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 Central Bank of Nigeria (CBN) has unveiled the fourth edition of its Foreign Exchange Manual as part of efforts to deepen liquidity, improve transparency and strengthen confidence in the country’s foreign exchange market.
Speaking at the launch of the revised manual in Abuja on Friday, the Governor of the apex bank, Mr Yemi Cardoso, said the document will take effect from June 1, 2026.
He said it was developed after extensive consultations with banks, exporters, importers, corporates, regulators and development partners.
He said the new framework reflects the apex bank’s commitment to modernising the country’s foreign exchange administration in line with international best practices.
Mr Cardoso described the foreign exchange market as a critical pillar of any open economy, noting that effective governance of the sector is essential for sustaining macroeconomic stability and investor confidence.
“Foreign exchange is more than a financial instrument. It anchors price stability, facilitates the flow of goods and capital, and shapes investor sentiment,” he said.
The CBN governor stressed that the revised manual became necessary due to changing global economic realities, domestic reforms and the need for a more coherent and forward-looking regulatory framework.
According to him, the last edition of the FX manual was issued in 2018, making the latest review both timely and necessary.
Mr Cardoso disclosed that Nigeria’s foreign exchange market has witnessed significant improvement in liquidity since the current administration began reforms in the sector.
He added that daily turnover in the FX market increased from an average of about $100 million in the early days of the administration to between $400 million and $600 million daily.
The CBN Governor added that the market had also recorded transactions of up to $1 billion per day on several occasions in recent months.
“We have gone from a situation where it was more or less a one-way market, where the central bank came in, intervened and went away, to a much more dynamic market,” he stated.
The apex bank boss noted that the reforms were gradually restoring confidence among investors and market participants, encouraging freer entry and exit in the market without unnecessary restrictions.
He also maintained that the nation’s foreign reserves should not be used as the primary tool for funding the foreign exchange market.
“Reserves are reserves. They are not what you look to fund a market,” he said.
The CBN Governor assured stakeholders that the revised manual would be distributed free of charge to authorised dealers while the bank strengthens monitoring mechanisms to ensure compliance, fairness and accountability across the foreign exchange market.
On his part, the Deputy Governor for Economic Policy, Mr Muhammad Abdullahi, said the review formed part of broader reforms initiated by Mr Cardoso to restore confidence, improve transparency and deepen liquidity in the foreign exchange market.
Mr Abdullahi explained that the revised manual introduces several changes aimed at improving ease of doing business and reducing transaction bottlenecks.
Among the notable changes, he noted, are provisions allowing unfettered access to export proceeds, the introduction of non-resident investment accounts and operational guidelines for Pan-African Payment and Settlement System (PAPSS) transactions to support regional trade.
Mr Abdullahi added that the manual also contains new provisions on service exports, revised documentation requirements and updated operational procedures designed to align Nigeria’s FX market with global standards.
He said the apex bank deliberately adopted an ease of doing business approach during the review process to eliminate inefficiencies and ambiguities identified by stakeholders.
“The revised manual is not a stand-alone exercise but part of a broader institutional reform effort designed to strengthen the integrity, credibility and effectiveness of Nigeria’s foreign exchange system,” he said.
By Aduragbemi Omiyale
The Central Bank of Nigeria (CBN) has approved the appointment of Mr Julius Omodayo-Owotuga to the board of First Bank of Nigeria Limited as an executive director.
A statement from the company said the appointment of Mr Omodayo-Owotuga became effective on Wednesday, May 13, 2026.
He was appointed to the board of the subsidiary of First Holdco Plc to further strengthen its leadership capacity across strategic finance, governance, risk management, and institutional transformation.
Before now, he served on the board of First Holdco as a non-executive director between 2021 and 2026.
The appointee brings to the board 24 years of experience spanning banking and financial services, infrastructure finance, power, oil & gas, and audit and consulting.
His appointment, according to the notice to the Nigerian Exchange (NGX) Limited, reflects the Bank’s continued commitment to strong governance, disciplined execution, financial resilience, and sustainable long-term growth.
He most recently served as deputy chief executive of Geregu Power Plc, Nigeria’s first listed power generation company, where he played a pivotal role in institutional transformation, governance strengthening, capital market positioning, operational optimisation, and major financing initiatives, including the company’s landmark listing on NGX.
Mr Omodayo-Owotuga previously served as group executive director, Finance & Risk Management at Forte Oil Plc (now Ardova Plc), where he was instrumental in the company’s financial and operational transformation, leading strategic restructuring, capital raising, treasury optimisation, enterprise risk management, and governance improvement initiatives that strengthened long-term shareholder value.
His professional career also includes roles at Africa Finance Corporation, Standard Chartered Bank, KPMG Professional Services and MBC International Bank (Now First Bank Nigeria Limited), providing him with deep experience in institutional finance, treasury management, financial controls, regulatory engagement, and corporate advisory.
Mr Omodayo-Owotuga is a CFA Charter Holder, KPMG-trained Accountant, and a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), the Chartered Institute of Taxation of Nigeria (CITN), and the Institute of Credit Administration. He is also a member of the Institute of Directors (IoD) Nigeria and a Certified Management Accountant.
He holds a Doctorate in Business Administration, a Master’s in Business Administration and a Bachelor’s degree in Accounting. He is an alumnus of Saïd Business School, University of Oxford, IE Business School, Geneva Business School, and the University of Lagos.
By Modupe Gbadeyanka
In recognition of its strategic leadership in advancing the growth and resilience of small and medium-sized enterprises (SMEs), Union Bank of Nigeria Plc has been honoured by the Association of Small Business Owners of Nigeria (ASBON).
The lender was rewarded by the group for its suite of solutions designed to enable business expansion and long-term value creation.
At the Nigeria National SME Business Awards, held recently in Lagos, Union Bank was given the Best SME Growth Banking Initiatives Award for 2025.
The ceremony was organised by ASBON in partnership with the Lagos State government through the Ministry of Commerce, Cooperatives, Trade and Investment.
The event convened stakeholders from the public and private sectors to recognise individuals and organisations driving meaningful impact across Nigeria’s SME ecosystem.
Receiving the award on behalf of the bank, its Head of SME Segment, Mr Ayokunnumi Abraham, described the recognition as a strong endorsement of the organisation’s commitment to supporting small and medium-sized businesses.
“We are honoured to receive this recognition, which reflects Union Bank’s continued commitment to helping SMEs grow by making banking simpler, faster, and more accessible.
“Through enhancements to our specialised platforms such as Union360, we have meaningfully reduced the time it takes for businesses to come on board and begin transacting.
“These improvements have shortened onboarding, increased digital adoption among our SME customers, and supported the acquisition of new business clients. Our focus remains on delivering practical solutions that help Nigerian businesses thrive,” he stated.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn