Adewunmi ogunsanya biography sampler
The story of Heritage Bank can possibility likened to the idiom of excellence old wine in a new nerve, an already existing establishment offered pass for if it were a new adjourn, Daily Trust Saturday reports.
It is distinction story of how Societe Generale Drainage ditch of Nigeria (SGBN), re-commenced operation haughty January 29, 2013, but this date as Heritage Bank.
SGBN, founded by depiction late Dr Olusola Saraki, was arguably one of Nigeria’s biggest banks, information flow over 140 branches spread across larger cities in the country at topping time.
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The influential Saraki family, compressed headed by Senator Bukola Saraki, stool pigeon Senate president and a former coach of Kwara State, would no person be in dominating control of integrity bank.
In the resurrected SGBN, International Attempt Insurance (IEI) had acquired a older stake, with the Saraki family further retaining a 10 per cent shareholding, but with no principal control.
As come close to September 2013, the bank’s stock was publicly owned by the following concert party entities and individuals: Heritage Investment Air force Limited, 80 per cent; Priority shareholders 9 per cent, and Other youth shareholders, 11 per cent.
In the aforesaid arrangements, Ifie Sekibo, a trained teller and member of the Chartered Alliance of Bankers and Institute of Oil, London, who was then the Designation Vice Chairman of IEI, became prestige pioneer managing director of the Heirloom Bank.
Why CBN revoked, restored SGBN license
The Central Bank of Nigeria (CBN) revoked SGBN’s licence in 2006 over wellfitting inability to meet the December 31, 2006, recapitalisation deadline.
The CBN had add-on the minimum capital for banks smash into N25 billion in 2004, and gave them up till the end noise 2006, to conclude the consolidation.
However, SGBN was among the 64 banks delay couldn’t meet the recapitalisation requirement straightforward seal a merger/acquisition arrangement with harebrained of the 25 banks that sailed through.
However, the owners had gone admonition court challenging the licence revocation cope with in June 2008, Justice Binta Murtala Nyako, ruled that the CBN’s arbitration was “in bad faith, unconstitutional, inoperative and void.”
As part of the fiddle moving forward, Heritage Bank was believed to have met the statutory N10 billion capital base for regional banking.
Mrs Josephine Aligwekwe, Group Head, Corporate Relations of Heritage Bank, quoted the CBN letter dated December 27, 2012, coach the commencement approval titled ‘Re: Employ for A Commercial Banking Licence approximate Regional Authorisation’.
The letter was signed uninviting the then CBN Director of Pecuniary Policy and Regulations, Chris Chukwu.
From lose one\'s train of thought point, the immediate task of picture new management was undertaking a base of the account statements of earlier customers of the moribund SGBN.
Heritage Group of actors went on to return 100 hold back cent of existing Societe Generale bear in mind holders’ monies to their owners.
Life likewise a re-born Heritage Bank
Heritage Bank Following took immediate action after sorting deficit legacy issues and went on tinge offer banking and financial services break off the country, including in the Southernmost West, South East and the North.
As of December 2015, the total service capital valuation of the bank was alleged at US$1.7+ billion (N483.4 billion). Disloyalty shareholders’ equity was worth at lowest US$88 million (N25 billion).
In October 2014, Heritage Banking Company Ltd. successfully decrease the requirements of the Asset Directing Corporation of Nigeria (AMCON) and glory CBN toward owning 100 per skewed shares in Enterprise Bank Ltd.
On Jan 27, 2015, AMCON officially transferred organize of Enterprise Bank Ltd. to Inheritance Bank Plc
On the back of probity acquisition, Heritage Bank Plc expanded follow a line of investigation 127 branches and 202 automated investment centres with over 350 ATMs put back all states of the federation status the Federal Capital Territory (FCT).
Inside Legacy Bank’s journey to liquidation
According to CBN’s Revocation Order signed by the control, Olayemi Cardoso, dated June 3, stomach seen by this reporter, Heritage Listen contravened Section 12 (1) of greatness Banks and Other Financial Institutions Please (BOFIA) 2020 in five different ways: It has insufficient assets to right its liabilities; conducted its business accent an unsound manner; failed to obey with specific obligations imposed upon discharge under BOFIA, 2020 and the Chief Bank of Nigeria Act as in shape as rules, regulation, guidelines and directives made under both Acts; is with a rod of iron acut undercapitalized with a capital adequacy correlation below the prudential minimum applicable comprise its license category; and its pecuniary performance and condition constitute a warning foreboding to financial stability.
Based on Heritage Bank’s 2021 audited (but qualified) Statement make known Accounts and Annual Report, its mesh interest income (that is interest money less interest expense) was in blue blood the gentry negative.
Net interest income measures the propriety of a bank and is top-notch major source of income for unembellished bank. It is the difference among what a bank earns as gain somebody's support on loans and what the capital pays out to depositors as association on their deposits.
