Depositors of the now-defunct Heritage Bank have appealed to President Bola Tinubu and the Central Bank of Nigeria to intervene with financial support following prolonged inability to access their funds, they said in separate statements.
Heritage Bank was closed on February 23, 2026, after regulators determined that the institution was no longer financially viable.
The closure followed reports of liquidity challenges and sustained inability to meet depositor withdrawals, prompting regulatory action by the Central Bank of Nigeria and the Nigeria Deposit Insurance Corporation.
Depositors said many customers had been unable to access their funds for over three weeks since the bank’s closure.
They said their savings, business capital and personal finances have been locked up with no clear timeline for recovery.
Mr. Vincent Nwankwo, spokesman for the affected depositors, said the group had written to President Tinubu and the Governor of the Central Bank of Nigeria, Olayemi Cardoso, seeking a “bail-out” that would quickly release insured and uninsured funds.
He said the prolonged freeze on depositors’ accounts has caused significant hardship for individuals and small businesses.
Nwankwo said many depositors had exhausted personal savings, struggled to pay bills and meet financial obligations, and were under increasing stress due to lack of access to their money.
He said depositors had waited for official communication on payout timelines from the NDIC but had not received detailed schedules or assurances.
The group said they understood the NDIC had assured payment of insured amounts, but noted that a significant number of depositors hold funds above the insured threshold and are yet to know how or when the excess will be recovered.
Depositors also said many customers with long-term savings and business accounts had been unable to secure alternative banking services since the closure, as banks were hesitant to take on large portfolios from the defunct institution.
They said this further complicated efforts to stabilise their personal and commercial finances.
The group’s statement urged the Federal Government and the CBN to provide clear timelines for payout of both insured and uninsured deposits.
They called for streamlined procedures to expedite release of funds to individuals and businesses affected by the bank’s closure.
