Defunct Heritage Bank depositors beg Tinubu over delayed payments
Depositors with N5 million and above in the liquidated Heritage Bank have sent a save-our-soul (S.O.S) message to President Ahmed Tinubu to intervene in the on-going crisis over delayed payments.
The customers urged the President Tinubu to compel the Central Bank of Nigeria (CBN) to provide immediate bailout funds to the Nigeria Deposit Insurance Corporation (NDIC) for the swift and full reimbursement of all affected depositors.
Ibrahim Elisha, the spokesperson for the depositors, told reporters, “It is glaringly evident that the NDIC lacks the capability to execute this crucial task, even after the full liquidation of the defunct bank’s assets.”
He added that their recent official statement further confirms this reality, seemingly prompted by media reports that have exposed the dire situation.
The depositors pointed out that 10 months have passed since the liquidation of the bank, but depositors are still faced with uncertainty, empty promises, and a glaring lack of financial resolution.
The NDIC has now openly declared that depositors would be reimbursed on a pro-rata basis, a solution the depositors find unacceptable, as it signals severe funding limitations.
They stated, “This is not a viable solution, especially given the precedent set by past interventions in the banking sector.”
The depositors highlighted several past instances where the CBN had intervened in the banking sector, such as “Given this history of intervention, it is incomprehensible that the CBN would allow the current situation to fester without swift and decisive action.
The NDIC has commenced the process of verification and payment to insured depositors, but partial payments are inadequate. Full reimbursement must be prioritized.”
The depositors warned that delaying the bailout would risk crippling public confidence in the Nigerian banking system, leading to widespread distrust in financial institutions and causing unnecessary hardship for individuals who trusted the banking system.
They said, “We continued to trust Heritage Bank largely due to the CBN’s assurances of its stability. The abrupt liquidation without an adequate plan to protect depositors sets a dangerous precedent and undermines Nigeria’s financial credibility.”
To protect the integrity of Nigeria’s financial sector and maintain trust in the system, they urged that “the CBN must act now.”
The depositors stressed, “Time is of the essence, and prolonged inaction will only deepen the crisis and tarnish the image of the Federal Government, as well as the CBN, in the eyes of the global banking community, which is watching this matter closely.
The Presidency and National Assembly must intervene immediately to direct the CBN to mobilize bailout funds for affected depositors.”
