Depositors of the defunct Heritage Bank have appealed to President Bola Tinubu and the Governor of the Central Bank of Nigeria, Olayemi Cardoso, to ensure the immediate and full repayment of funds trapped in the bank’s liquidation process.
The affected customers said only 14.2 per cent of their uninsured deposits has been paid since the bank was wound up two years ago, raising concerns about the pace of reimbursement.
In a statement issued in Lagos, the depositors called for urgent intervention by the Central Bank of Nigeria and the Nigeria Deposit Insurance Corporation to accelerate payments. They also demanded the prosecution of any individual or organisation found responsible for alleged asset diversion or mismanagement linked to the failed lender.
The group disclosed that beyond the statutory insured limit of N5 million, they have received two liquidation dividend payments. The first tranche of 9.2 per cent was disbursed in April 2024, while a second payment of 5 per cent was made recently.
They expressed concern that the current pace of recovery may significantly erode the value of their funds, noting that many depositors are small business owners, retirees, civil servants and individuals whose savings remain inaccessible. According to them, the prolonged delay has triggered financial hardship and social strain for affected families.
The depositors urged the apex bank to undertake a comprehensive review of the liquidation process and expedite asset recovery efforts to enable full reimbursement. They further appealed for bailout support to the deposit insurance corporation to settle outstanding claims promptly.
Citing previous financial sector interventions, the group noted that the Central Bank had historically provided financial assistance to distressed institutions under favourable terms. They argued that similar measures should be considered to prevent further hardship for depositors awaiting refunds.
The Nigeria Deposit Insurance Corporation had earlier commenced verification and payment to insured depositors. However, the group maintained that partial settlements remain inadequate, insisting that complete repayment must be prioritised.
