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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

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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.

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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.

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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.

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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.

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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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Putin Proposes Direct Ukraine Talks, Quiet On 30-Day Ceasefire

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By Kayode Sanni-Arewa

Russian President Vladimir Putin on Sunday proposed direct negotiations in the coming days to end the conflict in Ukraine but did not address a 30-day ceasefire proposal drawn up hours earlier by European allies of Kyiv, reportedly with US backing.

Speaking at the Kremlin in the early hours of Sunday, Putin proposed direct talks with Ukraine in Istanbul on May 15 — hours after Kyiv and the leaders of France, Germany, Britain and Poland had called for an unconditional 30-day ceasefire to start on Monday.

“We propose to the Kyiv authorities to resume the talks that they broke off in 2022, and, I emphasise, without any preconditions,” Putin said.

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Russian and Ukrainian negotiators held direct talks in Istanbul in the first weeks of the conflict, but failed to agree to halt the fighting, which has been raging ever since.

“We propose to start (negotiations) without delay on Thursday May 15 in Istanbul,” Putin said, adding that he would talk to Turkish President Recep Tayyip Erdogan soon to ask for his help to facilitate the talks.

Putin said he was “committed to serious negotiations with Ukraine” and that he wanted talks to “eliminate the root causes of the conflict and to establish a long-lasting peace”.

Russia’s references to the “root causes” of the conflict typically refer to grievances with Kyiv and the West that Moscow has put forward as justification for launching the offensive in February 2022.

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‘Anti-Russian rhetoric’
“We do not exclude that during these talks we will be able to agree on some new ceasefire,” Putin said in the Kremlin address, attended by AFP.

But he also accused Ukraine’s Western backers of wanting to “continue war with Russia” and — without mentioning the specific Ukraine-European proposal for a 30-day ceasefire — slammed European “ultimatums” and “anti-Russian rhetoric”.

“A potentially great day for Russia and Ukraine!” US President Donald Trump posted on his Truth Social platform shortly afterwards, without specifying what he was referring to.

He vowed to “continue to work with both sides to make sure that it happens”.

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But French President Emmanuel Macron, who hours earlier had met with German Chancellor Friedrich Merz, British Prime Minister Keir Starmer and Polish Prime Minister Donald Tusk in Kyiv in a symbolic show of support for Ukraine, warned that Putin was merely trying “to buy time”.

An unconditional ceasefire is not preceded by negotiations, by definition,” he told reporters as he stepped off a train in the Polish city of Przemysl on his return from Ukraine.

The European leaders, together with Ukrainian President Volodymyr Zelensky, had pressed Russia in the Kyiv meeting on Saturday to accept a 30-day unconditional ceasefire starting on Monday, threatening Moscow with new sanctions if it did not comply.

The United States and other countries back the proposal, they said.

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“We have just now… decided to support a ceasefire which will begin next Monday, without any preconditions,” Macron told a press conference in Kyiv on Saturday.

The leaders also held a video conference with their counterparts from about 20 other member countries of the “coalition of the willing” supporting Ukraine.

“In the event of a violation of this ceasefire, we have agreed that massive sanctions will be prepared and coordinated between Europeans and Americans,” Macron said.

The United States and Ukraine have for weeks pushed a similar proposal, which Russia has not accepted.

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Trump had threatened to walk out of talks over the lack of progress on ending the war, after vowing during the US election campaign to halt the conflict within a day of taking office.

Kyiv and its allies had feared that Trump was pivoting towards Moscow because he had clashed with Zelensky. But Trump has recently expressed growing impatience with Putin.

‘Absolute unity’
The UK’s Starmer said the Kyiv talks had led to “absolute unity across a whole range of countries around the world, including the United States, that there must be that 30-day unconditional ceasefire”.

The five leaders in Kyiv held a “fruitful” call with Trump to update him on the meeting, Ukrainian Foreign Minister Andriy Sybiga said.

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“For the first time in a long time we had a feeling that the whole free world is truly united,” Poland’s Tusk said.

European Commission President Ursula von der Leyen also supported the truce that she said “must be implemented without pre-conditions to pave the way for meaningful peace negotiations”.

Macron said the ceasefire would be “mainly” monitored by the United States but that “Europeans will contribute”.

The symbolic show of European unity came a day after Putin struck a defiant tone at a Moscow parade marking 80 years since the defeat of Nazi Germany in World War II.

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Putin had ordered a unilateral three-day truce from Thursday through to Saturday for the event. But a Ukrainian army brigade operating in the east told AFP the intensity of fighting had remained “pretty much the same”.

AFP

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“I’m in pains, end wars in Gaza, Ukraine, Pope Leo XIV begs world leaders”

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Pope Leo XIV has made a strong and emotional appeal for global peace, condemning the ongoing conflicts in Ukraine and Gaza while urging world leaders to end the violence and prioritise humanitarian efforts.

