Peter Obi, the 2023 presidential candidate for the Labour Party, recently issued a statement concerning the Central Bank of Nigeria’s (CBN) recent decision to revoke Heritage Bank’s operating license.
The CBN has appointed the Nigeria Deposit Insurance Corporation (NDIC) to liquidate the bank’s assets, a move that regulators deem necessary for financial stability. However, this decision has significant implications for the bank’s depositors.
In light of the country’s current economic challenges, Obi is urging the federal government and the NDIC to expedite the full payment to all Heritage Bank depositors. This action, he believes, will help mitigate the ongoing economic hardship experienced by many in the country.
Many individuals and small-to-medium enterprises (SMEs), already grappling with the adverse effects of the economy and living in poverty, rely on their savings in the now-defunct bank for survival. Any delay or denial of payment to these depositors could exacerbate their economic difficulties and potentially trigger a crisis of confidence in the banking system.
Obi warns that anything less than immediate and full payment could incite panic in the banking sector, a situation that the country’s already fragile economy can ill afford. He insists that the government’s actions through the CBN should not destabilize the financial system or undermine public trust in its integrity.
