Depositors of the defunct Heritage Bank have appealed to President Bola Tinubu and the Central Bank of Nigeria for intervention, saying they are unable to access their funds long after the institution was taken over and placed under regulatory control.
Heritage Bank was placed under regulatory control by the Central Bank of Nigeria in 2023 after reporting financial challenges that affected its liquidity and stability.
Regulatory control of banks is permitted under Nigerian law when institutions demonstrate weaknesses that threaten depositor funds and the broader financial system.
The Central Bank of Nigeria has a mandate to safeguard financial stability and protect depositors, and it manages regulatory interventions through established legal frameworks for banking supervision and resolution.
In a letter addressed to President Tinubu and the CBN Governor, depositors said their funds have remained inaccessible since the bank’s regulatory takeover. They said the situation has persisted for years despite promises of resolution.
The group of affected customers said they had met with officials of the Deposit Money Banks and the Financial Services Regulators’ Forum but did not receive a definitive timeline for the release of their funds.
The depositors said they have been unable to access their savings, fixed deposits, and other banking products since the regulatory control was imposed.
They urged the CBN to act to prevent further financial hardship among affected account holders.
The letter called on the President and the CBN Governor to secure a bail-out or similar intervention that would enable the release of depositor funds and address their financial distress.
The appeal from depositors highlights ongoing concern about access to funds held with the defunct bank. Any regulatory response from the Central Bank of Nigeria or executive action will follow existing procedures for bank resolution and depositor protection.
