There is currently an uneasy calm in Guaranty Trust Bank, GTBank, as the managing director of the lender, Miriam Olusanya risks jail term for contempt of court.

The Witness Nigeria reports that Justice A. L. Akintola of the High Court of Oyo state has ordered the trial of the bank’s chief, for blocking a customer’s account domicile in the bank’s Apata, Ibadan branch, with an order purportedly obtained from a magistrates’ court in Kano state.

Olusanya will be tried for contempt of court following an ex-parte motion brought by Musibau Adetunbi (SAN), lawyer to the bank’s aggrieved customer, Omolara Abosede Ogunkoya.

The court issued the order on September 18.

Justice Akintola directed that court documents relating to the contempt proceedings be served on the bank’s MD and its Apata branch’s Manager, Ms. Funmi Olutayo.

Part of the order reads: “Furthermore, by this order, the applicant herein is hereby allowed to serve Form 48 (notice of consequences of disobedience to order of this honourable court made on the 7th day of September 2023 and Form 49 (notice to show cause why the order of attachment should not be made and other subsequence processes in these contempt proceedings on the Managing Director of Guaranty Trust Bank Pic, Miriam Olusanya by substituted means to wit; by pasting the said processes on the wall of, Guaranty Trust Bank Pic, Apata branch/business office, Ibadan Oyo state.”

The contempt case was informed by the bank’s alleged refusal to obey the court’s orders contained in a judgment delivered on September 7 directing it to, among others, immediately lift the restriction it placed on Mrs. Ogunkoya’s account.

The bank customer had sued the bank following its alleged refusal to lift the restriction it placed on her account without allegedly offering any reason for its action.

In the fundamental rights enforcement suit, marked M/696/2023, Mrs. Ogunkoya said she had operated the account without hindrance until the bank suddenly placed a lien on it earlier this year.

She added that her efforts to make the bank rethink or provide a reason for its action proved abortive, prompting her to sue.

Delivering judgment on the suit on September 7, Justice Akintola found, among others, that the bank’s action was unjustified, noting that the order on which the bank relied to act was doubtful.

The judge said: “It is doubtful if the enrolled order of the Kano Chief Magistrate Court, attached as Exhibit B to the respondent’s (the bank’s) counter affidavit, is a certified true copy of such an order.
“To the extent that it purports to be a public document, but which is not certified as a true copy of the original, this court cannot take cognizance of same.

“In the end result, the basis upon which the respondent (GTBank) has placed the lien or embargo on the applicant’s account maintained with the respondent is of doubtful validity, and same cannot be recognized or given any effect to by this court.

“It is on this premise that this court finds merit in the applicant’s application, and the same accordingly succeeds. It is, consequently, hereby ordered as prayed.”

Justice Akintola ordered the bank to lift the restriction on the account immediately, orders the bank has failed to comply with.



https://catchnews.com.ng/gtbank-md-miriam-olusanya-faces-trial-risks-jail/amp/


https://theinfobulletin.com/2023/09/21/gtbank-md-miriam-olusanya-faces-trial-risks-jail/

The Central Bank of Nigeria (CBN) has revoked the banking licence of Heritage Bank Plc, citing the bank's failure to improve its financial performance, which poses a threat to financial stability. The revocation, which takes immediate effect, was announced in a statement issued by the CBN.

According to the CBN, the decision was made in accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 of the Banks and Other Financial Act (BOFIA) 2020. The bank's breach of Section 12 (1) of BOFIA, 2020, which requires banks to maintain a minimum capital adequacy ratio, among other financial requirements, led to the revocation.

The CBN stated that despite its engagement with the bank and the prescription of various supervisory steps to address the decline, the bank's financial performance continued to deteriorate, leaving no reasonable prospects of recovery. The revocation of the licence was therefore deemed necessary to strengthen public confidence in the banking system and ensure the soundness of the financial system.

The Nigeria Deposit Insurance Corporation (NDIC) has been appointed as the Liquidator of the bank, in accordance with Section 12 (2) of BOFIA, 2020. The CBN assured the public that the Nigerian financial system remains on a solid footing and that the action taken against Heritage Bank reflects its continued commitment to ensuring the safety and soundness of the financial system.

This development marks a significant move by the CBN to maintain the stability of the banking sector and protect depositors' funds. The revocation of Heritage Bank's licence is a reminder of the CBN's zero-tolerance stance on financial instability and its commitment to upholding the integrity of the financial system.

https://www.airwavesreport.com/business/finally-heritage-bank-sink-as-cbn-revokes-licence-over-financial-instability

– A House Divided – From Billionaire Bonanza to Boardroom Brawl
– Livid Jim Ovia Snubs Cousin, Ebenezer Onyeagwu, To Crown Adaora Umeoji as New CEO
– Crisis Triggers Wild, Bad, Ugly of Among Zenith’s Rank and File
– The Fallout: A Chilling Effect and a Fractured Leadership

In the high-stakes world of banking, the line between success and failure is often razor-thin. For Ebenezer Onyeagwu, the former Group Managing Director (GMD) of Zenith Bank Nigeria PLC, this line was defined by a staggering N430 billion loss through impairment in 2023, a financial catastrophe that not only cost him his coveted position but also fractured his relationship with his cousin and the bank’s chairman, Jim Ovia.

