Connect with us

News

Saraki Connection, 127 Branches, 202 Automated Banking Centers, Over 350 ATM and 4000 Workers – Here’s what to know about Heritage Bank

Published

on

Many customers of Heritage Bank woke up on Monday to the shocking news of revoked licence of Heritage Bank by the Central Bank of Nigeria (CBN).

Before the regulatory hammer on Heritage Bank, the CBN said the bank had continued to suffer and had no reasonable prospects of recovery, thereby making the revocation of the license the next necessary step.

Heritage Bank traces its roots to the late 1970s, when it was founded as Societe Generale Bank (Nigeria), by the late Olusola Saraki.

In January 2006, the Central Bank closed down Societe Generale on account of failure to meet new minimum capital requirements of N25billion for a national bank. Societe Generale successfully challenged the closure in court.

Advertisement

In 2012, the core investor in Heritage Bank, IEI Plc, through IEI Investments Limited, acquired the Societe Generale Bank of Nigeria license from the Central Bank of Nigeria.

In December 2012, the Central Bank re-issued Societe Generale’s banking license, but as a regional bank. Having acquired the banking license, the new ownership re-branded the bank as Heritage Banking Company Limited and opened for business under the new name on March 4, 2013.

As of September 2013, the bank’s stock was publicly owned by the following corporate entities and individuals: Heritage Investment Services Limited (80percent); Priority shareholders (9percent), other minority shareholders (11percent).

In October 2014, Heritage Banking Company Limited successfully met the requirements of the Asset Management Corporation of Nigeria (AMCON) and the Central Bank of Nigeria toward owning 100 percent shares in Enterprise Bank Limited.

Advertisement

In October 2014, Heritage Bank acquired 100percent shareholding in Enterprise Bank Limited, a nationalised financial services provider with over 160 branches and $1.6 billion in assets. Heritage paid AMCON $340 million (N56.1 billion), in cash, for the acquisition.

On January 27, 2015, AMCON officially transferred ownership of Enterprise Bank Ltd to Heritage Bank Plc.

Heritage Investment Services Limited, the investment arm of Heritage Banking Company Limited, was the winning bidder out of 24 Nigerian and International companies who competed for the acquisition of Enterprise Bank.

Heritage Bank has 127 branches and 202 automated banking centres with over 350 ATMs in all states of the federation and the Federal Capital Territory. Heritage Bank has 4000 employees.

Advertisement

Jani Ibrahim, a non-executive director, serves as the acting chairman of the seven-person board of directors. The managing director and chief executive officer is Akinola George-Taylor.

Following the revocation of its licence, the Nigeria Deposit Insurance Corporation (NDIC) has also been appointed as the Liquidator of the bank in accordance with Section 12 (2) of BOFIA, 2020, the CBN said in the statement signed by Hakama Sidi Ali, acting Director, Corporate Communications.

Headquartered in Lagos, Nigeria, Heritage Bank was one of the commercial banks licensed by the Central Bank of Nigeria with a national operating license, that offered retail banking, corporate banking, online/internet banking, investment banking and asset management services.

Having fulfilled all required criteria then, the bank returned 100percent of existing Societe Generale account holders’ money to their owners. As of December 2015, the total asset valuation of the bank was estimated at over $1.7billion (N483.4 billion). Its shareholders’ equity was worth at least $88 million (N25 billion), the minimum capital requirement by the Central Bank of Nigeria, for national banks.

Advertisement

The CBN said the licence revocation action it took on Heritage Bank reflects its continued commitment to take all necessary steps to ensure the safety and soundness of Nigeria’s financial system.

“The Central Bank of Nigeria (CBN), in accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 of the Banks and Other Financial Act (BOFIA) 2020, hereby revokes the licence of Heritage Bank Plc with immediate effect.

“This action has become necessary due to the bank’s breach of Section 12 (1) of BOFIA, 2020. The Board and Management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability. This follows a period during which the CBN engaged with the bank and prescribed various supervisory steps intended to stem the decline.

“Consequently, the CBN has taken this action to strengthen public confidence in the banking system and ensure that the soundness of our financial system is not impaired. The Nigeria Deposit Insurance Corporation (NDIC) is hereby appointed as the Liquidator of the bank in accordance with Section 12 (2) of BOFIA, 2020,” CBN said.

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

JUST IN: Again, APC loses battle to disqualify PDP candidate, Ighodalo in Edo guber poll

Published

on

By Ojomah Austin.

 

The APC suit filed at the federal high court in Abuja seeking to oust Ighodalo from the gubernatorial race was dismissed on Friday evening by Justice Peter Lifu.

An eleventh-hour attempt by the All Progressives Congress, APC to get the governorship candidate of the Peoples Democratic Party (PDP) Asue Ighodalo disqualified from the Edo State Governorship election has been dismissed.

