Banking
Heritage Bank: 7 Years of Creating Heritage Wealth for Nigerians
Today, one of the fastest growing financial service providers in Nigeria, Heritage Bank Plc, is celebrating 7 years of its existence.
Established with an excellent service culture hinged on partnering with customer to create wealth, the lender has continued to provide seamless banking experience, accurate and relevant information to its customers across Nigeria.
For Heritage Bank, it’s been seven years of creating, preserving and transferring wealth to its teeming customers across the country.
The Beginning
A story began on March 4, 2012; a story of hard-work and determination when IEI Investments Ltd acquired Societe Generale Bank of Nigeria license from the Central Bank of Nigeria (CBN) after meeting all requirements by Nigeria’s apex bank. Heritage Bank Plc was born and began its operations in Nigeria as a regional bank on March 14, 2013.
After acquiring the license and structure of the old Societe Generale Bank of Nigeria, which was closed down by the CBN for failing to meet the new capital requirements of N25 billion or $155 million for a national bank in January 2006, Heritage Bank returned 100 percent of existing SGBN account holders’ money which were frozen at the closure of the SGBN. This move brought a lot of smiles to the faces of former account holders with majority of them having confidence to continue to bank with Heritage. This was the beginning of a success story of a man bank that was dead for 10 years before it was resurrected by Mr Ifie Sekibo and his team.
After one year it began commercial operations, Heritage Bank became the centre of the biggest event in the Nigerian banking sector. In October 2014, the Assets Management Corporation of Nigeria (AMCON) announced that Heritage Bank had emerged winner of the bid for the acquisition of the defunct Enterprise Bank. Heritage Bank had successfully met all the terms and conditions set by the CBN and AMCON towards owning 100 percent shares in Enterprise Bank.
Heritage Bank, which entered the market just a year, defied all banking tenets and was able to withstand the might of top established players like Access Bank, Fidelity Bank, (then Skye Bank – now Polaris, Diamond Bank – Access) and others to win the bid for the acquisition of Enterprise Bank which also saw it inherit over 160 branches, over 177 ATMS, and 2000 POS terminals spread across major markets and commercial centres in the country. This move automatically transformed Heritage Bank from a regional bank to a national bank.
Still, as big a move as it was, it remained just one of the many strategic moves to change the banking industry and Heritage Bank has made a lot of them since it began operations in 2013.
With a management focused on innovation and a unique philosophy to create, preserve and transfer wealth to its customers, Heritage Bank found itself in a fiercely competitive banking environment but it remained guided by passion, resilience, innovation and a brand architecture that exuded quality service, performance and sheer excellence.
Heritage Bank introduced a zero Cost of Transaction to its customers in April 2013, implying that there would be no hidden charges as it continued its quest for 100 percent customer satisfaction.
Heritage Bank also set a standard when it launched its pilot ‘Corner Shop’ to cater for traders at the Gbagada Plank Market in Gbagada Estate, Lagos to ease banking. The ‘Corner Shop’ was widely received and appreciated by the Gbagada traders as it saved them the time and money to visit a bank branch kilometres away.
Heritage Bank was not done yet. The bank went further to prove its trend setting profile by introducing Nigeria’s first portable POS solution named ‘PortaPOS”. The Heritage PortaPOS, which is free to all Heritage Bank customers, can accept all EMV chip and PIN cards, MasterCard, Verve and Visa cards. It is portable and light as a regular mobile phone and has a long lasting and rechargeable battery. It also syncs to phones and printers via Bluetooth technology!
Heritage Bank has found its feet quickly on the floor of the Nigerian Banking sector and recorded over 200 percent increase in the number of customers since 2013. It remains committed to its customers and continues to search for new heights to attain in the Nigerian banking sector and that is why the bank is considered the fastest growing bank in Nigeria.
The Heritage Bank story is increasingly becoming a case study in corporate governance, leadership, vision and excellence.
Amid the bank’s audacity to dare and succeed, industry watchers have continued to ask; how are they doing it? The answers may not be far from the fact that this is one bank whose leadership team continues to exude the charismatic Midas touch of Mr Ifie Sekibo and his team that has proven repeatedly that whatever he touches turns into gold.
Creating Value Through Financial Services
Over the years, the Central Bank of Nigeria (CBN) had tried to encourage the profit-oriented banks to take financial services to the next level by reducing their focus on the oil and gas sector but rather focus on SMEs, agriculture and mineral resources among others that will drive the Nigerian economy.
As a bank that knows its onions, Heritage Bank Plc in partnership with African Export-Import Bank and Zamfara State Government signed a Memorandum of Understanding, (MoU) worth $1 billion aimed at exploring the enormous resources in the state’s which includes mining and agriculture, a development which is a fundamental shift from the Nigerian banking services.
