Depositors of the defunct Heritage Bank have appealed to President Bola Tinubu and the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, to provide bailout funds to facilitate the full repayment of customers affected by the bank’s liquidation.
In a statement issued in Lagos, the group called for urgent government intervention, citing prolonged delays in the reimbursement process and growing hardship among depositors.
Defunct Heritage Bank
According to the depositors, nearly two years after the bank’s liquidation, only 14.2 percent of uninsured deposits—outside the mandatory N5 million insured limit has been paid as liquidation dividends. They disclosed that an initial 9.2 percent was paid in April 2024, followed by an additional five percent weeks ago.
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“This pace of repayment is deeply troubling,” the statement read. “At this rate, it is uncertain when, or if, we will recover our full funds. The time value of money alone has significantly eroded the worth of what is owed to us.”
The depositors, comprising small business owners, civil servants, retirees and other individuals, said many have suffered severe financial setbacks, including business closures and loss of livelihoods.
They urged the CBN to provide immediate financial support to the Nigeria Deposit Insurance Corporation (NDIC), which is overseeing the liquidation process, arguing that the corporation appears unable to complete payments within a reasonable timeframe.
“It is evident that the NDIC lacks the capacity to execute this task efficiently, even after the liquidation of the bank’s assets,” the group stated.
The depositors referenced previous regulatory interventions in the banking sector, noting that the apex bank had provided financial assistance to distressed institutions in the past to safeguard systemic stability. They argued that similar decisive action should be taken in the Heritage Bank case to restore public confidence.
They further recalled that at the onset of the bank’s financial distress, the CBN had assured customers that their deposits were secure, urging them not to panic. Many depositors, they said, relied on those assurances before the eventual liquidation.
“We were repeatedly assured that our funds were safe and would be fully repaid. The abrupt liquidation without an adequate and prompt reimbursement plan has left thousands in distress,” they stated.
Beyond financial intervention, the depositors also demanded the prosecution of individuals or entities found culpable of asset diversion, mismanagement, or actions that may have contributed to the bank’s collapse.
They warned that continued delay in resolving the matter risks undermining public trust in Nigeria’s banking system and could trigger broader concerns about deposit security.
“To safeguard the integrity of the financial sector and prevent further erosion of confidence, the CBN must act decisively. A clear timeline and transparent mechanism for full reimbursement must be provided,” the statement added.
The group also called on the Presidency and the National Assembly to intervene and ensure that affected customers receive full compensation without further delay.
They maintained that time is of the essence, stressing that prolonged inaction would deepen hardship for thousands of Nigerians and damage the credibility of the country’s financial regulatory framework.
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