Depositors of defunct Heritage Bank whose money were trapped in the bank have appealed to President Bola Tinubu and the Central Bank Governor, Olayemi Cardoso, to ensure a swift and full reimbursement of all depositors affected by the liquidation of the bank. They also called for immediate bailout funds to the Nigeria Deposit Insurance Corporation, NDIC.

In a statement released in Lagos, yesterday, they also demanded immediate prosecution of individuals or entities found culpable of asset diversion, or mismanagement in the bank.

They said, “we are seeking urgent intervention regarding the prolonged and distressing delay in the resolution of the bank’s liquidation process and the recovery of depositors’ 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 comprise of 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) and NDIC to ensure the swift and full reimbursement of all depositors affected by the liquidation or to provide immediate bailout funds to the NDIC”.

According to them, CBN has historically provided bailout funds to financial institutions in times of 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” the depositors added.