Depositors of the defunct Heritage Bank have appealed to President Bola Ahmed Tinubu and Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, to urgently provide bailout funds to facilitate full reimbursement of customers affected by the bank’s liquidation.

In a statement issued in Lagos yesterday, the depositors also called for the prosecution of individuals and entities allegedly responsible for asset diversion, financial mismanagement and circumstances that culminated in the bank’s liquidation.

According to the group, the appeal became necessary following what they described as prolonged delays and uncertainty surrounding the recovery of depositors’ funds nearly two years after the liquidation process commenced.

They lamented that despite assurances from regulators, depositors had received only partial payments.

The depositors noted that those affected included small business owners, civil servants, retirees and individuals whose life savings remain trapped, resulting in severe economic and social hardship.

They further urged the CBN to either ensure immediate reimbursement or provide bailout funds to the Nigeria Deposit Insurance Corporation (NDIC), arguing that the agency lacked the capacity to conclude payments within a reasonable timeframe.

Citing previous regulatory interventions in distressed financial institutions, the depositors recalled that the CBN had historically stepped in to stabilise banks through financial support packages.

They also accused regulators of failing to uphold earlier assurances given to customers before the bank’s liquidation.

The group maintained that engagements with both past and current NDIC management reinforced their belief that the corporation lacked the operational capacity to achieve speedy repayment.

Warning of broader implications for financial stability, they said, continued delays could erode public confidence in Nigeria’s banking system.

They added that the sudden liquidation without adequate depositor protection undermined trust in regulatory guarantees.

They further urged the apex bank to assume full responsibility for the situation, alleging inconsistencies in the regulatory treatment of distressed banks.

The group demanded a definite payment timeline and accountability measures.