Advertisement

The Judge agreed with Ighodalo’s lawyer, Chief Akinlolu Kehinde that the suit was frivolous, baseless, and unwarranted and was thrown out.

In his judgment in the suit, Justice Lifu rejected the prayer of the APC to use another judgment of the same court that had queried the validity of the primary election that produced Ighodalo to kick him out of the race.

In a suit marked THC/ABJ/CS/165/2024, Justice Inyang Ekwo had on July 4 held that PDP was wrong in excluding 378 delegates from its February 22 primary election that produced Ighodalo.

Although Justice Ekwo did not categorically declare the primary election invalid, the APC cashing in on Ekwo’s finding, filed a fresh suit to disqualify Ighodalo on the strength of the alleged unlawful exclusion.

Advertisement

However, Justice Lifu upheld the submission of the senior lawyer that the federal high court cannot sit as an appellate court in its own judgment.

The Judge also agreed that APC was a busybody and meddlesome interloper by dabbing into the internal affairs of PDP.

Besides, Justice Lifu also upheld the argument of Kehinde SAN that the high court judgment being used to press for Ighodalo’s disqualification had since been voided and set aside by the Court of Appeal in Abuja.

The Judge subsequently dismissed the APC’s disqualification request on the ground that it lacked merit and substance.

Advertisement

The APC had sued the Independent National Electoral Commission INEC, Asue Ighodalo and PDP as 1st to 3rd defendants respectively.

Continue Reading

News

Tight security in Benin as Edo governorship election draws near

Published

on

By Ojomah Austin.

 

A large number of officers from the Nigeria Police Force, the Nigerian Army, and the Nigeria Security and Civil Defence Corps (NSCDC) have been mobilized across the city, causing traffic congestion in several areas.

Security personnel were spotted at the Independent National Electoral Commission (INEC) office in Benin, securing strategic locations, with some awaiting further deployment to other parts of the state.

Advertisement

This follows the recent deployment of 35,000 police officers to maintain law and order during the elections, With less than 48 hours to the Edo State governorship election.

The NSCDC also deployed 6,433 officers, while the Defence Headquarters has stationed soldiers to ensure a safe environment for voters.

In addition, authorities have implemented a “show of force” with security agents patrolling key areas.

In anticipation of the election, the Edo State Government declared Friday a work-free day to allow voters to travel to their polling units.

Advertisement

Meanwhile, the Christian Association of Nigeria (CAN) held a prayer session in Benin, calling for peace and the election of a credible leader who will govern with integrity.

INEC has also commenced the distribution of sensitive electoral materials to all 18 local government areas, ensuring readiness for Saturday’s vote.

Continue Reading

News

New video of Zinoleesky gets tongues wagging

Published

on

……“E remain small make breeze blow am away”

By Ojomah Austin.

 

Nigerian singer, Zinoleesky stirs a buzz online due to a recent video of him circulating on social media.

Advertisement

In the video, Zinoleesky dons a white shirt alongside black trousers as he brags about being worthy to be used as a Valentine’s gift.
Reacting to the video, netizens commented on his skinny appearance.

Famous musician, Oniyide Azeez, better known as Zinoleesky trends online due to a new clip serving the rounds on social media.

In the video, the ‘Element’ hitmaker is spotted wearing a white shirt and a stylish black trouser. While being filmed, Zinoleesky bragged mightily about his looks.

He reiterated that he could be used as a Valentine’s gift to any girl.

Advertisement

The video generated a buzz online with a large number of netizens commenting on his thin body shape. Some swiftly leveraged it to make fun of the artiste.

One @janicekate_x wrote: “E remain small make breeze blow am away 😂.

soromotoochukwu wrote: “I like how music can take you to another place. For example, this restaurant is playing Zinoleesky so now I’m going to a different restaurant.”

Advertisement

dave.dexter27 wrote: “Make breeze sha no blow as we wan deliver the valentine gift😂😂😂.”

oluwatamilore_xx wrote: “Bro,drank all the whole slimming tea and nothing is left to slim down.”

isco_west_whil wrote: “Chaii dem don set this Guy up for dragging again😂😂.”

scheargoon wrote: “Try put stone for your pocket guy”

Advertisement

bouncequotes wrote: “My boy 😂😂😂😂 slim daddy for dem girls.”

just_eniola_olayemisi wrote: “No be your fault zino, u no just get choice that to continue to dey craze 🥺 I feel for u my bro.”

zaza_mula112 wrote: “Zino Dey enjoy, while seyi vibe Dey cry under record label 😂😂.”

jamesmike7837 wrote: “See person be like broom stick😂.”

Advertisement

sheis_shuga wrote: “Who Dey decive you werey 😢😢see as u slim like who get HIV 😢😔🙄🥺Dooh.”

Continue Reading

Trending

Copyright © 2024 Naija Blitz News