– Urges CBN/NDIC to set up channels for public engagement
The leadership of the House of Representatives on Monday reiterated its resolve to closely monitor the liquidation process of Heritage Bank following the revocation of its operational license by the Central Bank of Nigeria (CBN).
In its bid to restore investors’ confidence, the House pledged its resolve to ensure that the rights of depositors are protected and that the liquidation process adheres to the highest standards of transparency and accountability.
Chairman, of the House Committee on Media and Public Affairs, Hon. Akin Rotimi who gave the assurance via a statement made available to Parliamentary Correspondents, assured that the extant legislation guarantees the safety of depositors’ funds.
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He said: The House of Representatives is aware of the recent revocation of the license of Heritage Bank (under liquidation) by the Central Bank of Nigeria (CBN) and the appointment of the Nigeria Deposit Insurance Corporation (NDIC) as the liquidators, by the provisions of the Banks and Other Financial Institutions Act (BOFIA).
“We assure the public, particularly depositors and stakeholders of Heritage Bank, that the House is committed to its constitutional oversight functions to ensure that this development does not negatively impact Nigerians.
“The relevant House Committees on Banking Regulations; and Insurance will be up to their duty, thoroughly examining the circumstances surrounding this decision and the subsequent steps taken by the NDIC.
“Our priority is to safeguard the interests of all depositors and maintain the stability of the financial system. We will engage with the 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,” he noted.
On his part, the Chairman of, the House Committee on Banking Regulations, Hon. Mohammed Bello el-Rufai, stated 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, the Chairman of the House Committee on Insurance and Actuarial Matters, Hon. Ahmed Usman Jaha assured that the Committee “will work diligently to oversee that the NDIC executes its mandate effectively, 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) are clear in their provisions that depositors’ funds are insured and protected.”
To this end, the House urged all depositors and stakeholders to remain calm and be assured of our dedication to protecting their interests.
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