Connect with us

Business

Heritage Bank Faces Liquidation; MD, Board At War

Published

on

Sources within Heritage Bank has alleged that there is crisis involving the current Managing Director and Chief Executive of the bank, Mr. Akinola George-Taylor and some board members.

Less than one year after assuming office as the institution’s top shot, the new bank chief may have plunged the bank into a boardroom crisis, compounding its many challenges.

George-Taylor, who joined Heritage Bank as Acting Managing Director/Chief Executive Officer on September 12, 2022, succeeded Ifie Sekibo, the bank’s founder and pioneer managing director, who served out his 10-year tenure in September 2022.

George-Taylor was, however, confirmed by the Central Bank of Nigeria (CBN) as the substantive Managing Director of the lender in April 2023.

But, while the bank’s shareholders may have been expecting that the new helmsman would change its fortunes and drive growth, sources said he has instead, allegedly, instigated internal crisis in an attempt to rid the bank of those suspected to be loyalists of some board members, and employ his own people.

The move, sources disclosed, were connected with the new bank chief’s plan to oust some board members, who are said to be at loggerheads with him, from the bank.

The bank’s chief is said to be enjoying the support of a top shareholder of the bank whom sources say is allegedly determined to solely take over the bank after getting rid of the owners.

Top sources in the bank, which has been struggling to stay afloat in recent months, revealed that not less than 70 senior staff members have been sacked, while a number of others were asked to resign.

Besides those who were forced to leave, sources informed that some resigned voluntarily over poor working conditions, while the once active branches of the bank are as quiet as graveyards.

It was further gathered that the affected staff were disengaged without being paid their accrued entitlements and allowances.

This development comes despite an order by the Central Bank of Nigeria (CBN) barring deposit money banks from mass sack of their workers.

“I can tell you that there is war at Heritage Bank as we speak. Over 70 persons have been asked to go, while some were asked to resign. Mind you, those who were asked to go have not been paid any compensation,” said a management staff who preferred anonymity.

“The mission of the new managing director is to ease out those who are loyal to some board members whom the managing director is not in tune with, so he could employ his own people,” one of the sources said.

The latest crisis comes amid persisting financial distress in the bank.

It was gathered that the bank has been struggling to pay workers’ salaries for some time now, even as depositors have not been able to access their funds.

The apex bank, it would be recalled, had come under pressure to withdraw the bank’s license over its alleged bankruptcy issues, and inability to meet obligations to depositors.

Many had wondered why Nigeria’s banking regulator have not wielded its hammer on the bank despite its troubled and distressed state.

Further investigations, however, revealed that apart from the issues of “Capital Adequacy Ratio (CAR) and the Liquidity Ratio (LR), the commercial bank is also grappling with many other crises that tend to threaten its survival.

One of them is its poor services which are staring its customers in the face. Already, most of its branches are awash with complaints of unsatisfied customers whose singsong is their plans to close their accounts due to long hours they experience to get services from Heritage Bank staff.

Business

Amidst Controversy, Ibrahim Dende To Celebrate 54th Birthday

Published

on

By

Ibrahim Egungbohun popularly known as ‘IBD Dende’  is 54 today Sunday, March 3, 2024.

 

The celebration comes amid intense scrutiny about the source of  wealth of the socialite whose 50th birthday celebration in March 2020 remains the talk of the town.

 

Dende is presently fighting to save himself from what he termed ‘malicious attack against my personalty’ after an expose from investigative journalist, Fisayo Soyombo who shed light into his claim to fame, linking it with smuggling and arms dealing.

Soyombo’s reports have magnified quiet talks about Ibrahim Dende to the status of national consciousness.

 

The reports play up assertions that Dende is a legend of the behind-the-scene importation business (smuggling) with top-level collaborators in government quarters.

“The talks were there about Dende but his massive giving dwarfed them” according to those in the know.

Formerly known as a carpenter in Ebute-Igbooro – Yewa North Local Government, Ogun state – Dende hit wealth after he left the trade to embrace the “Freight Forwarding Business” according to those defending accusations of smuggling against him

Married to Lara – an indigene of Ondo state and businesswoman – Dende’s chieftaincy title of the Oluomo of Yewa land ( his wife is the Yeye Oluomo) speaks volumes of how much influence he wields in his base.

Usually celebrated lavishly, even in absentia, those who should know say there are talks about downplaying his birthday celebration this year – to avoid amplifying the allegations raised by Soyombo with a seemingly “I don’t care attitude”.

His friends and fans have, however, started showering him with birthday wishes in a strong show of solidarity.

Away from allegations against him, Dende is officially a licensed clearing and forwarding agent and Chairman of IBD Impex Limited.

Continue Reading

Business

FG To Ban Lamonade Finance, Others For Illegal Money Operations In Nigeria

Published

on

By

In a move to control forex the Federal Government of Nigeria is planning to suspend the operations of Lamonade Bank and some other IMTOs in and outside Nigeria.

 

Lamonade Finance allows people outside Nigeria to send money home instantly and for free, an operation the Government is considering its legality and posed to suspend.

 

The Central Bank has accused Lamonade and others of of aiding and abetting criminals to transfer their proceeds in and outside the country.

 

The CBN has directed all commercial banks in Nigeria to close any suspicious account belonging to the organizations while also warning the public not to have any transaction with them.

 

The CBN claimed it has been having fears of their activities as it disrupts markets dynamics.

 

Apart from the suspicion of an economic sabotage, the apex bank is also concerned of national security as the platforms are also patronized by kidnappers for the payments of ransom.

 

A similar platform, Binance has been banned and fined by the Federal Government in a bid to rein in speculation on the naira.

 

There is growing concerns regarding the move to also put Lamonade and others on the ban list.

 

Lamonade was founded in 2020 by a Nigerian Ridwan Olalere, Rian Cochran, and Dayo Koleowo.

 

The businessmen joined resources to float Lamonade and built a borderless money app for Afrcans in the diaspora.

 

 

 

 

Continue Reading

Business

‘wicked, stupid lies’ Aides React To Gov Makinde’s Private Jet Acquisition

Published

on

By

‘it’s wicked and stupid! I don’t know how to respond to such’

 

That was a response from one of the aides to the Executive Governor of Oyo State, Governor Seyi Makinde when asked to confirm if truly the Governor recently acquired a private jet.

 

A report monitored online by papermache.com alleged that the Governor has joined the league of jet owners in Nigeria.

 

Governor Makinde was said to have been spotted at the Felix Houphouet Airport, Abidjan alighting from the aircraft alongside, Alhaji Azeem Gbolarumi and Alhaji Bisi Olopoeniyan at the just concluded AFCON finals.

 

This stemmed the report that the Governor has just acquired the private jet for his private use.

 

Another aide of the Governor who refused to add his name, citing reasons that he wasn’t allowed to make official comments responded to the allegation as ‘funny! How can you say somebody bought a jet because he alighted from it?’.

 

 

Continue Reading

Trending