Indeed, Onyeagwu’s reign at Zenith was, for a period, a golden age. Profits soared, and the bank’s reputation for stability and growth solidified. He was seen as Ovia’s heir apparent, a natural successor to guide Zenith into the future. But beneath the veneer of success lurked a hidden danger: a staggering N430 billion loss through asset impairment in 2023

The Collapse of a Promising Tenure
As initially reported by Pointblanknewscom, Ebenezer Onyeagwu was on the cusp of securing another five-year tenure as the GMD of Nigeria’s leading Money Deposit Bank. His tenure had been marked by significant profits and growth, and he was seen as a pivotal figure in maintaining Zenith Bank’s position at the forefront of the industry. However, 2023 proved to be a year of unprecedented challenges and missteps.

Under Onyeagwu’s leadership, Zenith Bank declared over N600 billion in profit, a figure that should have been a testament to his successful stewardship. Yet, hidden beneath this impressive facade was a financial anomaly that would trigger his downfall: an impairment loss of N430 billion. This massive reduction in the value of the bank’s assets pointed to severe lapses in risk management and asset valuation, raising questions about Onyeagwu’s competence and oversight.

Ovia’s Fury and the Cousinly Coup
The news of the impairment loss sent shockwaves through Zenith Bank’s executive corridors. Jim Ovia, the founder and chairman of the bank, known for his sharp acumen and strategic vision, was reportedly livid. The impairment not only wiped out a significant portion of the bank’s assets but also exposed fundamental weaknesses in its risk management practices, which were supposed to be one of the bank’s strengths.

Sources close to the bank disclosed that the Risk Management Unit, led by a trusted ally of Onyeagwu, failed to anticipate or mitigate the financial risks that led to the impairment. This failure was seen as a direct reflection of Onyeagwu’s leadership, further straining his relationship with Ovia.

The fallout was swift and unforgiving. Ovia, accusing Onyeagwu of gross incompetence, moved quickly to reshape the bank’s leadership. In a decisive move, he announced Adaora Umeoji as the new Managing Director and CEO, a decision that did not sit well with Onyeagwu and sparked a leadership crisis within the bank.

Umeoji: A New Dawn or a Pawn in a Power Play?
Ovia, known for his sharp financial acumen, was reportedly livid. The impairment wasn’t just a financial setback; it was a betrayal of trust. It called into question Onyeagwu’s competence and, more importantly, his loyalty to the bank Ovia had built. The gloves came off.

In a swift and decisive move, Ovia orchestrated a boardroom coup. Adaora Umeoji, a seasoned banker with impeccable credentials, was chosen as the new GMD/CEO. This decision sent shockwaves through the bank. Onyeagwu, understandably displeased, refused to go quietly. Whispers of behind-the-scenes power struggles and attempts to block Umeoji’s appointment began to circulate.

Umeoji’s rise marks a significant shift for Zenith. The first female GMD in the bank’s history, she embodies a progressive image. But her appointment is also shrouded in controversy. Is she the visionary leader Zenith needs, or is she simply a pawn in Ovia’s game to consolidate his power?

Dame Adaora Umeoji, whose tenure as GMD/CEO is set to begin on June 1, 2024, represents a significant shift in Zenith Bank’s leadership. As the first female GMD/CEO in the bank’s history, her appointment is both historic and strategic. Umeoji’s rise through the ranks of Zenith Bank is a testament to the institution’s commitment to internal grooming and succession planning.

With nearly 30 years of banking experience, 26 of which were with Zenith Bank, Umeoji brings a wealth of expertise and stability to the role. Her academic credentials are equally impressive, including a Bachelor’s Degree in Sociology from the University of Jos, a Bachelor’s Degree in Accounting, a First-Class honours in Law from Baze University, Abuja, and a Master of Laws from the University of Salford, UK. Additionally, she holds an MBA from the University of Calabar and a Doctorate in Business Administration from Apollos University, USA.

Umeoji’s extensive education is complemented by advanced management training from prestigious institutions like Harvard Business School and Columbia Business School. Her deep understanding of both the domestic and global banking landscapes positions her as a formidable leader for Zenith Bank’s future.

