The presidential candidate of the Labour Party (LP) in the 2023 election, Peter Obi, has spoken out on the recent revocation of Heritage Bank Plc’s banking licence by the Central Bank of Nigeria (CBN).

In a statement on social media, Obi expressed concern over the impact on depositors, urging the federal government to ensure prompt payment of all deposits in full.

While acknowledging the decision of the Central Bank as necessary for financial stability, Obi said the government should be wary of the harsh economic realities faced by Nigerians, particularly individual savers and SMEs. He warned that delaying or denying payment to depositors would exacerbate their economic woes, potentially leading to a crisis of confidence in the banking system.

“On no account should the actions of government through the CBN destabilize the financial system or shake public confidence in the integrity of the system,” he added.

The CBN had revoked Heritage Bank’s licence due to its failure to improve its financial performance. The banking regulator said such poses a threat to financial stability.

The Nigeria Deposit Insurance Corporation (NDIC) was appointed as the liquidator of the bank’s assets.