Maryam Aminu
Depositors with N5 million and above in the recently liquidated Heritage Bank have appealed to the National Assembly for urgent intervention, urging the Central Bank of Nigeria (CBN) to reconsider its decision. Many affected customers say they are facing severe financial distress, with businesses collapsing and livelihoods at risk due to their inability to access their funds.
In a strongly worded appeal, the depositors expressed frustration over what they see as an abrupt revocation of Heritage Bank’s license, despite previous assurances from the CBN that the bank was financially stable.
They described the situation as a trigger for widespread economic hardship, with reports of some depositors suffering fatal heart attacks and others hospitalized due to stress-related conditions.
Questioning the handling of the revocation, the depositors pointed to the smoother transitions seen in similar cases, such as the Unity Bank-Providus Bank merger.
They also raised concerns over reports that First Bank had withdrawn N460 billion from Heritage Bank before its liquidation, wondering why their case was being treated differently.
Calling for immediate action, the depositors urged lawmakers to ensure they are fully reimbursed without delay.
They proposed that other banks absorb affected depositors, mirroring the Unity Bank-Providus Bank approach, and suggested using Heritage Bank’s reserve ratio to settle depositor claims.
Additionally, they challenged the Nigeria Deposit Insurance Corporation’s (NDIC) claim that 85% of depositors had received the insured sum. They demanded independent verification of this claim and called on the CBN to extend a loan to the NDIC to facilitate immediate payouts.
They argued that this approach would protect depositors, restore confidence in the banking system, and prevent further financial instability.
The crisis stems from the CBN’s decision on June 3, 2024, to revoke Heritage Bank’s license over financial instability and regulatory breaches, leading to the NDIC taking over its assets and liabilities. However, many depositors insist they were blindsided by the move and now look to the National Assembly for swift intervention.
In my opinion, CBN hand is not clean. It needs an outside investigation because CBN assured Nigerians that Heritage Bank was not in any distress in April of 2024 and, in less than two months, revoked Heritage Bank License. Also, it is the duty of CBN to do a number of reports on the general operations of all the commercial banks in Nigeria. Have they been receiving bribes and overlooking their duty? Why have they not engaged any of the top managers of Heritage Bank in a press conference for the comtry to see what they did wrongly? Why did CBN claim to protect depositor funds and yet the depositor stranded? Was the money really saved for the depositor or for CBN? Why all this delay in paying the depositor, or are they trying to treat the whole issue as business as usual? What bank is really safe in Nigeria?
We need some answers.
FrElue
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