Straight-talking Arise TV “Morning Show” anchorman, Rufai Oseni, has raised alarm over the potential loss of his N17 million savings and funds of other depositors with Heritage Bank due to recent closure of the bank by the Central Bank of Nigeria.
Oseni bared his mind in a post he made on his official “X” handle today.
He said he was losing faith in Nigeria’s financial system and could not trust the appointed liquidator of the bank, Nigerian Deposit Insurance Corporation (NDIC) to pay him and other depositors with the closed bank their monies in full.
Oseni, who identified himself as a young lawyer and a law-abiding citizen, called any assurances of full payment from statutory insurance company, NDIC – going by their previous track record, a “joke.” According to him, the maximum statutory insurance payment of N5 million is insufficient to cover the losses that individuals and small businesses might face. “This means that poor Nigerians and small businesses would lose whatever amount they have if they are given N5m,” Oseni lamented.
He also criticized the NDIC’s promise to pay the remaining depositors’ funds after liquidation, calling it unrealistic. “We all know, it’s a joke,” he said, referencing past experiences where depositors have struggled to recover their funds post-liquidation.
Oseni said he struggled to get his money from the bank last month without success. Bank officials repeatedly assured customers access to their accounts were restricted because the bank was in discussions with investors, but all that turned out to be window-dressing.
Oseni wondered why the situation with Heritage Bank could not have been managed the way CBN intervened in the case of Skye Bank, where the CBN’s bridge bank structure led to the creation of Polaris Bank, ensuring depositors did not lose their money.
“I had faith in the CBN’s reassurance that they will never let any bank fail again,” Oseni stated, questioning why the CBN would let a bank fail in 2024 without guaranteeing the full and immediate return of depositors’ funds, particularly in the light of economic difficulties of Nigerians. “What more can erode faith in the banking system and financial system than the fact that the CBN can wake up one morning and revoke the license of a bank they have held out to be a bank they license and supervise?” he added.
There is a growing unease among the Nigerian banking public regarding the stability of the country’s banking system. Depositors are watching with apprehension the situation with Heritage. And with rumors flying, further erosion of confidence could potentially cause depositors to make a run at the banks, putting the financial system and the whole economy under more pressure.
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