Economy
Heritage Bank Is Not In Distress—CBN
By Modupe Gbadeyanka
The Central Bank of Nigeria (CBN) has come out to defend Heritage Bank following a report that the financial institution was in distress.
The apex bank, in a press statement issued on Tuesday by its Acting Director of Corporate Communications, Mr Isaac Okorafor, disclosed that the bank “is not in distress” as being speculated and urged its depositors to “go about their transactions without fear.”
CBN said it is also not true that Heritage Bank was “unable to discharge its obligations to its depositors” and insists “no Nigerian Bank is in distress.”
“The CBN, as the industry regulator, has a duty to depositors, in particular, and the economy, in general, to ensure the soundness of all financial institutions.
“We therefore wish to assure all depositors of the safety of their deposits.
“The CBN also wishes to state that it will remain alive to its responsibility of ensuring banking system stability and soundness through constant monitoring and supervision of all licensed institutions.
“The Central Bank of Nigeria wishes to reiterate that the banking system remains resilient enough to weather the current economic storm,” Mr Okorafor said in the statement.
Sahara Reporters had claimed Heritage Bank was in distress and further alleged that the CBN was only covering things up for the bank.
Though Business Post had made efforts on Tuesday to hear from Heritage Bank from its PR agency, Power Light Nigeria, but as at press time, the agency was yet to respond to our enquiry about the issues raised in the story being peddled by the online media.
Below is the controversial report by Sahara Reporters:
Heritage Bank Plc is currently stuck in a debilitating liquidity situation; SaharaReporters has learned.
Our sources disclosed on Monday that the bank is unable to meet customers’ immediate withdrawal requests and has wiped out all foreign currency domiciliary accounts through physical theft of cash by the bank’s directors.
First Bank Plc, which handles Heritage Bank’s universal clearing activities, has threatened to blacklist the bank and stop further clearing transactions if its outstanding deficit of over N5billion is not cleared.
At the weekend, at a meeting held at a secret location between the Managing Director and some top management staff, it was resolved that the Managing Director and two Executive Directors should resign their appointment for their role in throwing the institution into distress.
Sources said the bank’s operations in the Northern part of the country region are sustained by one customer, Rano Oil Limited, which maintains a deposit with Heritage Bank because its Chairman is unaware of the severity of the situation in the bank has slipped into.
Among others, the Managing Director is alleged to have been involved in the laundering of about N12.8billion. Two insurance firms: IEI Insurance Plc, and the National Insurance Commission of Nigeria, are said to be connected to the matter.
SaharaReporters gathered that the Economic and Financial Crimes Commission (EFCC) was prepared to charge the Managing Director to court, but did not, following the intervention of Senate President Bukola Saraki, who is a part-owner of the bank. The EFCC, whose chairman is awaiting confirmation by the Senate, stepped back.
Customers with foreign currency deposits are facing severe difficulties because they no longer have access to those funds.
Because of the magnitude of the bank’s problems and the possibility of prosecution, the Managing Director is said to have taken ill.
Out of about 500 Automated Teller Machines (ATMs) of the bank in the Lagos metropolis, only 138 are currently dispensing cash, the bank lacking money to feed the others.
Bank sources said a sum of N140million is required to supply all the ATM locations, and Heritage struggles to provide N10million for these ATM locations, which is why its machines rarely dispense cash.
The bank’s situation is further worsened by boardroom intrigues, tribal politics and ownership tussle.
The Managing Director and one Executive Director are said to run the bank like sole proprietors. The Managing Director and another Executive Director, Mary Akpobomen, who has been promised the position of the Deputy Managing Director by December, are in the same camp. The Yoruba interest in the bank, with Board Chairman, Mr. Seyi Akinfenwa, also has Mr. Tayo Ayeni and two Executive Directors, Mr. Niyi Adeseun and Mr. Ola Olabimjo on another side. On yet another side are Mr. Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), who is the main pusher of Delta State/Agbor interest. The battle axes are said to be two other Executive Directors, Mrs. Ada Eze and Mr. Jude.
The three-dimensional feuds have ensured that positions, postings or deployments are made on lines of group loyalty, with competence plainly ignored. The bank’s Treasurer, Mr. Abidemi Shonaiki, was eased out of the bank when the Managing Director was on leave.
Insiders revealed that the bank has been turned into a compost heap by its top management staff, who among other misdeeds, use customers’ naira deposits to finance the acquisition of private properties in Lagos, Abuja, and Port Harcourt. They are also said to award contracts at inflated costs to the Managing Director, relatives, and friends of executive directors; employ top management staff without clearance from the CBN; bribe CBN staff on banking inspection with dollars; and cover up the bank’s liquidity problems by buying cash from other banks without the required documents or due diligence.
