On Wednesday, frustrated customers of Heritage Bank gathered at the bank’s Calabar branch, demanding the return of their deposits. The agitated crowd, which began assembling as early as 7 a.m. outside the bank’s head office opposite the Central Bank of Nigeria (CBN) Calabar branch, threatened to damage the facility if their funds were not released. Many were visibly upset, with some even in tears over their lost savings.
Around 10 a.m., a bank official addressed the crowd, urging them to return home and assuring them that their money would be transferred to their other bank accounts linked to their Bank Verification Numbers (BVN) starting Thursday, June 6, 2024. The official pleaded with customers not to panic, promising that payments would commence as scheduled.
This comes after the Central Bank of Nigeria revoked Heritage Bank’s operating license, as announced on Monday, June 3, by the CBN’s Acting Director of Corporate Communications, Hakama Sidi Ali. Following this decision, the CBN appointed the Nigeria Deposit Insurance Commission (NDIC) as the bank’s liquidator.
The NDIC has since announced that Heritage Bank depositors with alternate accounts within the banking system will be compensated up to the insured amount of ₦5 million per depositor, utilizing their BVNs to locate their alternate accounts. For those with funds exceeding ₦5 million, the NDIC stated that they will receive liquidation dividends after the bank’s assets are sold and debts are recovered.
