The sudden liquidation has plunged depositors into severe financial distress, with many reporting devastating consequences—businesses collapsing, livelihoods destroyed, and families struggling to survive.
In an emotional appeal, the affected customers highlighted the CBN’s earlier assurances that Heritage Bank was financially stable, only for them to later discover their funds were frozen without warning.
The fallout from the bank’s collapse has triggered widespread economic suffering, with many businesses forced to shut down, life savings wiped out, and families struggling to meet basic daily expenses.
The statement further revealed tragic consequences, noting, “Some depositors have died from heart attacks due to the shock, while others are hospitalized from stress-related illnesses. We are devastated, and our families are enduring unbearable hardship.”
The depositors also raised critical questions about the CBN’s inconsistent handling of bank liquidations, citing the seamless transition of depositors when Unity Bank merged with Providus Bank. They also highlighted the preferential treatment given to First Bank, which reportedly received ₦460 billion of its deposits in Heritage Bank before the liquidation.
“Why are we being subjected to a prolonged and uncertain process of recovering our funds through the sale of Heritage Bank’s assets, while others were treated more favorably?” they demanded.
Key Demands to the National Assembly:
- Immediate Full Repayment: Urge the CBN to ensure all depositors are paid in full without further delay.
- Bank Absorption Model: Facilitate the transfer of depositors to other stable banks, mirroring the smooth transition seen in the Unity-Providus Bank merger.
- Utilize Reserve Ratio: Direct the CBN to deploy Heritage Bank’s reserve ratio to settle depositors’ claims promptly.
- Equal Treatment for All Depositors: Ensure fairness, as seen in the First Bank resolution, and reject discriminatory practices.
- Verification of NDIC’s Claims: Investigate the Nigeria Deposit Insurance Corporation’s (NDIC) assertion that 85% of depositors have received insured sums and ensure all eligible depositors are paid without delay.
The depositors concluded with a desperate plea: “We cannot afford to wait indefinitely while our lives and businesses collapse. We urge the National Assembly to act decisively and hold the CBN accountable for a just resolution.