Perhaps, the $1 billion MoU is the largest deal any state and a financial service provider has ever entered in Nigeria. So, it is considered an audacious initiative which Heritage Bank, a relatively new but highly innovative and daring bank is part of. The MoU is addressing the missing link in making a big deal out of the massive opportunities in the Zamfara mining and agriculture.
Speaking during the signing of the MoU in Abuja, the Managing Director/Chief Executive Officer, Heritage Bank, Mr Ifie Sekibo, said the collaboration among the institutions would promote and fast-track activities that would help Zamfara explore its untapped resources for the benefit of its people and the nation’s economy.
The initiative, he added, would help unlock massive opportunities inherent in solid minerals and support efforts on local content promotion, facilitate industrial development and export development.
Mr Sekibo, explaining Heritage Bank’s involvement in the partnership, said, “It is a game-changer that will drive formidable economic growth for the state government and will serve as a backbone to the economy through job creation.”
Support for ICT Hub in Africa
As part of its efforts to support Nigeria’s aspiration and roadmap to become a leading Information Communication Technology (ICT) Hub in Africa, Heritage Bank doled out the sum of $40,000 grants to winners of the maiden edition of HB Innovative Lab.
The maiden edition of Heritage Bank Innovation Lab Accelerator programme (HB-LAB) tagged, ‘Demo Day,’ is a 12-week programme, expected to provide technology start-ups seeking additional investments to progress and accelerate market introduction/adoption of their solutions with co-working and internet resources, guidance and mentorship with finch start-ups founder and seed funding.
However, the bank’s commitment is to create enabling environment, resources and support required to innovate and accelerate impactful solutions with the potential to radically improve financial Inclusion/Intermediation, health, automobile, agriculture, and other related problems affecting critical sectors of the economy.
At the grand finale of the programme, Trep Labs-Real Drip emerged the winner with the most compelling solution won the N10 million, whilst Ladipomarket.com.ng won the sum of N5 million prize, as the first runner-up, which is equivalent of $40,000.
Speaking at the event, the MD/CEO of the bank, Mr Ifie Sekibo, said the bank knew it was in the best interest of the country to pay attention to the development of technology and industrial sector as the future of the country lies in the hands of its youth.
He noted that although in Nigeria, technology startups still account for a relatively small share of all businesses, but they have an outsized impact on economic growth, because they provide better-paying, longer-lasting jobs than other start-ups, and they contribute more to innovation, productivity, and competitiveness.
By Adedapo Adesanya
The Senate has demanded detailed explanation from the Central Bank of Nigeria (CBN) over the alleged non-remittance of N1.44 trillion in operating surplus.
The Senate Committee on Banking, Insurance and Other Financial Institutions, chaired by Mr Tokunbo Abiru, opened its statutory briefing with a firm call for transparency at the apex bank, noting that the Auditor-General’s query on the unremitted funds required a full, clear and documented response, insisting that public trust in monetary governance depended on strict accountability.
While acknowledging the CBN’s achievements in stabilising the foreign exchange market and reducing inflation, Mr Abiru underscored that such progress must be accompanied by institutional responsibility.
He stated the Senate expected the CBN to explain the circumstances surrounding the query, outline corrective steps taken and reveal safeguards against future lapses.
This came as the Governor of the central bank, Mr Yemi Cardoso, appeared before the senate committee and offered an extensive review of economic conditions, asserting that Nigeria was experiencing renewed macroeconomic stability across major indicators.
Mr Cardoso attributed the progress to bold monetary reforms, foreign-exchange liberalisation and disciplined liquidity management implemented since mid-2025.
According to him, headline inflation had declined for seven consecutive months, from 34.6 per cent in November 2024 to 16.05 per cent in October 2025, marking the steepest and longest disinflation trend in over a decade.
Food inflation accruing to him also slowed to 13.12 per cent, supported by improved supply conditions and exchange-rate predictability.
The CBN governor described the foreign-exchange market as fundamentally transformed, adding that speculative attacks and arbitrage opportunities had largely disappeared.
According to him, the premium between the official and parallel markets had fallen to below two per cent, compared to over 60 per cent a year earlier. As of November 26, the naira traded at N1,442.92 per dollar at the Nigerian Foreign Exchange Market, stronger than the N1,551 average recorded in the first half of 2025.
He also announced a sharp rise in external reserves to $46.7 billion, the highest in nearly seven years and sufficient to cover over ten months of imports.
Diaspora remittances, he noted, had tripled to about $600 million monthly, while foreign capital inflows reached $20.98 billion in the first ten months of 2025, 70 per cent higher than in 2024 and more than four times the 2023 figure.
Cardoso further confirmed that the CBN had fully cleared the $7 billion verified FX backlog, restoring investor confidence and strengthening Nigeria’s balance-of-payments position.
