Revocation: Reps Assure Customers Of Protecting Their Deposits At Heritage Bank

House of Representatives has assured the public, particularly depositors and stakeholders of Heritage Bank of carrying out its oversight function to save them from any negative impact following the revocation of the operating licence of the bank. 

Chairman of the House Committee on Media and Public Affairs, Akin Rotimi gave the assurance in a statement on Monday.

According to the statement, “The relevant House Committees on Banking Regulations; and Insurance will be up to their duty in thoroughly examining the circumstances surrounding this decision and subsequent steps taken by NDIC”.

“Our priority is to safeguard the interests of all depositors and maintain the stability of the financial system. We will engage with 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.

“Furthermore, we urge the CBN and NDIC to establish clear channels of communication to allay the fears of the public and prevent any loss of trust in our financial system. Effective public engagement is crucial to maintaining confidence during this period.”

The statement, however, quoted the chairman of the House Committee on Banking Regulations, Mohammed El-Rufai as saying that “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, chairman of the House Committee on Insurance and Actuarial Matters, Ahmed Jaha emphasised that the committee would work diligently to oversee that Nigeria Deposit Insurance Corporation, NDIC, executes its mandate effectively by 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, the statement said are clear in their provisions that depositors funds are insured and protected,” Jaha said.

The lawmakers called on depositors and stakeholders to remain calm and be assured of their dedication to protect their interests.