Depositors with over ₦5 million trapped in the defunct Heritage Bank have issued a passionate appeal to President Bola Ahmed Tinubu, urging his immediate intervention to compel the Central Bank of Nigeria (CBN) to release bailout funds to the Nigeria Deposit Insurance Corporation (NDIC) for the full reimbursement of affected customers.
Speaking on behalf of the group, spokesperson Ibrahim Elisha expressed deep frustration over what he described as NDIC’s clear inability to resolve the crisis, even after the bank’s liquidation. “It is glaringly evident that the NDIC lacks the capacity to execute this crucial task,” he said, noting that the corporation’s recent statements only confirmed the bleak outlook, especially in light of media reports exposing the ongoing hardship.
Ten months since the bank’s license was revoked, depositors say they are still plagued by uncertainty, broken promises, and a complete lack of financial resolution. Most alarming, they argue, is the NDIC’s recent announcement that customers will only be paid on a pro-rata basis—an approach they call unacceptable and indicative of insufficient funding.
“This is not a viable solution, especially given the precedent set by previous CBN interventions in the banking sector,” Elisha said. He cited several past instances where the apex bank stepped in with significant financial support, including:
A ₦460 billion lifeline granted to First Bank on behalf of Heritage Bank before its collapse.
The facilitation of a merger between Providus Bank and Unity Bank to ensure sector stability.
A ₦700 billion bailout to Unity Bank with generous repayment terms, including a five-year moratorium and a 15-year repayment plan at a 12.5% interest rate.
The CBN’s recent acquisition of Keystone Bank shares to salvage it from financial collapse.
Given this track record, Elisha questioned why the same urgency is not being applied in the case of Heritage Bank depositors.
“The NDIC’s ongoing partial payments are simply not enough,” he said. “Delays in providing a comprehensive bailout threaten to erode public confidence in the entire Nigerian banking system and impose unnecessary hardship on loyal customers who trusted in the CBN’s earlier assurances of Heritage Bank’s stability.”
The group also warned that this unfolding financial crisis could have far-reaching consequences for Nigeria’s banking credibility both locally and globally. “The abrupt liquidation, without an adequate protection plan for depositors, undermines Nigeria’s financial integrity and sets a dangerous precedent,” Elisha added.
They called on both the Presidency and the National Assembly to immediately direct the CBN to mobilize bailout funds and restore faith in the sector.
“Time is of the essence,” the group stressed. “Prolonged inaction will not only deepen the crisis but also tarnish the reputation of the Federal Government and the CBN in the eyes of the international financial community.”
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