Depositors of Heritage Bank with balances exceeding N5 million have called on the National Assembly to intervene following the Central Bank of Nigeria’s (CBN) revocation of the bank’s license.
The depositors expressed deep concern that the CBN’s decision has caused significant financial distress, jeopardizing their livelihoods and businesses. In a statement, the group voiced frustration, stating that despite previous assurances from the CBN that Heritage Bank was not in financial trouble, they are now unable to access their funds.
The situation, according to the depositors, has led to widespread economic hardship, with businesses shutting down, savings being wiped out, and daily expenses coming to a halt. The statement also highlighted the emotional toll, with some depositors suffering heart attacks and others being hospitalized due to the distress caused by the bank’s closure.
The depositors further pointed out the inconsistency in how different banks have been treated during similar situations. They referenced the smooth transition for Unity Bank’s depositors when it merged with Providus Bank and noted that First Bank had been paid N460 billion from Heritage Bank’s deposits before its liquidation. They are now questioning why they are being subjected to a prolonged process in recovering their funds.
In their appeal, the depositors urged the National Assembly to intervene and advise the CBN to pay all depositors in full without further delay. They also requested that a few other banks absorb the depositors, ensuring a smooth transition similar to the Unity Bank-Providus Bank merger. Additionally, they called for the use of Heritage Bank’s reserve ratio to settle depositor claims and for the prompt verification and payment of insured sums, as the Nigerian Deposit Insurance Corporation (NDIC) has reportedly paid 85% of the insured amount to some depositors.
“We plead with you to treat all depositors equally, as was done in the case of First Bank, and ensure prompt and full payment to all eligible depositors,” the statement concluded.
