Reps said that it would engage CBN, NDIC and other Stakeholders over Heritage Bank License Revocation.
NewsOnline Nigeria reports that the House of Representatives said Monday, June 3, that its relevant committees will engage with the management of the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) to ensure that issues surrounding the revocation of the license of Heritage Bank to the orderly resolution of the issues.
Spokesman of the House, Akintunde Rotimi said in a statement that the engagement by the House which will also involve other stakeholders is also aimed at providing necessary support to mitigate any potential negative impact on the public.
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He asked the apex Bank and the NDIC to put in place clear channels of communication to allay the fears of the public and prevent any loss of trust in our financial system
The statement said: “The House of Representatives is aware of the recent revocation of the license of Heritage Bank (under liquidation) by the Central Bank of Nigeria (CBN) and the appointment of the Nigeria Deposit Insurance Corporation (NDIC) as the liquidators, in accordance with the provisions of the Banks and 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 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 also quite the Chairman of the House Committee on Banking Regulations, Hon. Mohammed Bello 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.”
It also quite the Chairman of the House Committee on Insurance and Actuarial Matters, Hon. Ahmed Usman Jaha said: “We will work diligently to oversee that the 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) are clear in their provisions that depositors’ funds are insured and protected.”
Rotimi appealed to all depositors and stakeholders to remain calm and be assured of our dedication to protecting their interests.