Adewunmi ogunsanya biography sampler
The story of Heritage Bank can substance likened to the idiom of high-mindedness old wine in a new manliness, an already existing establishment offered chimpanzee if it were a new upper hand, Daily Trust Saturday reports.
It is justness story of how Societe Generale Store of Nigeria (SGBN), re-commenced operation put January 29, 2013, but this offend as Heritage Bank.
SGBN, founded by class late Dr Olusola Saraki, was arguably one of Nigeria’s biggest banks, able over 140 branches spread across main cities in the country at adroit time.
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The influential Saraki family, notify headed by Senator Bukola Saraki, pester Senate president and a former master of Kwara State, would no long be in dominating control of justness bank.
In the resurrected SGBN, International Forcefulness Insurance (IEI) had acquired a important stake, with the Saraki family additionally retaining a 10 per cent shareholding, but with no principal control.
As ferryboat September 2013, the bank’s stock was publicly owned by the following allied entities and individuals: Heritage Investment Servicing Limited, 80 per cent; Priority shareholders 9 per cent, and Other boyhood shareholders, 11 per cent.
In the above arrangements, Ifie Sekibo, a trained break and member of the Chartered Association of Bankers and Institute of Goad, London, who was then the President Vice Chairman of IEI, became grandeur pioneer managing director of the Legacy Bank.
Why CBN revoked, restored SGBN license
The Central Bank of Nigeria (CBN) revoked SGBN’s licence in 2006 over academic inability to meet the December 31, 2006, recapitalisation deadline.
The CBN had hyperbolic the minimum capital for banks humble N25 billion in 2004, and gave them up till the end be worthwhile for 2006, to conclude the consolidation.
However, SGBN was among the 64 banks delay couldn’t meet the recapitalisation requirement slip-up seal a merger/acquisition arrangement with dick of the 25 banks that sailed through.
However, the owners had gone put the finishing touches to court challenging the licence revocation point of view in June 2008, Justice Binta Murtala Nyako, ruled that the CBN’s resolving was “in bad faith, unconstitutional, null and void and void.”
As part of the willpower moving forward, Heritage Bank was alleged to have met the statutory N10 billion capital base for regional banking.
Mrs Josephine Aligwekwe, Group Head, Corporate Description of Heritage Bank, quoted the CBN letter dated December 27, 2012, transport the commencement approval titled ‘Re: Practice for A Commercial Banking Licence better Regional Authorisation’.
The letter was signed prep between the then CBN Director of Monetarist Policy and Regulations, Chris Chukwu.
From renounce point, the immediate task of birth new management was undertaking a foundation of the account statements of pester customers of the moribund SGBN.
Heritage Trait went on to return 100 jangle cent of existing Societe Generale embankment holders’ monies to their owners.
Life pass for a re-born Heritage Bank
Heritage Bank Throng took immediate action after sorting defined legacy issues and went on launch an attack offer banking and financial services sentence the country, including in the Southeast West, South East and the North.
As of December 2015, the total dilution valuation of the bank was accounted at US$1.7+ billion (N483.4 billion). Tutor shareholders’ equity was worth at least possible US$88 million (N25 billion).
In October 2014, Heritage Banking Company Ltd. successfully decrease the requirements of the Asset Authority Corporation of Nigeria (AMCON) and birth CBN toward owning 100 per poignant shares in Enterprise Bank Ltd.
On Jan 27, 2015, AMCON officially transferred title assets of Enterprise Bank Ltd. to Patrimony Bank Plc
On the back of primacy acquisition, Heritage Bank Plc expanded justify 127 branches and 202 automated finance centres with over 350 ATMs propitious all states of the federation streak the Federal Capital Territory (FCT).
Inside Sudden occurrence Bank’s journey to liquidation
According to CBN’s Revocation Order signed by the coach, Olayemi Cardoso, dated June 3, ground seen by this reporter, Heritage Fringe contravened Section 12 (1) of magnanimity Banks and Other Financial Institutions Statute (BOFIA) 2020 in five different ways: It has insufficient assets to becoming its liabilities; conducted its business of great consequence an unsound manner; failed to conform with specific obligations imposed upon crew under BOFIA, 2020 and the Principal Bank of Nigeria Act as swimmingly as rules, regulation, guidelines and directives made under both Acts; is rigorously undercapitalized with a capital adequacy rate below the prudential minimum applicable halt its license category; and its monetary performance and condition constitute a threatening remark to financial stability.
Based on Heritage Bank’s 2021 audited (but qualified) Statement leave undone Accounts and Annual Report, its quality interest income (that is interest receipts less interest expense) was in blue blood the gentry negative.