The Heritage Bank management portfolio of misdeeds is also said to include paying N100million bribe to pension funds officials for patronage retention; illegal warehousing of N1.2billion that should be in the Treasury Savings Account; as well as illegal clearance of customers’ deposits via issuance and payments of questionable ‘PRs’ in hundreds of millions.
The CBN Governor has ensured that these misdemeanors are kept hidden due to political pressure by the owners of the bank, and because the CBN doesn’t want to give the appearance of further distress in the banking sector following the recent crisis at Skye Bank.
The bank’s ailments have also manifested in the practice of debiting customers’ accounts for transfers without crediting the beneficiaries for days, blaming it on network failure; arbitrary sacking of staff who insist on standards; sacking of staff who exposed the fraud involving the Nigeria Ports Authority through which N7billion was illegally warehoused and diverted in clear violation of TSA directives; and refusal to report fraudulent activities involving relatives and cronies of the Managing and Executive Directors.
Other symptoms of poor corporate governance include the transfer to Abuja, but not sanction, of an Executive Director and General Manager from Lagos for committing fraud; promoting Managing Director’s relatives without appraisal; fraudulent conversion of bank properties by the Managing Director and top management staff; and the procurement of N2billion worth of furniture items and N3billion Toyota cars without passing through tender procedure.
Also, the bank awarded all cleaning contracts to one Mrs. Akpobome, who used different names for contracts, which cover North, South, West, East and Abuja outlets of the bank. The Managing Director and other top management staff also award contracts to their wives and children without due diligence.
The bank, the sources added, employed school certificate holders as officers, assistant managers, deputy managers or managers, even without experience.
http://saharareporters.com/2016/11/14/distress-hits-heritage-bank-cbn-cover-mode
By Adedapo Adesanya
Oil prices gained about 1 per cent on Wednesday, as investors worried about escalating tensions between Iran and the United States, which were preparing to resume negotiations.
Brent crude oil futures chalked up 60 cents or 0.87 per cent to sell for $69.40 a barrel, while the US West Texas Intermediate (WTI) crude oil futures appreciated by 67 cents or 1.05 per cent to $64.63 per barrel.
US President Donald Trump said nothing definitive was decided during his meeting with the Prime Minister of Israel, Mr Benjamin Netanyahu, on Wednesday, but that negotiations with Iran toward a deal would continue.
On Tuesday, the American leader said he was considering sending a second aircraft carrier to the Middle East if a deal is not reached with Iran, even as both oil producers are prepared to resume talks.
US and Iranian diplomats held indirect talks last week in Oman, amid a regional naval buildup by the US threatening Iran. The date and venue of the next round of talks have yet to be announced.
After talks between US and Iranian teams in Oman on February 6, the US government imposed additional sanctions on Iran’s oil sector.
Meanwhile, Iran signalled readiness for nuclear verification while denying any intent to build weapons.
Also supporting oil prices was data showing that US job growth unexpectedly accelerated in January and the unemployment rate fell to 4.3 per cent, signalling a healthy economy.
The Organisation of the Petroleum Exporting Countries (OPEC) left its oil supply-demand expectations largely unchanged in its monthly report, but highlighted that global oil demand for the wider group’s crude will drop by 400,000 barrels per day in the second quarter compared to the first.
The OPEC+ group, comprising OPEC nations, plus other allies, began raising output last year after years of cuts, but paused production hikes in the first quarter of 2026 amid predictions of a glut. Eight OPEC+ members meet on March 1, where they are expected to decide whether to resume the hikes in April.
Crude oil inventories in the US increased by 8.5 million barrels during the week ending February 6, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 428.8 million barrels according to government data.
EIA’s data release followed earlier figures released by the American Petroleum Institute (API), which suggested that crude oil inventories rose by 13.4 million barrels.
By Aduragbemi Omiyale
The Governor of Ogun State, Mr Dapo Abiodun, has praised Dangote Industries Limited for being an “exemplary strategic partner in our collective pursuit of industrial advancement and sustainable economic development.”
Speaking at the opening ceremony of the ongoing 15th Gateway International Trade Fair in Abeokuta, the Governor described the conglomerate as a strategic partner in the industrial and economic development of the state through investments.
