Heritage Bank: CBN Should Not Destabilize The Country’s Financial System — Obi

The latest CBN’s revocation order on Heritage Bank’s operating license and subsequent appointment of NDIC as liquidator of its assets though affirmed by the regulators as necessary at this point to enhance financial stability, has a far-reaching impact on the bank’s depositors.

Given the harsh economic realities in the country now, I will urge the federal government via NDIC to ensure immediate payment of all depositors in Heritage Bank in full to help alleviate the prevailing hardship the people are going through in the country.

Many individual savers and SMEs are already groaning under severe negative effects of the economy and already living in abject poverty. These depositors depend on the savings they have in the now-liquidated bank to survive.

Any attempt to deny or delay payment to these depositors would worsen their economic woes and could lead to a crisis of confidence in the banking system.

Anything short of immediate and full payment can create panic in the banking sector which our already fragile economy cannot afford.

On no account should the actions of government through the CBN destabilize the financial system or shake public confidence in the integrity of the system. -PO