Depositors of the defunct Heritage Bank, whose funds remain trapped following the institution’s liquidation, have appealed to President Bola Tinubu and Central Bank of Nigeria Governor Olayemi Cardoso for urgent intervention.

They demanded a swift and full reimbursement of all affected depositors’ funds. They also called for immediate bailout funds to be provided to the Nigeria Deposit Insurance Corporation.

The appeal was contained in a statement released in Lagos on Monday.

The depositors further demanded the immediate prosecution of any individuals or entities found culpable of asset diversion or mismanagement in the bank.

They said, “we are seeking urgent intervention regarding the prolonged and distressing delay in the resolution of the bank’s liquidation process and the recovery of depositors’ funds.

“Two years have passed since the liquidation, yet depositors continue to face uncertainty, vain promises, and a glaring lack of financial resolution.

“We have only been paid liquidation dividends totaling 14.2% of our total deposit outside the mandatory insured sum of N5million.

“The first payment of 9.2% was in April 2024 and the second payment of 5% came a few weeks ago. This is worrisome and disturbing.

“At this pace, it is doubtful that we are ever going to be repaid our full money. As the CBN Governor, you are fully abreast with the time value of money if at all we eventually get paid.

“These depositors comprise of small business owners, civil servants, retirees and individuals whose life savings remain trapped, leading to devastating financial and social consequences.

“We urge the apex bank to intervene and initiate a comprehensive review and hasten the resolution process to ensure the prompt recovery of our funds.

“With utmost urgency, we appeal to the Central Bank of Nigeria (CBN) and NDIC to ensure the swift and full reimbursement of all depositors affected by the liquidation or to provide immediate bailout funds to the NDIC”.

The depositors noted that the CBN has historically provided bailout funds to financial institutions during periods of distress.

They highlighted that such assistance came with favorable repayment terms, including a five-year moratorium and a 15-year repayment plan at an unprecedented 12.5 per cent interest rate, significantly lower than prevailing rates.

They argued that given this history of intervention, it is incomprehensible that the CBN would allow the current situation to fester without swift and decisive action.

They added that the NDIC has commenced the process of verification and payment to insured depositors, but partial payments are inadequate and full reimbursement must be prioritized.