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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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Govt cites security threats, bans Telegram for officials

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By Mario Deepromoter

Ukraine on Friday restricted the use of Telegram for its government, military and security officials, citing “threats” to national security on the app founded by Russian-born Pavel Durov.

“The National Security and Defence Council decided to restrict the use of Telegram in government agencies, military formations and critical infrastructure facilities,” the council said in a statement on Facebook, saying it was a “matter of national security.”

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Ooni unveiles launch of Olojo Festival, reveals ancestral significance

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By Mario Deepromoter

The Ooni of Ife, Oba Adeyeye Ogunwusi, on Thursday, announced the commencement of the 2024 Olojo Festival, revealing the event’s ancestral and spiritual significance.

Ogunwusi spoke at his palace during a news conference on the 2024 Olojo Festival with the theme “Evolving Transformationaly Domestic Tourism With Community Festivals.”

According to him, the festival is significant because of the spiritual exercises that characterise it and the testimonies it attracts.

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He said the celebration of the revered cultural event was held annually in the ancient city to celebrate the day of the first dawn.

The Ooni said the festival was in remembrance of “Ogun,” god of iron, who is believed to be the first son of Oduduwa, progenitor of the Yoruba people.

He added that the festival marked the birth of the “Aare Crown”.

Ooni said that several prayers rendered to Olodumare through the iconic “Aare crown” during the Olojo festival had been answered with so many testimonies.

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He stated, “Olojo is the festival of dawn and the birth of the crown, “Ade Aare”, the crown of all crowns. The crown that gave birth to all crowns all over the world with all the colours of the rainbow. It is called the spectrum of rainbow crowns.

“The crown does everything humans do, it is a very spiritual crown, very sacred. I am a living example and witness. I have actually charged the crown, I have prayed with it, that I want this done, this particular time.

“This is my ninth year on the throne, going to my tenth year by the grace of God, I have seen a lot of testimonies.

“I will pray with the crown worn on my head, I pray to the almighty God, Olodumare through the crown. I have never seen any failure in it. It is our strong heritage, our strong culture and tradition and we will continue to uphold it forever.

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He added that they were not idol worshipers, but rather custodians of their ancestors’ legacy, which continued to benefit them.

“These are things we should not joke about, It is our heritage, we should not compromise it with anything. It is created by nature, by God Almighty who is the supreme being,” he said.

Explaining the nature of the “Ade Aare”, Ooni described the crown as a sacred, mysterious being which bears the nature of humans.

According to him, the crown functions like humans.

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He said, “Olojo is the time when the crown comes out for blessings. This is a crown that has life in it till date, right from time immemorial.

“The crown changes the weather, it does not see the atmosphere except once in a year, during Olojo festival.

It’s fake news, Ooni’s palace denies marriage trending story
“In the crown, we see everything complete, we see the day, night, four corners of the world, the northern, southern, eastern and western poles.

“The birth of the crown is actually the first dawn pathfinded by Ogun, which is linked to our celebration.”

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The Ooni added, “Olojo is the main new year celebration and this dovetails to everybody’s new yam festival all over because what is used to bring out yams are cutlasses and hoes made with iron.

“This is the time we get beautiful harvests, the time we get wallnuts, bitter kola. For us in Ile-Ife, we still uphold our heritage and that is why we celebrate the first dawn.”

Ogunwusi appreciated the sponsors for the festival.

“I want to appreciate you all, our sponsors, for everything you have been doing. For always responding to my calls. May God bless you and may our ancestors guide you all. I appreciate the state government as well,” he added.

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Earlier, the Commissioner for Culture and Tourism in Osun, Abiodun Bankole-Ojo, appealed to sponsors of the Olojo festival to look into the possibility of developing some tourism sites within the state, like the Oranmiyan Groove.

“Please corporate bodies, stop giving us monetary and material gifts, come and develop the Oranmiyan site as a tourist site. Government will not be able to do it all,” he said.

The Olojo Festival Chief Consultant, Ayo Olumoko, urged Nigerians and international tourists to grace the festival.

NAN reports that the Grand Finale for the 2024 edition of the annual Olojo Festival in Ile-Ife, will be held between September 26 and September 30.

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On September 26, there will be Ayo Olopon Traditional Game, Festival Cultural Talent Hunt (Audition) and Olojo Festival Colloquium.

On September 27, there will be Ojo Ilagun, Iwode Ile-Ife (Community cleansing) and Oonirisa’s terrestrial message to the world.

September 28 is the festival’s grand finale official ceremony, Ojo Okemogun, and the Aare cultural procession.

September 29 is Ojo Ajoyo (Asekagba), Grand Royal Reception – Invitational, Adire Oodua Cultural Exchange Exhibition and Oonirisa’s Ife Award for Community Service, 2024.

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September 30 would be for the Ojo Ibile (Oonirisa’s ancestral traditional propitiation) and cultural talents hunt.

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Trump Says Israel Will Go Extinct Within Two Years If He Loses US Election

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By Mario Deepromoter

Trump expressed concern about his polling numbers among Jewish voters, lamenting his current standing compared to Harris, the Democratic candidate.

President Donald Trump suggested that Jewish-American voters could bear some responsibility if he loses the upcoming presidential election to Vice President Kamala Harris.

Trump expressed concern about his polling numbers among Jewish voters, lamenting his current standing compared to Harris, the Democratic candidate.

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Reuters reports that Trump claimed that Israel could face extinction within two years if Kamala Harris wins the election, suggesting that Jewish voters who support Democrats would share some responsibility for that outcome.

Speaking to a crowd, Trump stated, “If I don’t win this election, the Jewish community will play a significant role in that. If 40% or even 60% of people are voting for the enemy, Israel, in my opinion, will cease to exist within two years.”

He referenced a poll indicating that Harris had 60% support among American Jews.

Although he didn’t specify which poll he was citing, a recent Pew Research survey showed American Jews favouring Harris over Trump by 65% to 34%.

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Trump also expressed disappointment over winning less than 30% of the Jewish vote in both the 2016 and 2020 elections.

Trump reiterated similar sentiments earlier at a summit in Washington aimed at combating antisemitism in the U.S.

The Trump campaign has prioritised appealing to Jewish voters in critical battleground states, where even a small shift in support could influence the election outcome.

In Pennsylvania, for instance, there are over 400,000 Jewish residents, and Biden won the state by just 81,000 votes in 2020.

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In response to Trump’s comments, Morgan Finkelstein, a spokesperson for the Harris campaign, criticised him for his past associations with individuals accused of antisemitism.

Trump has consistently denied allegations of antisemitism, noting his Jewish son-in-law during his speeches on Thursday.

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