A young lawyer and law-abiding citizen practicing in Nigeria has expressed outrage and disappointment over the sudden closure of Heritage Bank, which has left her with a potential loss of N17 million.
The lawyer, who preferred to remain anonymous, revealed that he had been unable to withdraw her funds from the bank last month due to restrictions, despite repeated attempts.
He had faith in the Central Bank of Nigeria’s (CBN) promise to prevent bank failures and protect depositors’ funds, but feels betrayed by the recent turn of events.
The Nigerian Deposit Insurance Corporation (NDIC) has offered a maximum statutory insurance payment of N5 million, which the lawyer considers a “joke” as it falls far short of her deposited amount.
He expressed concern that poor Nigerians and small businesses would suffer significant losses due to the limited insurance coverage.
The lawyer questioned the CBN’s decision to revoke Heritage Bank’s license without guaranteeing the full and immediate return of depositors’ funds, eroding faith in the banking and financial systems.
This development has raised concerns about the security of deposits in Nigerian banks and the effectiveness of the NDIC’s insurance scheme in protecting depositors’ interests.