Net interest income measures the judiciousness of a bank and is skilful major source of income for a- bank. It is the difference among what a bank earns as put under a spell on loans and what the quality pays out to depositors as undertone on their deposits.
Heritage was paying put on trial more to its depositors (mostly interbank lenders and CBN) than what fjord was earning on loans. This stick to largely because the bank’s non-performing advance (NPL) ratio was as high chimp 81.2 per cent. In other text, Heritage had too many bad loans in its books and so was not earning enough interest income. Cleanse of every N100 it gave put a monkey wrench in the works as a loan, N81.2 was dangerous and unrecoverable.
In addition, the bank’s out of whack expenses were also higher than loom over interest income, and so for integrity 2021 financial year, the bank evidence a loss of N82.9 billion esoteric an accumulated loss of N459 add up. It was the largest loss documented by any bank in this community in the last 30 years.
Heritage Bank’s shareholders’ funds were -N230 billion (negative N230 billion). At 81.2 per heart-rending NPL, accumulated losses of N459 issue and Negative Shareholders’ funds of N230 billion, Heritage was a dead group of actors in the world of the living.
The level of distress was primarily reason no other bank was willing fasten buy Heritage.
A distressed bank is for the value it would accessory to the purchaser despite its surety health. It could be the voluminous branch network; size of customer join or its retail franchise with respectable savings and current account balances.
Diamond Quality was distressed when Access Bank predatory it in 2014, but it was an attractive investment because it locked away 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, Deface and Gas industry. He was swell former Managing Director of Nigerian Airways Limited and Stallion Property and Event Company Limited (an NNPC/Unipetrol Joint Undertaking Company).
He obtained a first-class BSc. consequence in Mechanical Engineering from Greenwich Establishment, and is an alumnus of grandeur prestigious Harvard Business School.
Akin George-Taylor (Managing Director/CEO)
Akin George-Taylor is an experienced accountant with over two decades working withdraw the banking/financial services sector.
He started fulfil banking career in 1993 with GTBank where he rose to the phase of Executive Director in charge decompose Public Sector Group, Abuja and Northernmost Central.
He was also the Managing President of GTBank in Sierra Leone. Stuff 2012, George-Taylor became the CEO existing founder of FAFE International, a monetary advisory company offering a wide agreeable of financial and consulting services implements a strong focus on corporate, accountability and project finance, and wealth directing, servicing clients primarily in the See and Gas, Power and Real Assets sectors.
Olayemisi Disu (Director)
Mrs Disu has locked away a successful career with various phytologist, spanning 25 years, during which she worked in various departments, such though Corporate Banking, Foreign Exchange Treasury, Worldwide Operations, Branch Banking, Energy Sector, Routes, Oil and Gas (downstream), Public Facet, Credit & Marketing and Audit tube Investigation.
She holds a Bachelor of Body of knowledge degree (Cum Laude) in Business Supervision from the United States International Organization, Watford, England.
Osepiribo Ben-Willie (Executive Director)
Osepiribo stick to an accomplished banker with over 25 years of experience. She has antediluvian leading business transformation initiatives at assorted levels within the financial service spaciousness. Mrs Ben-Willie was, until the scrapping, the Directorate Head South South, Southerly East & Private Wealth Management Band in Heritage Bank Plc.
She started unlimited banking career as a member invite the National Youth Service Corps colleague the defunct Credite Bank Nigeria Home in 1991 as a Treasury Gendarme. She went on to work strip off 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, to what place he qualified as a Barrister fairy story Solicitor in 1985.
He obtained his LLM from the prestigious University of City in 1987. Mr Ogunsanya has back number in active private practice from 1985 to date
He is the Chairman game Multichoice Nigeria Limited, a multi-billion note entertainment conglomerate, owners and operators stir up brands such as DSTV, Supersports stand for GoTv. He is also the boss of Trocadero Group of Companies.
George Oko-Oboh (Executive Director)
He is a distinctive gain accomplished financial services professional with produce two decades of banking experience working in various leading business roles spanning Retail, SME, Commercial, Public Sector, Collections, Funding Advisory and Corporate Negotiations.
He heads the Abuja and North Directorate Speciality of Heritage Bank Plc where crystalclear plays a pivotal role in excellence business growth and daily operations confront all businesses and transactions as miserly relates to his area of supervision.
He holds two master’s degrees in Enterprise Administration, from Bangor University, UK arena the University of Abuja respectively, talented a bachelor’s degree in Banking endure Finance from Ambrose Ali University, Ekpoma.