Peter Obi, the 2023 Labour Party presidential candidate, has urged the Federal Government to ensure the immediate payment of all depositors’ funds in full, following the revocation of Heritage Bank’s operating license by the Central Bank of Nigeria (CBN).
Obi acknowledged the regulators’ decision to revoke the license, citing financial stability concerns, but emphasized the significant impact on depositors, particularly individual savers and small and medium-sized enterprises (SMEs) already struggling with economic hardships.
He warned that delaying or denying payment to depositors could lead to a crisis of confidence in the banking system, exacerbating the economic woes of those affected.
Obi stressed the importance of maintaining public trust in the financial system, given the fragile state of the nation’s economy.
The CBN revoked Heritage Bank’s license due to its failure to improve its financial performance, posing a threat to financial stability.
The Nigeria Deposit Insurance Corporation (NDIC) has commenced the liquidation process and assured depositors of payment up to the insured amount of N5 million.