The House of Representatives has assured the public, especially depositors and stakeholders of Heritage Bank, that the recent license revocation by the Central Bank of Nigeria (CBN) will not harm Nigerians.
In a press statement issued on Monday, the House pledged to oversee the resolution process transparently and orderly.
The House also vowed to engage with relevant stakeholders, including the CBN and NDIC, to mitigate potential negative impacts, as part of its commitment to safeguarding depositors’ interests and financial system stability.
The House Committee on Banking Regulations, led by Hon. Mohammed Bello El-Rufai, promised vigilant monitoring of the liquidation process to uphold depositor rights and ensure accountability.
The statement reads:
“The @HouseNGR is aware of the recent revocation of the license of Heritage Bank (under liquidation) by the @CenBank and the appointment of the @NDICNigeria as the liquidators, in accordance with the provisions of the Banks & Other Financial Institutions Act (BOFIA).
“We assure the public, particularly depositors and stakeholders of Heritage Bank, that the House is committed to carrying out 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 @CenBank & @NDICNigeria to establish clear channels of communication to allay the fears of the public & prevent any loss of trust in our financial system. Effective public engagement is crucial to maintaining confidence during this period.
The statement added that the House Committee Chairman on Banking Regulations, Hon. Mohammed Bello El-Rufai said “the Committee 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.”