Mr Abiodun, represented by the Commissioner for Trade, Industry and Investments, Mr Emmanuel Adebola Sofela, disclosed that, “Dangote’s legacy in Ogun State stands as a model of how meaningful collaboration between government and the private sector can deliver transformative results.”
According to him, the Dangote Group is no longer just an investor but a trusted ally—“one whose impact is visible in our economy, our communities, and the future we are building.”
He stated that over the years, the group’s unwavering commitment to excellence, innovation, and nation-building has not only strengthened Nigeria’s industrial backbone but has also contributed immensely to the prosperity and competitiveness of Ogun State.
“Through visionary investments, job creation, and consistent support for infrastructure and community growth, the Dangote Group has demonstrated what it means to be a responsible corporate citizen and a catalyst for broad-based development.
“Their partnership with Ogun State continues to open doors of opportunity for our people, energise local industries, and reinforce our reputation as a leading destination for productive enterprise,” he further noted.
Recall that Ibese, in the Yewa axis of Ogun State, is a host to the Dangote Cement Plc’s 12 million mtpa production capacity cement plant, while another 6 million mtpa cement plant is currently under construction at Itori, also in Ogun State.
Earlier, the president of Ogun State Chamber of Commerce, Industries, Mines and Agriculture (OGUNCCIMA), Mr Niyi Oshiyemi, in the same vein, commended the management of Dangote Group for always rising to be counted among the partners of the chamber in an effort to collaborate with the private sector for meaningful economic development.
“Today is not just the commencement of another trade fair but the celebration of collaborations, innovations, and shared prosperity.
“The trade fair in the last 15 years has served as a vital platform where ideas meet opportunity, where businesses connect with the market and where partnerships are formed to drive sustainable economic growth,” he said.
According to him, in an era defined by rapid technological advancement, global competitiveness and ever-evolving consumer needs, no business can thrive in isolation. The future belongs to those who build strong partnerships.
Mr Oshiyemi noted that OGUNCCIMA has been able to strengthen Ogun State’s position as a leading commercial and industrial hub in Nigeria and West Africa because it has been able to encourage investments, trade linkages and technology transfer by supporting policies and initiatives that enhance the ease of doing business in the state.
By Adedapo Adesanya
The Managing Director and Lead Country Manager of ExxonMobil’s affiliates in Nigeria, Mr Jagir Baxi, has noted that recent presidential directives have been instrumental in strengthening the company’s efforts to unlock deepwater resources.
Mr Baxi was appointed to the position in July 2025 to oversee ExxonMobil’s business in Nigeria, including Esso Exploration and Production Nigeria Limited and Esso Exploration and Production Nigeria (Offshore East) Limited.
In an interview with The Energy Year, he said the directives issued by President Bola Tinubu in May 2025 were specifically designed to eliminate rent-seeking, slash project timelines, reduce contracting costs, and restore investor confidence in the Nigerian upstream sector.
According to him, Esso Nigeria is now focusing on advancing deepwater oil and gas developments as part of ExxonMobil’s portfolio after its divestment from the joint venture with Nigerian National Petroleum Company (NNPC) Limited.
“The presidential directives have been instrumental in strengthening Nigeria’s competitiveness in the oil and gas sector. For Esso Nigeria and our shareholder, ExxonMobil, they’ve provided a meaningful platform to reassess our discovered but undeveloped resources – most notably Owowo.
“These directives signal a commitment from the highest levels of government to address long‑standing barriers to deepwater investment, and that’s an important catalyst for industry confidence,” he said.
The ExxonMobil executive noted that the directives have enabled the oil major to take tangible steps forward while working closely with the state oil company and other agencies in the sector.
“We are co‑developing a contracting strategy tailored specifically to the scale and complexity of a world‑class deepwater project,” he noted, adding, “In parallel, we’ve collaborated with the Nigerian Content Development and Monitoring Board to shape a project‑specific National Content Strategy – one designed to both enable the project and deliver sustained, impactful benefits to Nigerian businesses and the workforce. That alignment is critical if we want to create value that extends far beyond the life of a single development.”
“That said, one essential element is still outstanding: codified implementation guidance. For investors, particularly those making multi‑billion‑dollar commitments over 20 to 30‑year horizons, clarity and predictability are non‑negotiable. Our concern stems from recent experience – instances where progress delivered through certain government actions was later eroded by others. It underscores why stability in fiscal and regulatory frameworks is so vital.
“If Nigeria can translate these directives into consistent, durable rules of engagement, the country will be positioned to unlock deepwater investment at a scale that delivers long‑term value for the nation, its citizens, and its partners. And we believe that is absolutely achievable,” he explained.
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