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Saraki Connection, 127 Branches, 202 Automated Banking Centers, Over 350 ATM and 4000 Workers – Here’s what to know about Heritage Bank
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.
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.
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.
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.
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.
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Video: Watch moment Senator Manu tasks NAFDAC officials on poor budget presentation
The Senator representing Taraba Central, Manu Haruna white washed officials of NAFDAC for poor budget presentation during 2025 budget defense on Friday.
In a video, Senator Manu a former Deputy Governor of Taraba State opened the underbelly of NAFDAC on improper presentation of figures in the outlines.
He pointedly told the officials that the presentation was designed to mislead senators.
Watch video below:
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Why I returned N100m excess fund to Kano Govt Commissioner
The Kano State Commissioner for Local Government and Chieftaincy Affairs, Alhaji Tajo Othman, who was recently in the news for returning N100 million excess fund to the state government, has revealed the reason behind his action.
The commissioner while addressing newsmen in Kano on Friday said his action was influenced by the state governor’s “exemplary leadership style,” adding that in an ideal situation, leaders are always a pace setter for others to follow.
He said he did not expect Governor Kabir Abba Yusuf to reveal the act to the public, but the governor chose to do so during the flag-off of the free uniform distribution to encourage the future generation to be transparent.
He said, “In an ideal governance setting, the leader is a pace setter for others to follow. We have seen the governor’s body language and as such we fall in. That is what exactly happened. it is the wish of the governor that everybody should be as transparent as possible.
“He is a transparent governor and therefore we should be transparent as well. I never expected the governor to go public with it, but I believe the reason behind his announcement is indeed genuine.”
The commissioner added that as the head of the committee for school uniform distribution, the state governor entrusted him with the task and advised the committee to execute it to the best of their ability.
The commissioner who was a retired customs officer was in the news when the Governor Yusuf publicly commended him for returning N100 million in unspent funds from a N2 billion budget earmarked for the production of 798,000 uniforms for pupils of primary 1 in the state.
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Nigerian Online Population Shows Strong Enthusiasm for AI – Report
A new global survey report from Ipsos and Google has shown widespread use of Artificial Intelligence (AI) tools among Nigerian online population.
The study, tagged: “Our Life with AI: From Innovation to Application,” surveyed 21,000 people across 21 countries, and observed that global AI usage has jumped to 48 per cent and excitement about its potential now exceeds concerns (57 per cent vs. 43 per cent, up from 50 per cent / 50 per cent last year).
According to the report, in Nigeria, AI adoption and enthusiasm are even higher, as 70 per cent of the Nigerian online population used generative AI, surpassing the 48 per cent global average. Moreover, 87 per cent are excited about AI’s potential and see its benefits outweighing the risks.
Analysing the report, President of Global Affairs, Google & Alphabet, Kent Walker, said: “AI is starting to deliver magic at scale, making people’s lives easier and better. The survey results show the more people use these tools, the more excited they get about the possibilities and about the personal, professional, and scientific breakthroughs on the way.”
The survey results indicate that optimism about AI is growing within the surveyed online community in Nigeria. Key findings from the survey, show that among survey participants in Nigeria, 70 per cent reported using generative AI in the past year, which is significantly higher than the global average of 48 per cent. A substantial 87 per cent of Nigerian respondents feel that AI’s potential benefits outweigh the associated risks, suggesting a strong belief in the positive impact of AI. A significant 81 per cent of surveyed Nigerian adults believe AI will positively change the economy.
Furthermore, 90 per cent of the survey respondents in Nigeria anticipate AI having a positive impact on science and medicine, demonstrating the widespread belief in the potential of AI to drive progress in these sectors.
According to the report, Nigeria’s online population demonstrates a higher level of excitement and adoption of AI when compared to other regions. The survey indicates: Nigeria is among the top countries in terms of AI usage and excitement about its potential.
This contrasts with more cautious sentiment in some European and North American countries.
The report also said the Nigerian online community saw immense potential for AI in science and medical advancements:
“A significant 90 per cent of survey respondents expect AI to have a positive impact on science and medicine. This is one of the highest rates globally, highlighting the strong anticipation of breakthroughs in these fields through AI,” the report said, and onlinerd that the population in Nigeria recognised AI’s potential to enhance personal and professional development:
“Many believe AI can make people’s lives better by boosting productivity and providing access to resources. Within the Nigerian online population surveyed, there is a prevailing sentiment that supports the fostering of AI advancement rather than restrictive regulations. This suggests that those surveyed are keen to embrace innovation,” the report further said.
The survey results highlight the strong enthusiasm and optimism of the surveyed online population in Nigeria about the role of AI in various aspects of life, particularly in the economy, healthcare, and scientific advancement. The findings suggest that Nigeria’s online community is among the most enthusiastic globally about the transformative potential of AI.
Google has been pursuing AI boldly and responsibly for years. In 2018, Google was one of the first companies to establish AI Principles grounded in beneficial use and avoidance of harm. Two years ago, it unveiled its opportunity agenda, which shard concrete recommendations for governments to ensure AI benefits the broadest range of people possible.
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