Heritage Bank depositors urge CBN and NDIC to accelerate liquidation payments, citing hardship and erosion of trust in Nigeria’s banking system

Depositors of the defunct Heritage Bank Plc have expressed concern over the slow pace of liquidation payments, accusing the Central Bank of Nigeria (CBN) and Nigeria Deposit Insurance Corporation (NDIC) of double standards.

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Nearly two years after the bank’s liquidation, depositors say only 14.2 per cent of uninsured deposits have been recovered, leaving businesses, retirees, and individuals struggling financially.

The first dividend of 9.2 per cent was paid in April 2024, with a second five per cent tranche paid recently.

Depositors described the pace as “disturbing, discouraging, and financially devastating.”

Petitioners urged the CBN to provide bailout funding to the NDIC to speed up repayment, citing previous interventions that prevented prolonged depositor losses in other banks.

They warned that sudden liquidation without full reimbursement undermines public trust, damages confidence in the banking system, and could discourage savings and investment.

The depositors also called on the Presidency and National Assembly to intervene, requesting a clear repayment timeline, full reimbursement, and investigation into any mismanagement of Heritage Bank assets.

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“To safeguard the integrity of the financial system and restore public trust, decisive action must be taken immediately,” the petition stated.