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Polaris Bank Reaffirms Support Commitment To SMEs, Sponsors The Fashion Souk

Openlife Reporter December 2, 2022

Polaris Bank Reaffirms Support Commitment To Smes, Sponsors The Fashion Souk OpenLife Nigeria reports Polaris Bank has reaffirmed its commitment to support the growth of…

1,000 Youths Benefit From Sterling Bank’s Sponsored NJFP Training

Openlife Reporter November 29, 2022

1,000 Youths Benefit From Sterling Bank’s Sponsored NJFP Training OpenLife Nigeria reports that Sterling Bank Plc, Nigeria’s leading commercial bank, has partnered with Nigeria Jubilee…

Bishop Oyedepo, Godwin Emefiele, Akinola Taylor, Sekibo And The Alleged Heritage Bank Monumental Scandal OpenLife Nigeria reports that the last may not have been heard regarding the uneasy times at Heritage Bank Plc, one of Nigeria’s commercial banks, licensed to, among other things, offer retail banking, corporate banking, online-internet banking, investment and asset management services. In the last 48 hours, news filtered out in the media space about the unending crises bedeviling the bank in which case the ebullient and smooth talking chief executive officer, Mr. Akinola George-Taylor has been roundly criticized, nay, condemned for running the re packaged Heritage Bank as though it were his personal fiefdom. Happening at a time the bank depositors are unable to access their funds, the heat appears to be on Akinola George-Taylor who is equally accused of getting the CEO job on the strength of his pre Heritage Bank relationship with Ifie Sekibo, immediate past CEO of the bank. Authentic information has it that when the suspended Central Bank governor, Godwin Emefiele received Heritage Bank distress signal through his digitalized checking mechanism, he called for meeting in which Ifie Sekibo was advised to remodel his operational strategies. Among the problems identified by then CBN governor were lingering crisis which includes reimbursement of foreign Exchange and inability to meet customers’ demands and payments. But given that his tenure was gradually coming to an end at that time, Sekibo decided to shop for a trusted successor. “Taylor was brought to the system by Ifie Sekibo when Emefiele mandated him to retire after about 10 years(5 years each of two terms). He embarked on six-month terminal leave in September. Instead of looking inwards, He had go look for someone he trusted and Taylor was brought in as acting MD. In March this year, Taylor was confirmed as the MD,” OpenLife source disclosed. Continuing, the management staff, who is not officially authorized to speak to the media said: “The crises began from there. Taylor was brought in from outside. Taylor and Sekibo had known each other in the insurance circle especially when Sekibo was the MD of International Energy Insurance, IEI. Taylor was out of job for about 9-10 years as broker and insurance hustler before Ifie gave him the job. Ifie was able to do that because of his majority stake in the bank which unconfirmed sources have traced to his brother, former Transport Minister, Abiye Sekibo and former Nigerian first lady, Patience Jonathan who hails from Okrika with Ifie Sekibo and Abiye Sekibo. So Ifie dictates what would happen in the bank,” the top management staff who spoke to OpenLife, disclosed. He added that the reason Ifie Sekibo did not look inwards to pick any of the directors as successor was because of their glaring sharp practices. “Sekibo himself had good intentions for the bank. But the merger from Spring Bank and , Societe Generale Bank of Nigerian SGBN including other small banks, unleashed incompetent and unwanted directors on him most of whom were dubious in actions and activities. Can you imagine that most the executive directors were signing monies for their benefits? Executive directors were spending money like governors, buying big hotels in choice locations home and abroad. That was partly responsible for the regrettable level where the bank is indebted to about N800 billion,” the source said. With Ifie Sekibo out of the way, then CBN governor, Godwin Emefiele, took up the responsibility, in his capacity, to protect the unconfirmed stakes of Mrs. Patience Jonathan in the bank who supported his appointment as CBN governor in 2014. To achieve that, Emefiele was said to have immediately dispatched a senior CBN director to Lagos to access the financial records and operational modes of Heritage Bank. The CBN director was received by Taylor and arrangements were made to provide the best of comfort for him in a top class hotel in Lagos. He was said to have hit the ground running with series of meetings and questions including inquiries on the bank’s operations. The CBN director made lots of recommendations among which was that from May 1, 2023, the bank should sack some top officials that have been found guilty of misappropriations and those that couldn't meet business targets but just earning salaries. According to the information, that was what led to the sack of about 400 marketers and staff members that embezzled funds. “CBN would have sanctioned the bank but because Emefiele himself has interest in the Bank and he is a close friend of Sekibo and Mrs Patience Jonathan, he covered up for Heritage, sent a CBN director to oversee, analyze, do house cleaning as well as plant a team that will oversee the management of the bank for sometimes,” OpenLife source disclosed further. “In fact as we speak, CBN is in control since last year November. Before any money can be signed out, CBN has to approve and signed by the MD,” said the source. “Yes, the new MD, Taylor is also doing house cleansing. But those that worked with Sekibo and mismanaged funds through unclear means were the once Taylor first went after. Taylor has stopped all recruitment and promotion immediately,” OpenLife was told. However, another step taken by Taylor and the external director from CBN is for the bank to terminate the use of the rented apartment on Ajose Adeogun Road, Victoria Island. The fresh plan, which is expected to take effect before end of August, will see all the Ajose Adeogun operations moved to the Head office on Ahmadu Bello Way, Victoria Island. According to the information, the Ajose Adeogun facility has been a conduit pipe for top officers to siphon money. For instance, it is alleged that the annual cost of the facilities is said to be about N100m yearly but those siphoning the money would allegedly quote N150m yearly. “Those are some of the drawbacks. As a remedy, the facility is expected to cease for use before September. Some Experience Centres, EC, would be closed down and merged. It is part of the strategic plans to manage the situation. There's still going to be shake up soon to reduce cost,” OpenLife source said. Beside, Taylor is not stopping at that. According to OpenLife source, the bank is considering staff reduction from its current staff strength of about 2100 to about 1100. “The bank is really struggling now and anything can happen soonest if unable to bounce back quickly,” the source said. In all of this however, Bishop David Oyedepo, 68, a Nigerian preacher, founder and presiding Bishop of Living Faith Church Worldwide, also known as Winners' Chapel International, reportedly had a sour experience with Heritage Bank of recent. According to the story, Bishop Oyedepo made a request to take N2 billion from his about N8 billion deposit in the bank. But the man of God was stunned when he was told he could not access his personal funds in the bank. The respected Bishop was said to be so angry so much so that he threatened to withdraw his billions from the alleged failing bank. When the matter degenerated, the bank sent some directors to persuade him against such vexatious action. Oyedepo, Taylor, Ifie, Heritage, Emefiele, Jonathan, Bank, Bishop Oyedepo,

N21.8m Fraud In Heritage Bank

Openlife Reporter November 29, 2022

N21.8m Fraud In Heritage Bank A 40-Year old Account Officer with Heritage Bank Plc, Omosanyin Eniola, will be spending the next seven years in prison…

How Inflated 2023 Budget Occurred—Finance Minister

Openlife Reporter November 27, 2022

How Inflated 2023 Budget Occurred OpenLife Nigeria reports that the Federal Ministry of Finance, Budget and National Planning has indicated that the N424 billion allegedly…

Corpreneurship Challenge: Unity Bank Splashes N10M Grant On 30 Corps Members

Openlife Reporter November 25, 2022

Corpreneurship Challenge: Unity Bank Splashes N10M Grant On 30 Corps Members OpenLife Nigeria reports that Unity Bank Entrepreneurship Development Initiative – Corpreneurship Challenge, targeted at…