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 intervene in the prolonged liquidation process and ensure full reimbursement of their funds.
In a statement issued in Lagos, the affected depositors called for immediate financial support to the Nigeria Deposit Insurance Corporation (NDIC) to enable the swift settlement of outstanding claims.
They expressed frustration that two years after the bank’s liquidation, many customers are still awaiting substantial repayment of their deposits.
According to the group, only 14.2 per cent of uninsured deposits—funds exceeding the mandatory insured limit of N5 million—have been paid as liquidation dividends. They disclosed that an initial payment of 9.2 per cent was made in April 2024, followed by an additional five per cent payment in recent weeks.
Describing the pace of repayment as “worrisome and disturbing,” the depositors said the slow disbursement raises doubts about whether they will recover their full funds. They also cited concerns about the time value of money, warning that prolonged delays further erode the real value of their savings.
The affected customers include small business owners, civil servants, retirees and other individuals whose life savings were tied up in the bank, the statement noted. Many, they said, are facing severe financial and social hardship as a result.
The group urged the apex bank to initiate a comprehensive review of the liquidation process and accelerate efforts to recover and disburse depositors’ funds. They further appealed to both the CBN and the NDIC to prioritise full reimbursement or provide immediate bailout funds to support the settlement process.
Referencing previous interventions in the financial sector, the depositors noted that the CBN has historically provided bailout facilities to distressed institutions under favourable terms, including moratorium periods and extended repayment plans at concessional interest rates.
While acknowledging that the NDIC has begun verification and payments to insured depositors, they insisted that partial settlements are inadequate and called for urgent, decisive action to ensure complete restitution.
