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Tag: Heritage Bank

  • Niger Delta professionals hail Heritage Bank’s management

    Niger Delta professionals hail Heritage Bank’s management

    A group, Niger Delta Professionals in Banking and Financial Sector (NDPBFC), has alerted customers, critical stakeholders and the public to an alleged plot to use the media, particularly the social media platform, to tarnish the reputation of Heritage Bank.

    They said Heritage was among the nation’s fastest growing banks.

    The group, which boasts seasoned bankers and financial analysts, said it traced the anger of the traducers of the bank to the refusal of its management team to allow insider or other unwholesome dealings.

    Addressing reporters in Abuja on Saturday, NDPBFC, which is led by Mr. Joshua Amachre, insisted that Heritage remained one of the healthiest banks in Nigeria with its strength rooted in what it called the “tough, disciplined and incorruptible” management team, led by Mr. Ifie Sekibo.

    Amachre said: “We have noticed that all sorts of things are now being planted in the media, particularly the social media platform, against Heritage Bank. We are not surprised at all. In fact, we expected this to happen a long time ago. The truth is that Heritage Bank is contending with some powerful persons and their associates who are seemingly opposed to the astronomical growth of the bank.”

  • Heritage Bank not in distress, says CBN

    Heritage Bank not in distress, says CBN

    The Central Bank of Nigeria (CBN) yesterday gave Heritage Bank Limited a clean bill of health. The apex bank in a statement dismissed speculations going rounds that the commercial bank which only last year, acquired Enterprise Bank Limited, was having financial difficulties and unable to meet depositors’ payment needs.

    A report by an online publication had alleged that Heritage Bank Limited is unable to meet its customers’ immediate withdrawal requests and has wiped out all foreign currency domiciliary accounts through physical theft of cash by the bank’s directors.

    The report further alleged that the lender is facing infighting at the board level which adversely affects its ability to function affectively.

    But a statement signed by CBN’s Acting Director, Corporate Communications, Isaac Okorafor, described the report against Heritage Bank as malicious and false.

    “The attention of the Central Bank of Nigeria (CBN) has been drawn to false and malicious stories on the social media insinuating that Heritage Bank is under financial distress and therefore unable to discharge its obligations to its depositors. We wish to state that Heritage Bank is not in distress and as such its depositors should go about their transactions without fear,” the statement said.

    Continuing, Okorafor said no Nigerian bank was in distress. “For the avoidance of doubt, we wish to further state that 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,” he stated.

    The CBN’s spokesman therefore assured 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,” he said.

    Also, Divisional Head, Corporate Communications at Heritage Bank, Olusola Longe-Okenimkpe said: “Whilst we acknowledge the challenging operating environment currently experienced in all sectors of the economy, Heritage Bank remains financially stable and has continued to discharge its obligations to all customers and stakeholders. This position is buttressed by the commendable results posted by the bank in the past financial year and the last three quarters of 2016, resulting in shareholder approvals to list its shares on the Nigerian Stock Exchange within one year of its business combination with the erstwhile Enterprise Bank Limited”.

  • Heritage Bank not distressed, says CBN

    Heritage Bank not distressed, says CBN

    The Central Bank of Nigeria (CBN) has denied claims that Heritage bank is in distress.

    The CBN in a statement issued on Tuesday in Abuja and signed by Isaac Okorafor, Acting director, corporate communications of the bank said the apex bank’s attention has “been drawn to false and malicious stories on the social media insinuating that Heritage Bank is under financial distress and therefore unable to discharge its obligations to its depositors.”

    The CBN, he said “wish to state that Heritage Bank is not in distress and as such its depositors should go about their transactions without fear.”

    The CBN spokesman further stated that no Nigerian Bank is in distress and that “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.”

    The CBN also stated that it will remain alive to its responsibility of ensuring banking system stability and soundness through constant monitoring and supervision of all licensed institutions. 

    Isaac Okorafor reiterated that “the banking system remains resilient enough to weather the current economic storm.”

  • Heritage Bank gets award

    Managing Director/Chief Executive of Heritage Bank Plc, Ifie Sekibo, has been conferred with “Outstanding Achiever in the banking industry” award at the Applause Achievers Awards 2016 organised by the Salvation Crusaders Media.

    The Applause Achievers Awards and Talent Empowerment is the second edition of the Applause Achievers Awards, which first held on April 11, 2015.

    The event, according to a statement from the lender, was organised to recognise select individuals from various walks of life and to encourage their commendable commitment to bringing positive change into the society.

    Sekibo said the event was remarkable for two reasons: Firstly, “as we are celebrating the 56th Independence of our great country Nigeria, we all know the challenging times our nation is facing and this period calls for a re-igniting of our entrepreneurial spirit towards moving our nation forward to its rightful place. Therefore, any event that will recognise achievers and empower entrepreneurs will be most appropriate.

    “Secondly, the talent empowerment aspect of this also aligns with the strategic drive of Heritage Bank to support the growth agenda of the CBN/government, especially for the youth of this country.”

