Speaking on behalf of the group, Ibrahim Elisha expressed deep frustration at what he described as the NDIC’s apparent incapacity to resolve the issue effectively. “It is glaringly evident that the NDIC lacks the capability to execute this crucial task, even after the full liquidation of the defunct bank’s assets,” Elisha said, adding that recent NDIC communications only confirm the grim outlook.
Ten Months of Uncertainty
The depositors lamented that nearly ten months after the bank's liquidation, the NDIC has yet to provide a clear or satisfactory path to restitution. Instead, the agency has now stated that depositors will receive payments on a pro-rata basis — a method the affected customers call unacceptable, pointing to significant shortfalls in available funding.
“This is not a viable solution,” they said, “especially given the precedent set by past interventions in the banking sector.”
Precedents for CBN Bailouts
Citing several examples, the group highlighted instances where the CBN provided bailout funds to stabilize struggling banks. These include:
- The N460 billion disbursed to First Bank on behalf of Heritage Bank before its collapse,
- The facilitated merger between Providus Bank and Unity Bank,
- A N700 billion intervention for Unity Bank with generous repayment terms,
- And the recent acquisition of Keystone Bank to resolve its financial troubles.
They argue that these precedents justify urgent intervention in the Heritage Bank case to protect depositors and uphold confidence in the banking system.
Loss of Public Trust
The group warned that continued delays could erode public confidence in Nigeria’s financial institutions. “Depositors trusted Heritage Bank largely due to the CBN’s assurances of its stability,” they stated. “The abrupt liquidation without a robust recovery plan undermines that trust and sets a dangerous precedent.”
They further noted that the global financial community is watching how Nigerian regulators handle the situation, and inaction could damage the country's reputation and investment climate.
A Call for Immediate Action
The depositors are now appealing not only to the Presidency but also to the National Assembly to urgently direct the CBN to provide the necessary bailout funds. They argue that timely and full reimbursement will restore faith in the system and prevent avoidable economic hardship for individuals and businesses.
“Time is of the essence,” Elisha emphasized. “Prolonged inaction will deepen the crisis and tarnish the image of the Federal Government and the CBN before both local and international stakeholders.”
As the NDIC continues partial payouts to insured depositors, pressure is mounting for the CBN to step in decisively and restore faith in Nigeria’s banking sector through swift, compassionate, and strategic intervention.