Depositors of the recently liquidated Heritage Bank have appealed to President Bola Tinubu over the non-payment of their deposits since the Central Bank of Nigeria (CBN) revoked the bank’s license on 3 June 2024.
The depositors, many of whom are facing severe economic hardship, lament that more than 200 of their members have died from hunger and heart attacks, while others are hospitalized due to the stress caused by failed businesses and the inability to feed their families.
Chief Offor Okorie, coordinator of the group, addressed journalists in Aba, explaining that they belong to the category of customers with deposits of N5 million and above. He called on President Tinubu to urge the CBN to pay all depositors in full without further delay.
Okorie further called on the CBN to provide a loan to the Nigeria Deposit Insurance Corporation (NDIC) to expedite the settlement of their claims. He also requested that the CBN absorb the depositors of N5 million and above into other banks.
“On 3 June 2023, the CBN revoked Heritage Bank’s license, allowing the NDIC to take over the bank’s assets and liabilities. Despite previous assurances from the CBN that Heritage Bank was not in distress, depositors have been left stranded and unable to access their funds,” Okorie said.
He added, “We are mainly small traders, retirees, artisans, peasant farmers, average-level businessmen, market women, and civil servants—not politically exposed persons. This situation has led to immense economic hardship, with businesses shutting down, life savings evaporating, and families suffering. Some depositors have died from heart attacks, while others are hospitalized.”
The group expressed confusion over the CBN’s actions, pointing to the recent smooth merger of Unity Bank with Providus Bank, which allowed for the seamless transition of deposits. They also noted that First Bank was paid N460 billion of its deposits from Heritage Bank before its liquidation.
“We are perplexed as to why we are being treated differently. Why must we go through a long and uncertain process to recover our funds from the sale of Heritage Bank’s properties?” Okorie questioned.
The depositors have called for a solution similar to the Unity Bank and Providus Bank merger, urging that banks absorb those with deposits of N5 million and above and ensure a smooth transition of their funds.
“We also urge the NDIC to verify its claim of paying the insured sum to 85% of depositors and ensure the prompt payment of all eligible claims. Furthermore, we propose that the CBN extend a loan to the NDIC to facilitate the immediate settlement of depositors’ claims. This loan would alleviate our financial stress and support the stability of the financial system,” Okorie said.
