Anthony Abakpa, the President of the National Union of Banks, Insurance, and Financial Institutions Employees (NUBIFIE), discussed the role of regulatory authorities overseeing financial institutions, specifically the Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC).

According to the law, no one can override established regulations, especially concerning depositors' money.

If a bank's liquidity ratio is inadequate, the regulatory body is expected to issue a warning.

If the warning is ignored, the regulator can take further action as prescribed by law.

Regarding the safety of depositors' money with the NDIC, there are regulations in place.

The law states that if a deposit is below N5 million in a liquidated bank, it can be accessed.

If it exceeds this amount, it should be paid in installments.

If someone tries to circumvent these regulations, affected individuals can seek redress in court, as the law is clear on the operations of the NDIC and CBN.

Abakpa expressed concern about the current situation where things are not functioning as expected.

He emphasized the need for stronger regulatory frameworks and reassurances to Nigerians about the safety of their funds.

He criticized the CBN for not intervening earlier in the case of Heritage Bank, suggesting that the CBN should have monitored the bank's financial health more closely and taken action before the bank's collapse.

He also highlighted the impact on employees who have lost their jobs and the need for the CBN to provide severance allowances to affected workers.

Abakpa called for the recovery of bad loans and the publication of the names of those responsible for the bank's collapse.

He urged the government to intervene to protect depositors and employees and suggested that the CBN should improve its monitoring and regulatory strategies to prevent future bank failures.