Figures cited by Punch show that aggrieved depositors of the defunct Heritage Bank Plc under the banner of the Concerned Heritage Bank Depositors Forum have intensified their campaign demanding the immediate release of trapped funds exceeding insured caps. More than two years after the Central Bank of Nigeria (CBN) revoked the lender’s operational license on June 3, 2024, thousands of personal and commercial account holders report lingering financial distress.
While the Nigeria Deposit Insurance Corporation (NDIC) has proceeded with liquidation procedures and initial insured payout disbursements, high-net-worth individuals and corporate depositors whose balances exceeded the statutory limit remain unpaid, awaiting asset realization. The delayed disbursements continue to cripple small businesses, household stability, and public trust in regulatory safety nets.
Corroborating accounts highlight the scope of the liquidation bottleneck. In a report published by Daily Post, the depositors’ group declared, “Behind every trapped account is a Nigerian family facing real hardship,” demanding that liquidators expedite asset sales to resolve outstanding claims. Additionally, coverage by Vanguard recorded statements from NDIC Managing Director Thompson Sunday, who explained that “there are depositors that we have not been able to trace because the bank inherited accounts from legacy institutions,” while reiterating that asset recoveries will eventually be applied to settle uninsured balances.
Echotitbits take:
The unresolved payout claims expose systemic friction within Nigeria’s bank liquidation mechanics. While statutory insured limits protect small depositors, delayed liquidation payouts for larger balances jeopardize broader economic confidence and capital retention. Regulators must streamline asset liquidation and debt-recovery workflows to prevent protracted legal and financial overhangs that weaken overall banking sector trust.
Source: Punch – https://punchng.com/heritage-bank-depositors-demand-full-refunds/, August 31, 2026
Photo credit: The Cable
