•Demand prosecution of those found culpable of asset diversion, mismanagement

Depositors of defunct Heritage bank whose money were liquidated have made an urgent appeal to President Bola Tinubu and the Central Bank Governor, Olayemi Cardoso, to ensure the swift and full reimbursement of all depositors affected by the liquidation by providing immediate bailout funds to the Nigeria Deposit Insurance Corporation (NDIC).

In a statement released in Lagos yesterday, Monday, March 2, 2026, they also demanded immediate prosecution of individuals or entities found culpable of asset diversion, mismanagement, or of the liquidation of the bank. According to the depositors, “We are seeking urgent intervention regarding the prolonged and distressing delay in the resolution of the bank’s liquidation process and the recovery of depositor’s funds.

“Two years have passed since the liquidation, yet depositors continue to face uncertainty, vain promises, and a glaring lack of financial resolution. We have only been paid liquidation dividends totaling 14.2% of our total deposit outside the mandatory insured sum of N5million. The first payment of 9.2% was in April 2024 and the second payment of 5% came a few weeks ago. This is worrisome and disturbing. At this pace, it is doubtful that we are ever going to be repaid our full money. As the CBN Governor, you are fully abreast with the time value of money if at all we eventually get paid.

“These depositors are small business owners, civil servants, retirees and individuals whose life savings remain trapped, leading to devastating financial and social consequences. We urge the apex bank to intervene and initiate a comprehensive review and hasten the resolution process to ensure the prompt recovery of our funds.

“With utmost urgency, we appeal to the Central Bank of Nigeria (CBN) NDIC) to ensure the swift and full reimbursement of all depositors affected by the liquidation or to provide immediate bailout funds to the Nigeria Deposit Insurance Corporation (Heritage Bank. 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.”

The CBN, they stated, has historically provided bailout funds to financial institutions in times of distress, as demonstrated in key instances: N460 billion allocated to First Bank on behalf of Heritage Bank before its liquidation, Facilitation of the Providus Bank and Unity Bank merger to stabilize both entities, N700 billion financial support granted to Unity Bank, enabling its eligibility for a merger with a regional bank including the recent acquisition of Keystone Bank’s shares and control by the CBN to salvage its financial distress.

“This assistance was provided with favorable repayment terms, including a five-year moratorium and a 15-year repayment plan at an unprecedented 12.5% interest rate, significantly lower than prevailing rates. Given this history of intervention, it is incomprehensible that the CBN would allow the current situation to fester without swift and decisive action. The NDIC has commenced the process of verification and payment to insured depositors, but partial payments are inadequate. Full reimbursement must be prioritized.

“We recall that at the time Heritage Bank started showing signs of distress; CBN came all out to assure us in writing (copy attached) not to panic that our deposits were intact and that Heritage bank was healthy and no cause for concern. Coming from the respected CBN we relaxed only to awaken with the rude shock of liquidation. Between the CBN and NDIC, depositors were assured that our funds will be repaid 100%. More so, note that we have engaged the Management of NDIC both the past MD and the current one and are convinced that NDIC lacks the capacity to recover and repay our funds in the shortest possible time if at all.

“In this light, we seek your urgent intervention on this matter. A year and six months have passed since the liquidation, yet depositors continue to face uncertainty, vain promises, and a glaring lack of financial resolution. They also said that delaying this bailout risks crippling public confidence in the Nigerian banking system, triggering widespread distrust in financial institutions, and creating unnecessary hardship for individuals who placed their faith in banking assurances.

“Deposit-holders continued to trust Heritage Bank largely due to the CBN’s assurances of its stability. The abrupt liquidation—without an adequate plan to protect depositors—sets a dangerous precedent and undermines Nigeria’s financial credibility. Our Concern and Prayer: That from the onset we expressed doubt in NDIC capability in handling this payment, That no bank has undergone full liquidation in the past 25 years, instead there were mergers and acquisitions, That all banks, including Heritage Bank, have been paying insurance premiums to NDIC for the past 25 years, implying that depositors should be protected, The NDIC's payouts so far are minimal compared to the interest that NDIC would have earned on the N650 billion if invested in Treasury Bills or other investment for one year, That only N54bn has been paid out, out of N650bn, in 18 months. This shows outright incapability and that the purpose of NDIC is to protect depositors' funds, but the current actions fall short of that.”

The depositors further made a call on the CBN to take absolute responsibility for the situation, after assuring depositors of the safety of their funds stating that: the CBN's withdrawal of N460 billion from Heritage Bank to First bank within a week before liquidation shows a premeditated action.

Their words: “They should also investigate the inconsistencies in the CBN's treatment of other banks, such as Unity Bank, which received a N700 billion bailout with favorable terms of 20 years payback period, with 5 years moratorium and afterwards, a 12% interest rate which is lesser than the prevailing interbank rate.

“CBN has also taken over Keystone bank and made it a national bank. All NDIC efforts which have produced only 9.2% (at almost full strength) cannot yield anything more than another 5%. Therefore, there is every need to seek a bailout from CBN. This is the most security it can give to the funds of the depositors.

“We request for a clear timeline and concrete plan for completing the liquidation and ensuring full payment of trapped deposits./Recommend timelines and mechanisms for expedited payment of remaining depositor funds. We demand immediate prosecution of individuals or entities found culpable of asset diversion, mismanagement, or of the liquidation of the bank.

“The current state of affairs has left thousands of innocent Nigerians in unbearable hardship. Many have lost their businesses, homes, and livelihoods, while the parties responsible continue to evade scrutiny. To safeguard the integrity of Nigeria’s financial sector, prevent further erosion of trust, and reaffirm banking stability, the CBN must act now. Time is of the essence, and prolonged inaction will only deepen the crisis and smear the good image of FGN in general and the CBN in particular before the global banking community who is watching this matter with interest. The Presidency and National Assembly must intervene immediately to direct the CBN to mobilize bailout funds for affected depositors.”

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