCC) was prepared to charge the Managing Director to court, but did not, following the intervention of Senate President Bukola Saraki, who is a part-owner of the bank. The EFCC, whose chairman is awaiting confirmation by the Senate, stepped back.