“Pay Us Now”: Failed Bank Depositors Cry Out to CBN, FG, NDIC Over Funds Trapped for 2 Years
- Heritage Bank depositors are demanding the immediate payment of their trapped funds more than two years after the bank was closed
- The CBN revoked Heritage Bank’s licence in June 2024 and appointed the NDIC to handle its liquidation and depositors’ refunds
- The depositors say the delay has caused serious hardship, affecting school fees, medical bills, businesses and retirement needs
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Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
Aggrieved depositors of the defunct Heritage Bank Plc have renewed their demand for the immediate release of their legitimate funds, calling on the Federal Government, the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) to end the prolonged delay.
The depositors, operating under the Concerned Heritage Bank Depositors Forum, said the continued inaccessibility of their money had caused serious financial difficulties for thousands of Nigerians.
Source: UGC
They made the demand in a statement titled, “Our Money, Our Right: Pay Heritage Bank Depositors Their Full Funds Now.”
According to the group, many customers have remained unable to access their savings, despite the passage of more than two years since the bank was shut down.
CBN revoked Heritage Bank’s licence in 2024
The CBN revoked Heritage Bank’s banking licence and ordered its closure on June 3, 2024, citing the bank’s inability to improve its financial position and the lack of realistic prospects for recovery.
Following the licence revocation, the apex bank appointed the NDIC as the liquidator to oversee the bank’s assets and the process of paying depositors.
However, the depositors said many affected customers were still waiting for their funds to be fully refunded.
They argued that the money trapped in the bank was not simply cash sitting in accounts, but savings built up through years of hard work, sacrifices and careful financial planning.
School fees, medical bills affected by funds delay
The group said the delay had gone beyond an ordinary banking dispute, as families were now struggling to meet important financial obligations because they could not access their savings.
It identified school fees, medical expenses, business capital and retirement needs as some of the major areas affected by the situation.
According to the depositors, parents are finding it difficult to pay their children's school fees, while some patients are struggling with medical bills. Business owners, they added, have also had their operating capital locked up, while pensioners depend on their savings for daily survival.
The group described the situation as an issue of “trust, dignity and economic justice”, urging the media, civil society organisations and other stakeholders to support its campaign for the release of the funds.
Source: Getty Images
Heritage Bank depositors seek urgent government action
The depositors warned that further delays would worsen the financial hardship already being experienced by affected Nigerians.
They said: “Behind every trapped account is a Nigerian family facing real hardship. Let’s join hands to push the campaigns. Justice delayed is hardship prolonged. Nigerians had saved responsibly and institutions must equally act responsibly in resolving the matter.”
The group restated its demand for the payment of the funds belonging to affected customers, insisting that depositors should not continue to bear the burden of the bank's failure.
Source: Legit.ng
