Heritage Bank: Remain calm, Reps give assurance on safety of depositors’ funds
The House of Representatives have given assurance on the safety of depositors’ funds, as it urged all depositors and stakeholders of Heritage bank to remain calm, saying their interests are well protected.
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This is also as the House further urged the CBN and NDIC to establish clear channels of communication to allay the fears of the public and prevent any loss of trust in Nigeria’s financial system, adding that effective public engagement is crucial to maintaining confidence during the period.
According to the House spokesperson Akin Rotimi in a statement signed in Abuja, the House priority is to safeguard the interests of all depositors and maintain the stability of the financial system.
He said, “the House of Representatives is aware of the recent revocation of the license of Heritage Bank (under liquidation) by the Central Bank of Nigeria (CBN) and the appointment of the Nigeria Deposit Insurance Corporation (NDIC) as the liquidators, in accordance with the provisions of the Banks and Other Financial Institutions Act (BOFIA).
“We assure the public, particularly depositors and stakeholders of Heritage Bank, that the House is committed to carrying out its constitutional oversight functions to ensure that this development does not negatively impact Nigerians.
“The relevant House Committees on Banking Regulations; and Insurance will be up to their duty, thoroughly examining the circumstances surrounding this decision and the subsequent steps taken by the NDIC.
“We will engage with the CBN, NDIC, and other relevant stakeholders to ensure a transparent and orderly resolution process, providing necessary support to mitigate any potential negative impact on the public.
“Chairman of the House Committee on Banking Regulations, Rep. Mohammed Bello El-Rufai, stated, “The Committee on Banking Regulations will closely monitor the liquidation process to ensure that the rights of depositors are protected and that the process adheres to the highest standards of transparency and accountability.”
“Similarly, the Chairman of the House Committee on Insurance and Actuarial Matters, Rep. Ahmed Usman Jaha, emphasised.
“We will work diligently to oversee that the NDIC executes its mandate effectively, ensuring the protection of depositors’ funds and maintaining confidence in the financial sector. The NDIC Act and the Banks and Other Financial Institutions Act (BOFIA) are clear in their provisions that depositors’ funds are insured and protected,” he added.