    Sekibo, who was represented by Mrs. Ori Ogba, Divisional Head, Retail/Small and Medium Enterprises (SME) of the bank, said Heritage Bank is a generational Nigerian bank with an excellent service culture hinged on working with each customer to create a name and heritage for today and for future generations with the ideals of service, performance, respect, integrity, innovation, tenacity and excellence forming its core values.

    He added that Heritage Bank from inception decided to do business differently, noting that its paradigm is that it is a service organisation in the business of banking, a development which drives overall vision to create, grow and transfer wealth across generations.

    “This places us squarely in the path to developing, nurturing and rewarding talents. We believe in every individual and indeed organisation leaving a footprint; a legacy in whatever sphere you find yourself,” Mr. Sekibo remarked, adding that it required tenacity, discipline, integrity, innovation, excellence and the passion to succeed.

  • Moody’s, Augusto rate Heritage Bank high on capitalisation

    Moody’s, Augusto rate Heritage Bank high on capitalisation

    Moody’s and Augusto & Co., have affirmed that Heritage Bank’s capitalisation remains sound in relation to its low asset risk model and has capacity to generate income from its core business and settle its obligation as at when due.

    According to Moody, under the new methodology, the bank’s credit metrics’ ratings remain consistent with an a3 BCA when measured against Australia’s macro profile.

    A statement from Heritage Bank explained that this was part of efforts to furnish investors with objective analyses and independent assessments of its securities, bonds and credit assets. It is also meant to engage the services of Moody and Augusto & Co. to provide superior information on credit risk and other investment instruments.

    The bank said: “The international and local ratings investment metrics is a welcome development to the bank and, in light of this sterling achievement, we swiftly need to improve on our performances in order to boost our subsequent ratings.”

    According to the rating agency, the a3 BCA takes into account the bank’s low asset risk model that supports its very strong asset quality. Relative to its asset risk profile the bank maintains sound capitalisation. This is contained in Moody’s new bank methodology, which confirmed Heritage Bank’s long-term A3 issuer rating and affirmed its short-term issuer rating of Prime-2.

    “The bank’s baseline credit assessment (BCA), which encapsulates its stand-alone financial profile, and its adjusted BCA were also confirmed at a3. The outlook for all ratings is stable,” the agency stated.

    The new bank rating methodology includes a number of elements that Moody’s has developed to help accurately predict bank failures and determine how each creditor class is likely to be treated when a bank fails and enters resolution.

    These new elements capture insights gained from the 2008-09 financial crisis and, the fundamental shift in the banking industry and its regulation. In light of the new bank rating methodology, Moody’s rating actions reflect the following considerations: (1) the “Very Strong” macro profile of Australia; and (2) the bank’s low asset risk model.

  • Heritage Bank, BoI boost youth entrepreneurship

    Heritage Bank, BoI boost youth entrepreneurship

    Heritage Bank Plc and the Bank of Industry (BoI) are collaborating to promote entrepreneurship and engender economic recovery.

    Speaking at the opening of Live Well Bia Foods Outlet in Surulere, Lagos, the Managing Director of Heritage Bank Plc, Ifie  Sekibo said both institution’s support for Small and Medium Enterprises (SMEs) supported programmes would take the country through the looming recession.

    Represented by the consultant for the bank on SMEs, Mrs. Raliat Oyetunde, who is also the Chief Executive of Prinsult Consulting, the Heritage Bank MD explained: “It is in time of recession that new millionaires emerge. This is an opportunity for the young ones between the ages of 18 and 35 should key into the various financing channels provided by Heritage Bank and BoI.”

    According to him, the documentation and financing of this project was concluded with due diligence within six weeks which is a big feat.

    He said: “We need more young entrepreneurs like the Managing Director, Bia Live Well Outlet, Fadesola Adedayo, to take Nigeria to the next level because the outlet will be opened in 47 other locations across the country before the year ends.”

    He said that passion, mentorship and finance were critical to budding entrepreneurs. In his own contribution, the Acting Managing Director, BoI, Waheed Olagunju, affirmed that the support of BoI and Heritage Bank to further empower young entrepreneurs will lead to the recovery of the Nigerian economy.

  • Lagos praises Heritage Bank on financial literacy

    Heritage Bank Plc has been highly commended by the Lagos State Government on the bank’s financial literacy initiative aimed at driving financial inclusion of young persons in the country.

    Lagos State Deputy Governor, Mrs Oluranti Adebule at the weekend referenced major components of the bank’s financial literacy initiative and entrepreneurial support which it had embarked on in its very short period of existence as a bank.

    She spoke on the launch of a comic book, “The Protectors” by Heritage Bank last May, which the Managing Director of the emerging bank, Ifie Sekibo, designated as “Children’s Banking Month 2016″ to drive financial inclusion among children. He said the book holds an important position in the destiny of the nation.

    Sekibo stated then that “Our theme for this year’s celebration is “Taking the Early Lead” and aligned with this is our financial literacy campaign geared towards equipping you with the requisite knowledge to make you a remarkable leader in future. This is also in keeping with the bank’s vision of creating, preserving and transferring wealth across generations.”

