Reps Assure Public On Heritage Bank License Revocation


By Paul Effiong, Abuja

House of Representatives has assured the public, particularly depositors and stakeholders of Heritage Bank of its readiness to carry out its constitutional oversight functions to ensure that this development does not negatively impact Nigerians. 

This was contained in a statement signed by the House Spokesman/Chairman, House of Representatives  Committee on Media and Public Affairs, Akin Rotimi which was made available to journalists in Abuja yesterday.

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 “We will work diligently to oversee that 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, the statement said are clear in their provisions that depositors funds are insured and protected.”

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


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