Obi Concerned Over CBN Action On Heritage Bank, Gives Strong Advice

Former Anambra Governor, Peter Obi, has said that the Central Bank of Nigeria’s (CBN) revocation order on Heritage Bank’s operating license, has a far-reaching impact on the bank’s depositors given the current hardship in the country.

Obi who said this via his Official X handle, urged the government to immediately pay Depositors of Hertiage Bank to avoid unnecessary hardship, “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.”

Obi further warned of the impact of delaying payment to Depositors if heritage bank. “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.”

Gwg.ng on Monday, reported that the Central Bank of Nigeria (CBN) revoked the operating license of Heritage Bank, one of the popular commercial banks in Nigeria.

According to the Acting Director of the CBN, the apex bank in line with its responsibility to uphold a stable financial system in Nigeria and utilizing its authority under Section 12 of the Banks and Other Financial Act (BOFIA) 2020, decided to immediately revoke Heritage Bank Plc’s license.

She noted that the action was deemed necessary due to the bank’s violation of Section 12 (1) of BOFIA, 2020.

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