Heritage Bank Depositors Demand Full Payment as Funds Remain Trapped Two Years After Closure

More than two years after Heritage Bank was shut down, aggrieved depositors say they are still struggling to access their legitimate funds, prompting fresh calls for immediate intervention by the Federal Government, the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC).

The CBN revoked Heritage Bank Plc’s banking licence on June 3, 2024, citing the lender’s inability to improve its financial performance and the absence of realistic prospects for recovery. The NDIC was subsequently appointed as the bank’s liquidator to manage its assets and handle the repayment process for depositors.

But members of the Concerned Heritage Bank Depositors Forum say the repayment process has left many customers waiting for funds they urgently need. In a statement titled “Our Money, Our Right: Pay Heritage Bank Depositors Their Full Funds Now,” the group said the affected deposits represent years of earnings, savings and financial planning.

The depositors said the consequences extend far beyond the banking sector, as families have been forced to cope with financial pressure while their money remains inaccessible. They identified school fees, medical bills, business capital and retirement expenses as some of the major needs affected by the delays.

They said parents are struggling to finance their children’s education, patients are facing difficulties meeting healthcare costs and business owners have been unable to access capital tied up in their accounts. Pensioners, they added, are also affected because some depend on their savings for daily survival.

Describing the situation as an issue of “trust, dignity and economic justice,” the group appealed to the media, civil society organisations and other stakeholders to support its campaign for financial justice. It also warned that prolonged delays would continue to deepen the hardship faced by affected Nigerians.

“Behind every trapped account is a Nigerian family facing real hardship. Let’s join hands to push the campaign. Justice delayed is hardship prolonged. Nigerians had saved responsibly and institutions must equally act responsibly in resolving the matter,” the group said.

The depositors ended their appeal with a direct message to the authorities: “We saved responsibly. They must pay responsibly.”