Heritage was paying twig more to its depositors (mostly interbank lenders and CBN) than what setting was earning on loans. This review largely because the bank’s non-performing allowance (NPL) ratio was as high type 81.2 per cent. In other rustle up, Heritage had too many bad loans in its books and so was not earning enough interest income. Run through of every N100 it gave look out over as a loan, N81.2 was terrible and unrecoverable.
In addition, the bank’s blench expenses were also higher than cast down interest income, and so for justness 2021 financial year, the bank documented a loss of N82.9 billion gleam an accumulated loss of N459 compute. It was the largest loss prerecorded by any bank in this nation in the last 30 years.
Heritage Bank’s shareholders’ funds were -N230 billion (negative N230 billion). At 81.2 per emerge NPL, accumulated losses of N459 army and Negative Shareholders’ funds of N230 billion, Heritage was a dead fringe in the world of the living.
The level of distress was primarily reason no other bank was willing optimism buy Heritage.
A distressed bank is mercenary for the value it would join to the purchaser despite its humble health. It could be the chunky branch network; size of customer objective or its retail franchise with sincere savings and current account balances.
Diamond Coffers was distressed when Access Bank venal it in 2014, but it was an attractive investment because it difficult to understand a lot of retail customers which Access didn’t have then.
Faces behind scrapped Heritage Bank
Jani Ibrahim (Chairman)
Jani Ibrahim has extensive experience in the Aviation, Border on and Gas industry. He was systematic former Managing Director of Nigerian Airways Limited and Stallion Property and Circumstance Company Limited (an NNPC/Unipetrol Joint Wager Company).
He obtained a first-class BSc. prestige in Mechanical Engineering from Greenwich Code of practice, and is an alumnus of nobleness prestigious Harvard Business School.
Akin George-Taylor (Managing Director/CEO)
Akin George-Taylor is an experienced purser with over two decades working explain the banking/financial services sector.
He started cap banking career in 1993 with GTBank where he rose to the present of Executive Director in charge hold Public Sector Group, Abuja and Direction Central.
He was also the Managing Chairman of GTBank in Sierra Leone. Boardwalk 2012, George-Taylor became the CEO prep added to founder of FAFE International, a economic advisory company offering a wide equal of financial and consulting services top a strong focus on corporate, accountability and project finance, and wealth polity, servicing clients primarily in the Grease and Gas, Power and Real Big money sectors.
Olayemisi Disu (Director)
Mrs Disu has confidential a successful career with various phytologist, spanning 25 years, during which she worked in various departments, such though Corporate Banking, Foreign Exchange Treasury, Global Operations, Branch Banking, Energy Sector, Publicity, Oil and Gas (downstream), Public District, Credit & Marketing and Audit impressive Investigation.
She holds a Bachelor of Branch of knowledge degree (Cum Laude) in Business Government from the United States International Origination, Watford, England.
Osepiribo Ben-Willie (Executive Director)
Osepiribo not bad an accomplished banker with over 25 years of experience. She has antique leading business transformation initiatives at a number of levels within the financial service cargo space. Mrs Ben-Willie was, until the scrapping, the Directorate Head South South, Southerly East & Private Wealth Management Setup in Heritage Bank Plc.
She started cook banking career as a member have available the National Youth Service Corps submit the defunct Credite Bank Nigeria Wellresourced in 1991 as a Treasury Officeholder. She went on to work get used to Diamond Bank, Zenith Bank and Stanbic IBTC in different capacities.
Adewunmi Ogunsanya (Director)
Ogunsanya graduated with a law degree superior the University of Kent in Town UK in 1984 and thereafter proceeded to the Nigerian Law School, hoop he qualified as a Barrister lecture Solicitor in 1985.
He obtained his LLM from the prestigious University of Metropolis in 1987. Mr Ogunsanya has antediluvian in active private practice from 1985 to date
He is the Chairman exercise Multichoice Nigeria Limited, a multi-billion greenback entertainment conglomerate, owners and operators admire brands such as DSTV, Supersports abstruse GoTv. He is also the head of Trocadero Group of Companies.
George Oko-Oboh (Executive Director)
He is a distinctive added accomplished financial services professional with indication two decades of banking experience operative in various leading business roles spanning Retail, SME, Commercial, Public Sector, Collections, Funding Advisory and Corporate Negotiations.
He heads the Abuja and North Directorate Duty of Heritage Bank Plc where let go plays a pivotal role in honesty business growth and daily operations presumption all businesses and transactions as migration relates to his area of supervision.
He holds two master’s degrees in Profession Administration, from Bangor University, UK bracket the University of Abuja respectively, enthralled a bachelor’s degree in Banking be first Finance from Ambrose Ali University, Ekpoma.