During his first-ever Regina Coeli address on Sunday, the new pontiff appeared at the window of the Apostolic Palace and spoke to thousands gathered in St Peter’s Square, as well as millions watching across the globe.

Echoing the legacy of his predecessor, Pope Francis, Pope Leo declared: “In today’s dramatic context of a third world war fought piecemeal… I too appeal to the powerful of the world by repeating these ever-relevant words: never again war!”

He began his message by referencing one of the deadliest periods in human history — the Second World War — which ended 80 years ago on 8 May.

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He described it as an “immense tragedy” that caused the deaths of over 60 million people, using the historical moment to highlight the urgent need to prevent another global catastrophe.

Pope Leo XIV turned his attention to the modern theatres of war, starting with Ukraine, where the prolonged war with Russia has claimed thousands of lives and displaced millions.

I carry in my heart the suffering of the beloved Ukrainian people,” he said.

He urged that “every effort be made to reach a true, just, and lasting peace as soon as possible.”

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BANDITRY! Create state police now, northern govs, traditional rulers beg NASS

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The Northern Governors’ Forum and the traditional rulers’ council in the region have reiterated their support for the creation of state police, with a call on the National Assembly to expedite action on the enactment of the legal framework for its take-off.

This was part of their resolutions at their joint meeting held at Sir Kashim Ibrahim Government House in Kaduna State on Saturday.

In a communiqué read by the chairman of the forum and Governor of Gombe State, Inuwa Yahaya, at the end of the meeting, the northern governors resolved to liaise with the Nigerian Governors Forum (NGF) to work out modalities of how to increase support to the federal security forces.

They also resolved to strengthen peculiar local initiatives in combating all forms of security challenges by setting up inter-state platforms to coordinate surveillance on their joint borders.

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While they acknowledged the critical role of nonpartisan cooperation, collaboration, and peer review in effectively addressing the numerous developmental challenges confronting the northern region and the nation at large, the governors commended President Bola Tinubu for his sustained commitment to addressing the security challenges and infrastructural deficits in northern Nigeria.

Speaking earlier in his opening remark, Governor Yahaya stressed the need for collective action to drive the region’s development and tackle insecurity, just as he condemned the recent attacks and killings in Plateau, Benue, Bauchi, Borno, and Yobe states.

He therefore urged the Federal Government to review its security strategies, emphasizing the importance of collaboration between the federal, state, and local security architectures.

According to the Northern Governors’ Forum, the resurgence of Boko Haram activities in the northeast and violent killings in the north-central regions were major concerns that require immediate attention.

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“We must work together to address the security challenges facing our region. It’s imperative that we enhance our security measures to protect our citizens and ensure their safety,” he said.

He commended President Tinubu’s commitment to Nigeria’s security while noting the need for more effective strategies.

Governor Yahaya also expressed concern over the state of infrastructure in northern Nigeria, citing neglected projects such as the Port Harcourt-Maiduguri rail line and the Kano-Maiduguri expressway.

The Kebbi governor advocated innovative financing options like public-private partnerships and infrastructure bonds to bridge the infrastructure gap.

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In his remarks, Kaduna State Governor and chief host of the meeting, Uba Sani, commended Tinubu for his unwavering commitment to addressing infrastructural deficits in the north.

Sani praised Tinubu’s initiative to complete the Abuja-Kaduna-Zaria-Kano dual carriageway project.

“Mr President will go down in history as the leader who listened to the cries of the Northern people and took decisive action,” the governor said.

He noted that the road connected the Federal Capital Territory to 12 states in the North Central, North West, and North East zones, serving as a vital link between the south and north.

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The governor emphasised the need for a roadmap to address security, peace, governance, and development issues in northern Nigeria.

“We don’t have the luxury of time. Our people want results,” he stressed, urging the development of an implementation and funding strategy to drive progress.

While welcoming his colleagues and traditional rulers to the meeting, he commended the chairman of the Gombe governor and the Sultan of Sokoto, Muhammad Sa’ad Abubakar, for their leadership.

“We have made progress on many fronts. But challenges remain. I urge us to hasten the development of a roadmap to address issues of security, peace, governance, and development in northern Nigeria. Additionally, we must follow up on the roadmap with an implementation and funding strategy. We don’t have the luxury of time. Our people want results.

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“I must not conclude this welcome address without commending President Bola Ahmed Tinubu, GCFR, for his unwavering commitment to addressing the infrastructural deficits in northern Nigeria. One of Mr President’s key interventions in our region is the long-abandoned Abuja-Kaduna-Zaria-Kano dual carriageway. The road connects the Federal Capital Territory to about 12 states in the North Central, North West, and North East Zones.

“It serves as a vital link for travellers moving between the southern and northern parts of Nigeria. Mr President will go down in history as the leader who listened to the cries of the northern people and took decisive action. We owe Mr President a debt of gratitude,” he said.

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