On banking-sector stability, he reported that recapitalisation efforts were progressing smoothly. Twenty-seven banks had already raised new capital, with sixteen meeting or surpassing the new regulatory thresholds ahead of the March 31, 2026 deadline, highlighting improvements in ATM cash availability, digital-payments oversight and cybersecurity compliance.
Despite the positive indicators, the Senate sought clarity on several policy decisions.
Mr Abiru pressed for explanations on the sustained 45 per cent Cash Reserve Ratio (CRR), the 75 per cent CRR applied to non-Treasury Single Account public-sector deposits, FX forward settlements, mutilated naira notes in circulation, excessive bank charges, failed electronic transactions and the compliance of CBN subsidiaries with parliamentary oversight.
He also requested an update on the activities of the Financial Services Regulatory Coordinating Committee, arguing that stronger inter-agency cooperation was necessary to maintain public confidence.
The session later moved into a closed-door meeting.
By Modupe Gbadeyanka
About N3.6 trillion has been repaid to the Central Bank of Nigeria (CBN) by the Asset Management Corporation of Nigeria (AMCON) since its inception in 2010.
This information was revealed by the chief executive of AMCON, Mr Gbenga Alade, during a media parley to update the press on the activities of the agency.
Mr Alade said at the moment, the organisation still owes the central bank about N3 trillion for toxic assets of banks in the country.
He praised the organisation for its asset recovery drive, stressing that when compared with others across the world, Nigeria has done well.
“It is important to stress that the corporation has done tremendously well, especially when compared to other notable government-owned Asset Management Corporations around the world.
“Based on the balance at purchase, AMCON outperformed other Asset Management Corporations all over the world by achieving over 87 per cent in recoveries despite the unique challenges associated with debt recovery in Nigeria.
“The Malaysian Danaharta, which is adjudged one of the best performing Asset Management Corporation’s, only achieved 58 per cent. The Chinese Asset Management Corporation, despite its stricter laws, achieved just 33 per cent.
“Only the Korean Asset Management Corporation (KAMCO), South Korea, has achieved more recoveries than AMCON, with about 100 per cent. This was due to their brute force with which they chased the obligors.
“Despite KAMCO’s recovery records, the agency is still operational to date with slight realignments in its mandate.
“Other noted Asset Management Corporations that have transitioned into a perpetual institution of the various governments include, China Asset Management Company, Federal Deposit Insurance Corporation (FDIC) USA, and KFW Germany.
“So, gentlemen, without sounding immodest, AMCON has done well, and we will not relent until all the outstanding debts are fully realized,” Mr Alade stated.
On the financial performance of AMCON, he said last year, the firm posted a revenue of N156.25 billion and operating expenses of N29.04 billion, while for the 2025 fiscal year should be a revenue of N215.15 billion and operating expenses of N29.06 billion.
By Modupe Gbadeyanka
One of the non-interest banks in Nigeria, The Alternative Bank (AltBank), has opened a new branch in Effurun, Delta State.
The new office will serve the Edo-Delta region and provide purposeful banking and real financial empowerment for individuals, entrepreneurs, and businesses, a statement from the firm stated.
The lender disclosed that the Effurun branch is a bold move in its mission to reshape banking in Nigeria.
The launch was graced by key dignitaries, including the Ovie of Uvwie Kingdom, Emmanuel Ekemejewa Sideso Abe I; the Chairman of Uvwie Local Government, Anthony O. Ofoni, represented his vice, Andrew Agagbo; and the Special Adviser to the Governor of Delta State on Community Development, Mr Ernest Airoboyi; amongst others.
The Divisional Head for South at The Alternative Bank, Mr Chukwuemeka Agada, emphasised the institution’s commitment to Warri and its surrounding communities.
“By establishing a presence here, we are initiating a transformation in the way banking serves the people of Delta. Our purpose-driven approach ensures that customers’ financial goals are not just met but exceeded,” he stated.
“This branch represents our pledge to empower Warri’s dynamic businesses and families, providing them with the tools to grow without compromise,” Mr Agada added.
“We understand the heartbeat of this community, and we are excited to integrate our bank into the fabric of this dynamic region,” he stated further.
On his part, the representative of the Ovie, Mr Samuel Eshenake, challenged the bank to facilitate development and employment within the Effurun community.
The Regional Head for Edo/Delta at The Alternative Bank, Mr Akanni Owolabi, embraced this challenge, pledging that the bank will work sustainably to drive local commerce.
“At The Alternative Bank, we are committed to being an active partner in the development of Effurun. We see this branch as a catalyst for creating opportunities, driving employment, and supporting the growth of local businesses.
“Our mission is to empower this community, ensuring that every step forward is one of progress, prosperity, and shared success.”
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