Revocation of Heritage Bank’s Licence Will Hurt Confidence in Banking System – Peter Obi

Former Anambra Governor and the presidential candidate of the Labour Party in the last general election, Peter Obi, yesterday, said that the Central Bank of Nigeria’s (CBN) revocation of Heritage Bank’s operating licence, has a far-reaching impact on the bank’s depositors given the current hardship in the country.

Obi, who stated this via his official X handle, urged the government to immediately pay depositors of the bank to avoid unnecessary hardship.

He called on both the CBN and the NDIC to ensure that all customers of the bank are paid their money.

According to the former governor of Anambra State, “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 the government through the CBN destabilize the financial system or shake public confidence in the integrity of the system.”