    In a letter of appreciation to the Managing Director of Heritage Bank,  Adebule, who was represented at the comic book launch by the Permanent Secretary, Lagos State Ministry of Education, Adesina Odeyemi, stated that “the launch of the financial literacy comic book for young persons by the bank recently, spoke volume about her (Heritage Bank) organizational abilities and the resolve to reposition the bank to capture young people through various initiatives, programmes, events and resource kits to increase awareness of the world of finance and the creation of wealth”

    Adebule praised the lender  for equipping youthss with the right financial literacy skills to drive the economy adding that the bank Adebule on the right track.

  • Heritage Bank inaugurates PayAttitude

    Heritage Bank has launched the PayAttitude mode of payment to enable it give its customers diverse payment solution.

    The Pay Attitude is a Chip and Pin tag-type contactless solution based on Near Field Communication (NFC) technology, which converts a customer’s mobile phone handset to an NFC device and links the handset to the customer’s debit or prepaid account plus ePurse account, enabling the subscriber or customer to debit their accounts for various payment transactions.

    The bank’s Managing Director/CEO, Ifie Sekibo, said PayAttitude was included as part of the bank’s collection of payment solutions because of its plus functionality, which guarantees subscribers the confidence and comfort of successful proximity or contactless payment for goods and services at merchant locations at all times, notwithstanding problems or challenges of telecommunication or unavailability of network of the merchant or customer’s bank.

    He said such transactions are authorised offline up to the value of plus functionality that the customer subscribed to with the bank.

    Sekibo listed the benefits of Pay Attitude as zero percentage transaction failure for the holder; instant issuance at the branches and agent locations; protection of issuers and holders against fraud and unauthorised use.

  • Heritage Bank’s CEO harps on entrepreneurship for youths

    Heritage Bank’s CEO harps on entrepreneurship for youths

    Heritage Bank Plc in partnership with the Centre for Values in Leadership (CVL) has graduated 100 young entrepreneurs in the CVL Young Entrepreneurship Training Programme (YETP) in Ajegunle, Lagos.

    The CVL is aimed at identifying young people, especially youths in densely populated communities and putting them through a full year of training in small business management.

    These young entrepreneurs who have been trained in various skills such as catering, bead making, event management, fashion design, arts, hair dressing, shoe cobbling among others have also imbibed comprehensive business management and entrepreneurship skills that would equip them to be successful business owners.

    Speaking at the event, the Managing Director/Chief Executive Officer of Heritage Bank, Ifie Sekibo, expressed appreciation to the founder of CVL, Professor Pat Utomi, for the initiative and implored the graduands to reciprocate by making the best of the opportunity.

    “We are attracted to CVL because we seek how we can harness entrepreneurial skills of people, reduce unemployment and foster development of communities, like the Ajegunle community. We are delighted with the mechanics of this program and we recognize the strategic importance and impact of successful businesses could have on young entrepreneurs and the society, which is why we provide funds for start-ups,” he said.

    As a way of showing the bank’s commitment to the initiative, the Managing Director, who was represented by the Divisional Head, Corporate Banking, Heritage Bank, Apapa Region Mr. Kehinde Olugbemi announced that two physical agent banking kiosks will be opened and commissioned before the end of the year so as to make financial services more accessible to the graduands as well as the city of Ajegunle.

    Lagos State Governor, Akinwunmi Ambode, who was represented by Mrs. Olabisi Boko, a Director in the State Ministry of Employment tasked them to use the acquired skills immensely to add value to their wellbeing. In the Governor’s words: “the Lagos State Government is committed to fighting unemployment by collaborating with private sector initiatives such as the CVL’s in achieving this goal.” The Governor called on the private sector and stakeholders of the economy to emulate as well as support the CVL initiative.

  • Heritage Bank deepens financial literacy

    Heritage Bank deepens financial literacy

    Heritage Bank has launched, The Protector, a comic book to deepen financial literacy among school children.

    The initiative is a fall-out of the declaration of last month as “Children Banking Month” by the bank. The project, according to the bank, is in recognition of the pivotal role children play as leaders of tomorrow.

    At the unveiling of the book in Lagos, the Managing Director/Chief Executive Officer of Heritage Bank, Ifie Sekibo, who was represented by Executive Director, Lagos/South West and Corporate Banking, Mrs. Mary Akpobome, explained that the lender has been at the forefront of driving the Central Bank of Nigeria (CBN’s) financial inclusion initiative and is constantly thinking of creative and innovative ways of introducing the younger generation to the concept of wealth creation through Financial Literacy

    Sekibo added: “With this Comic book project, we envisage the birth of creative writers, voice over artistes, motion graphic producers among children.

    “Dear young ones in our midst, Heritage Bank remains committed to your development because you represent the future, if we do all we can to support you and equip you, our country will be a much better place to live in.”

    He stressed that financial education is a key success indicator for socio-economic development, adding that the bank believes in empowering the youth with requisite skills to make solid financial decisions in adult years

    The Deputy Governor of Lagos State, Dr. Oluranti Adebule, represented by Mr. Adesina Odeyemi, Permanent Secretary, Ministry of Education, commended the bank for the initiative, which he described as a strong foundation for the nation’s development.

    He said the state is desirous of an organization that is ready to educate the youth and help them realise their potentials.