Peter Obi, the Labour Party’s presidential candidate in the last election, has urged the federal government and the Nigeria Deposit Insurance Corporation (NDIC) to promptly reimburse all depositors of Heritage Bank following the recent revocation of its license by the Central Bank of Nigeria (CBN).
In a series of posts on Monday, Obi expressed concern that the bank’s closure would have significant economic repercussions, as many depositors, already struggling with the country’s economic challenges, rely on their savings for survival.
He emphasized that anything less than full and immediate repayment would worsen the depositors’ financial hardships and could erode confidence in the banking system.
The Central Bank revoked Heritage Bank’s license due to persistent financial instability and regulatory breaches. Despite multiple supervisory measures, the bank failed to improve its financial health, necessitating the intervention to maintain the stability of Nigeria’s financial system.
