Godsent Ogbebor
Heritage Bank depositors seek Tinubu’s help over delayed refunds
Depositors with over N5 million trapped in the defunct Heritage Bank have appealed to President Bola Tinubu to compel the Central Bank of Nigeria (CBN) to release bailout funds to the Nigeria Deposit Insurance Corporation (NDIC) for immediate and full reimbursement.
Speaking on behalf of the affected depositors, Ibrahim Elisha said it has been 10 months since the bank’s liquidation, yet many depositors are still waiting in vain for their funds.
“It is now clear that NDIC is unable to manage the situation, even after the full liquidation of Heritage Bank’s assets. Their latest statement, which followed media reports, confirms this,” Elisha said.
He criticised NDIC’s plan to pay depositors on a pro-rata basis, calling it an inadequate solution that reveals funding gaps.
The group pointed to previous bailouts by the CBN to support banks in crisis, including N460 billion to First Bank for Heritage Bank, N700 billion to Unity Bank, and support during the Keystone Bank acquisition.
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“Given these interventions, it’s hard to understand why the CBN has failed to take urgent steps to protect depositors this time,” the group said.
They warned that the delay is eroding public trust in the financial system and causing hardship for individuals who trusted in the CBN’s earlier assurance of Heritage Bank’s stability.
“This delay risks damaging Nigeria’s financial image and may trigger wider panic in the banking sector,” they added.
They urged the Presidency and National Assembly to intervene quickly and direct the CBN to release funds for full reimbursement, warning that the global financial community is also observing the situation closely.
