In response to the Central Bank of Nigeria's recent withdrawal of Heritage Bank's operating license, Peter Obi, the 2023 Labour Party presidential candidate, urged for swift action to protect depositors and maintain confidence in the banking system.

Obi accepted the authorities' confirmation that the revocation was required to improve financial stability in a statement released on Monday through X, but emphasized the far-reaching impact it will have on Heritage Bank's depositors.

"The latest CBN's revocation order on Heritage Bank's operating license and subsequent appointment of NDIC as liquidator of its assets though affirmed by the regulators as necessary at this point to enhance financial stability, has a far-reaching impact on the bank's depositors," he said.

Obi warned that any attempt to refuse or postpone payment to these depositors would exacerbate their financial problems and lead to a crisis of faith in the banking sector.
"Any attempt to deny or delay payment to these depositors would worsen their economic woes and could lead to a crisis of confidence in the banking system," warned him.

Obi emphasized the need of sustaining public faith in the financial sector while also highlighting the state of the nation's economy.

"Anything short of immediate and full payment risks causing panic in the banking sector, which our already fragile economy cannot afford. "On no account should the government's actions through the CBN destabilize the financial system or undermine public trust in its integrity," he stated.

The NDIC guaranteed everyone that it would refund the insolvent bank's depositors N5 million in protected savings.

Bashir Nuhu, the corporation's Director of Communication and Public Affairs, said in a statement on Monday that the liquidation is in compliance with Section 55 Subsections 1 and 2 of the NDIC Act 2023.