Customers have expressed fear following the revocation of Heritage Bank’s operational
license by the Central Bank of Nigeria on Monday.
Dr Uju Ogunbunka, the President of the Bank Customers’ Association of Nigeria in an exclusive interview with DAILY POST said the development has placed customers in a financial mess.
Recall that on Monday in a statement by CBN the acting Director, Corporate Communications, Mrs Hakama Sidi Ali, said “Regrettably, the bank has continued to suffer and has no reasonable prospects of recovery, thereby making the revocation of the license the next necessary step”.
Reacting to the revocation, Ogunbunka explained that affected customers of Heritage Bank may not get 100 percent of their deposit.
“It will affect all customers, which means that there is no longer Heritage Bank.
“Anybody that has money in the money won’t be able to access their funds any longer, pending when NDIC will take over the bank according to the law.
“NDIC will decide what to refund back to Customers whether 100 percent or 50 percent of their deposit, that will be for them to decide.
“However, If the bank had money to continue, CBN wouldn’t have revoked their license. They have run aground whatsoever with the deposit they have. Unfortunately, this is not the best time for anybody to have a financial crisis”, he said.
HERITAGE Bank, formerly Societe Generale Bank (Nig.) Limited, SGBN, commenced operation in January 2013 after it received a license from CBN in December 2012.
Heritage Bank: Customers in fear over CBN’s license revocation
