Heritage Bank Depositors Demand Full Payment of Trapped Funds After Two-Year Wait

Depositors of the defunct Heritage Bank Plc are again demanding immediate payment of their trapped funds, more than two years after the Central Bank of Nigeria revoked the bank's licence. The group, operating as the Concerned Heritage Bank Depositors Forum, says the delay has caused serious hardship for thousands of Nigerians.

Two years after CBN revoked licence

The CBN revoked Heritage Bank's licence on June 3, 2024, citing the bank's inability to improve its financial position and lack of realistic recovery prospects. The apex bank then appointed the Nigeria Deposit Insurance Corporation (NDIC) as liquidator to handle the bank's assets and pay depositors.

But the depositors say many customers are still waiting for full refunds. In a statement titled 'Our Money, Our Right: Pay Heritage Bank Depositors Their Full Funds Now,' they said the money trapped in the bank is not just cash, but savings built through years of hard work, sacrifices and careful financial planning.

Hardship across families, businesses

The group said the delay has gone beyond an ordinary banking dispute. Parents cannot pay school fees, patients are struggling with medical bills, business owners have lost operating capital, and pensioners depend on trapped savings for daily survival.

They described the situation as an issue of 'trust, dignity and economic justice' and called on the media, civil society organisations and other stakeholders to support their campaign for the release of the funds.

What depositors are saying

'Behind every trapped account is a Nigerian family facing real hardship. Let's join hands to push the campaigns. Justice delayed is hardship prolonged. Nigerians had saved responsibly and institutions must equally act responsibly in resolving the matter.'

The forum warned that further delays will worsen financial hardship already experienced by affected Nigerians. They restated their demand for full payment of all trapped funds and insisted that depositors should not continue to bear the burden of the bank's failure.

For ordinary Nigerians, the prolonged payout raises fresh concerns about how quickly depositors can recover their savings when a bank collapses, and reinforces the need for faster intervention by regulators and liquidators.