Peter Obi Warns Tinubu's Govt As CBN Revokes Heritage Bank’s Licence

• Peter Obi has reacted to the revocation of the banking license of Heritage Bank by the Central Bank of Nigeria (CBN)
• The Labour Party (LP) presidential candidate said the decision has a far-reaching impact on the bank's depositors
• Obi warned the federal government that any attempt to deny or delay payment would worsen their economic woes

Legit.ng journalist Adekunle Dada has over 5 years of experience covering metro and government policy

FCT, Abuja - Labour Party (LP) presidential candidate in the 2023 general election, Peter Obi, has called on the federal government via Nigeria Deposit Insurance Corporation (NDIC) to ensure immediate payment of all depositors in Heritage Bank.

He stated this via reacting to the revocation of the banking license of Heritage Bank by the Central Bank of Nigeria (CBN)

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Obi said paying the depositors in full will help to alleviate the prevailing hardship in the country.

He said the depositors depend on the savings they have in Heritage Bank to survive.

The former Anambra state governor stated this via his X handle (formerly known as Twitter) @PeterObi, on Monday, June 3.

Obi warned that any attempt to deny or delay payment would worsen their economic woes and could ultimately lead to a crisis of confidence in the banking system.

According to Obi, anything short of immediate and full payment can create panic in the banking sector.

He further stated that the federal government through the CBN should not destabilize the financial system or shake public confidence with its actions.

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What customers of Heritage Bank can get

Meanwhile, Legit.ng reported that Heritage Bank's violation of Section 12 (1) of BOFIA 2020 led to the revocation, according to a statement signed by Hakama Sidi Ali, Acting Director, Corporate Communications.

This has raised concerns for customers of the bank who fear that their monies would be inaccessible. Nigerians have already begun to express difficulty in opening their apps and withdrawing money from the ATM.

The insured limit for deposits made at any insured Deposit Money Bank (DMB), such as Heritage, is a maximum of N5,000,000 for each depositor.

Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng

Source: Legit.ng