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
Guaranty Trust Holding Company (GTCO) Plc recently completed the raising of N209 billion out of its targeted N400.5 billion public offer in the ongoing recapitalisation efforts directed by the Central Bank of Nigeria (CBN) to create resilient banks amid rising external shocks in the global environment.
Speaking on this development, the chief executive of the firm, Mr Segun Agbaje, said the equity capital raising has set a strong foundation for accelerated development.
“We extend our sincere appreciation to our new and existing shareholders, as well as the regulatory authorities, for their unwavering support during this initial phase of our equity capital raise.
“The strong participation and successful capital verification exercise and allotment process reaffirm the confidence investors have in our fundamentals and execution capabilities.
“This sets a solid foundation for accelerating our strategic roadmap, which aims to pivot the Group for transformational growth and unlock greater value across the Group’s Banking and Non-Banking businesses,” the banker stated.
GTCO had launched a public offer of 9.0 billion ordinary shares of 50 Kobo each at N44.5 per share, with N209.41 billion realized, representing 52.3 per cent of the total offer size.
The offer garnered substantial interest from domestic retail investors, raised a total of N209.41 billion from 130,617 valid applications for 4.706 billion ordinary shares, fully allotted.
“This milestone concludes the first phase of GTCO’s phased equity capital raise programme, which is structured on a balanced allocation strategy based on an equal split between institutional and retail investors. This balanced approach aligns with GTCO Plc’s commitment to fostering a well-diversified and robust investor base,” GTCO stated.
The announcement followed completion of the capital verification exercise conducted by the CBN and the approval of the basis of allotment of the offer by the Securities and Exchange Commission (SEC).
By Modupe Gbadeyanka
No fewer than 30 pregnant women at the Mushin Primary Health Centre in Lagos have received maternity kits from Fidelity Bank Plc.
The gesture from the financial institution is part of its efforts to support improved maternal health in the metropolis.
It was gathered that the items were given to the beneficiaries through the Fidelity Helping Hands Programme (FHHP), a Corporate Social Responsibility (CSR) initiative of the lender aimed at promoting staff involvement in community development under the Great Minds Inductees Class.
“The project was borne out of the need to support pregnant women by providing them with essential materials for a safe delivery,” the Divisional Head for Brand and Communications Division at Fidelity Bank, Mr Meksley Nwagboh, explained.
“Maternal mortality remains a significant public health challenge in Nigeria, with the country accounting for a substantial proportion of global maternal deaths.
“In fact, a 2023 United Nations report indicate that nearly 28.5% of global maternal deaths occur in Nigeria.
“This is an alarming statistic and as a bank given to improving the welfare of our host communities, we deemed it fit to support initiatives to address this challenge in the Mushin community with this donation,” he stated.
One of the beneficiaries, Mrs Mary Olusanya, expressed her heartfelt appreciation for the bank’s support.
“I appreciate Fidelity Bank for helping us. Many pregnant women cannot afford these kits, but this donation ensures that we can have safe deliveries and better healthcare,” she said.
The Medical and Health Officer for Mushin Local Government Area, Dr Kayode Odufuwa, said, “This intervention by Fidelity Bank will help reduce maternal mortality and encourage more women from less-privileged backgrounds to register for antenatal care.”
“On behalf of the Chairman of Mushin LGA, Mr Emmanuel Bamgboye, we want to express our heartfelt gratitude to Fidelity Bank for extending its donation of maternity kits to pregnant women at this centre.
“We appeal for continued collaboration with the Bank to further strengthen healthcare services within the area,” he stated.
On her part, the Apex Nurse and Deputy Director of Nursing Services in Mushin LGA, Mrs Bolanle Odunlami, said, “The donation is a much-needed relief for many mothers who are unable to afford essential delivery kits. Fidelity Bank has truly shown empathy by coming to the aid of our patients, and for that, we are extremely grateful.”
Business Post reports that through the FHHP, employees of the bank identify projects that benefit their immediate community and gather funds to implement them.
The bank’s management then matches this contribution with an equivalent amount and allocates it for the chosen projects.
By Aduragbemi Omiyale
The management of First Bank of Nigeria (FBN) Holdings Plc has assured that the boardroom crisis rocking the company would not affect its operations.
Recall that a group of shareholders with 10 per cent equity stake in the financial institution asked for an Extra-ordinary General Meeting (EGM) under section 215 (1) of CAMA for the removal of the chairman of the board, Mr Femi Otedola, and a non-executive/deputy chief executive of Geregu Power Plc, Mr Julius Omodayo-Owotuga.
They argued that Mr Otedola, who owns Geregu Power, was plotting full control of FBN Holdings by planting his loyalists on the board.
The aggrieved shareholders pointed out that the businessman was planning to take charge of the proposed private placement of N360 billion shares of the firm, accusing him of removing those he felt were blocking his way.
To calm nerves, FBN Holdings issued a statement on Thursday, informing its stakeholders that the crisis does not pose a threat to its services.
“This matter does not in any way impact the operations of the company, and all the businesses within the Group continue to provide uninterrupted services to its customers.
“We assure our valued customers, shareholders, investors, other stakeholders and the general public that we are taking all necessary steps to protect the interests of the company and its subsidiaries.
“The Group’s performance continues to improve, resulting in a higher market capitalisation even as we work towards surpassing the regulatory minimum capital well ahead of the deadline.
“In the meantime, the Registrar and Lead Issuing House are collating the returns from all receiving agents in respect of the company’s rights issue which closed on December 30, 2024.
“FBN Holdings and its subsidiaries remain committed to the highest level of corporate governance,” the notice signed by its scribe, Mr Adewale Arogundade, said.
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