Banking
Heritage Bank Holds Investors Forum In Lagos
By Dipo Olowookere
The maiden edition of Investors Forum of Heritage Bank Plc has taken place in Lagos and the financial institution used the occasion to roll out its global aspiration to stakeholders present at the event.
For those very conversant with the banking sector, they will agree that Heritage Bank Plc has indeed lived up to its slogan of being the ‘Timeless Wealth Partner’ to its investors and customers.
During the forum, which was held at the Orchid Hall of the Eko Hotel and Suites, Lagos, the bank took stakeholders through a journey of all the transformation activities that have made since inception till date.
Inside venue of the occasion, words like “We have a story, how we started and where we are going”; “All that defines us!”; “Whatever our purpose, we all desire to succeed;” “We all desire to leave a legacy of success;” “Welcome to history in the making,” and “We are a service organization in the business of banking!” resonated with joy.
Heritage Bank Plc, formed under the operating licence of the defunct Societe Generale Bank of Nigeria (SGBN), is renowned for pioneering a number of banking initiatives in Nigeria.
Heritage Bank, which began full operation on March 4, 2013 as a regional bank with only about 11 branches, became a national financial services provider at the acquisition of Enterprise Bank Limited with over 160 branches.
According to the management team, today, the bank is said to have a physical network of over 160branches, referred to as experience centres; 418 automated teller machines (ATMs) and over 1,630 points of sales (POS) devices all over the country. It is the first bank in Nigeria to be ISO certified in less than two years of operation and holds the record of introducing ATM machines nationwide.
Heritage Bank is also said to be one of the first financial institutions in the country to commence the SME Clinic initiative; and convincingly, it said, in the coming years, it will establish itself as the bank of choice for its customers’ needs and prospects. According to the bank, “We intend to provide a platform for your investment to grow.”
Mr Adetola Atekoja, a director of the bank, who represented the chairman, Mr Akinsola Akinfemiwa, in his speech during the forum stated that the business combination with Enterprise Bank Limited in September 2015 was a commendable success. This is reflective of the commitment of our people, support of our customers and the degree of investors’ confidence in the bank, he remarked.
The director said that over the last three years, the bank has committed its efforts and resources to the building of an enduring and resilient banking franchise in spite of the challenges in the macroeconomic space. “In the midst of the stormy realities presented by events within the political and economic environment, we have continued to pursue our strategic aspiration of not only making the bank stable but stronger.”
He said, “Our ambition to emerge as a systemic important bank remains the underlying essence of our next growth phase strategy. The foundational element of our strategy – People, Partnership and Process will be recalibrated to match the rapidly changing needs of our customers especially as we deploy a full steam retail banking franchise.”
He added that the bank is on a growth track and are not unmindful of the headwinds facing the domestic economy, but remain very optimistic that the Heritage brand will continue to surf over the current economic tide through collective efforts to remain an enduring institution.
While reiterating the lender’s commitment to continually deliver high quality and sustainable earnings, Atekoja said the Board and Management are confident that the financial institution will continue to grow by appealing to key client segments, especially, in the retail space, as an important and growing market. “Heritage Bank’s outlook is bright and we expect to surpass our past year’s performance,” he said.
Divisional Head, Strategy and Execution, Mr Segun Akanji, who expanded on the benefits derived from the merger with Enterprise Bank, noted as follows: access to the market; acquisition of critical mass of customers; access to distribution and a very visible presence across the country, helping us to expand our list of customers.
“Once the combination was concluded, we had to come up with a kind of strategy that would support the business with a wider coverage that is why the foundational evidence of Heritage Bank really thrives on three pillars: People, Partnership and Processes.
“We believe that interaction with people; having the technology that will help support services to customers and ensuring that that partnership adds value to what we do, that is one of the key pillars and driving force of the bank called Heritage Bank.”
Mr Akanji explained to the forum that Heritage Bank is not limiting itself to the Nigerian shores alone, as their next level of maturity is bursting into the global financial scene, especially considering that the Nigerian economy is one that thrives on trade finance.
“We will create opportunities that will spur up our economy to other markets where we find opportunities that will help customers to secure wealth and build businesses that are also global.”
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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