The Fallout: A Chilling Effect and a Fractured Leadership
Despite her qualifications, Umeoji’s appointment has not been without controversy. Onyeagwu, still reeling from his ousting, has reportedly been at loggerheads with Ovia, making the leadership transition tumultuous. Efforts by Onyeagwu and former Central Bank Governor Godwin Emefiele to halt Umeoji’s appointment were too little, too late.

The leadership change has exposed rifts within the bank’s executive ranks, with factions emerging in support of either Onyeagwu or Ovia. This internal discord threatens to undermine the bank’s stability at a time when confidence in its leadership is crucial.

Boardroom Battles
Ovia’s unwavering support for Umeoji has exacerbated the internal turmoil. Senior management and members of the board are reportedly divided into rival camps, each fiercely defending their chosen leader. The boardroom, once a place of strategic discussions and decision-making, has become a battleground of personal vendettas and professional power plays.

Toxic Environment
The air in Zenith Bank’s headquarters is thick with tension. What used to be a cohesive and collaborative environment has turned into a toxic zone where trust is in short supply. Whispered conversations in hallways, secretive meetings after hours, and a pervasive sense of paranoia now characterize the workplace

The rivalry is cutthroat, with both camps deploying every possible tactic to gain an upper hand. Supporters of Onyeagwu have accused Umeoji’s allies of nepotism and favoritism, arguing that her appointment was driven more by personal loyalty than merit. Meanwhile, Umeoji’s supporters criticize Onyeagwu for the catastrophic impairment and his subsequent attempts to undermine her leadership.

Ovia’s Influence
Jim Ovia’s influence looms large over the entire saga. Known for his strategic brilliance and sharp business instincts, his decision to back Umeoji is seen as a clear message about his vision for the bank’s future. However, this has not deterred Onyeagwu and his loyalists from challenging the new order, leading to frequent clashes and a fractured leadership.

Financial Markets Watching
The crisis has not gone unnoticed by the financial markets. Investors and analysts are closely watching the developments, concerned that the internal strife could impact the bank’s performance. Confidence in Zenith Bank’s stability is paramount, and any perception of dysfunction at the top could have serious repercussions.

Restoring Stability
For Umeoji, the immediate challenge is to restore stability and confidence within the bank. She will need to navigate the treacherous waters of internal politics, rebuild trust among senior management, and demonstrate that her leadership can steer the bank towards a prosperous future.

As Zenith Bank moves forward, the legacy of the N430 billion loss will continue to cast a long shadow. The bank’s ability to overcome this crisis and emerge stronger will depend largely on Umeoji’s leadership and her ability to unify a divided team. For Ovia, the hope is that his strategic bet on Umeoji will pay off, ensuring that Zenith Bank retains its position at the pinnacle of Nigeria’s banking industry

In the end, the saga of Zenith Bank’s leadership crisis serves as a reminder of the high stakes in the banking industry, where fortunes can change overnight, and the cost of failure is measured in billions.

https://www.thecapital.ng/a-house-divided/#google_vignette

… .
“The company, as a law-abiding entity, has defended against the interim orders by immediately filing an appeal and a motion for stay of execution of the orders.

“Seplat Energy has been advised by its legal team that the interim orders, which are yet to be served on the company or its officers, cannot be enforced until the court of appeal has heard and determined the appeal and application for stay of execution.”

The company said it will continue to diligently defend against the “deliberate court actions”, adding that it remains confident and hopeful that the courts will appropriately address the “unending litigations on the same subject matter in short order”.

Seplat further reiterated that the affected officers “are yet to be served with any order of the court apart from the media report”.

The indigenous oil company has been the target of lawsuits filed largely by disgruntled stakeholders.

In two recent lawsuits, petitioners had asked a federal high court in Abuja to restrain the company from holding its annual general meeting (AGM).

Omiyi in response to a ruling, assured that the company would hold the meeting, citing a final and binding judgment of a federal high court in Abuja.

However, the Corporate Affairs Commission (CAC) said it will not give cognisance to any resolution made at the AGM.

Seplat Energy has filed an appeal to challenge a court ruling by a federal high court in Abuja, ordering the suspension of nine of its officials, pending the determination of a motion on notice.

The suspended officials are Roger Brown, chief executive officer (CEO), Seplat Energy; Basil Omiyi, board chairman; Emma Fitzgerald, Charles Okeahalam, Fabian Ajogwu, Rabiu Bello, Bashirat Odenewu, independent non-executive directors; Edith Onwuchekwa, company secretary; and Samuel Ezeugwuorie, chief operating officer.

Some aggrieved stakeholders, Juliet Gbaka, Margaret Funmilayo, and Clement Akaeme, filed the motion, in suit number FHC/ABJ/CS/626/23.

“An order is, hereby, made suspending the 2nd to 10th defendants as directing minds and secretary of the 1st defendant (Seplat), pending the hearing and determination of the motion on notice filed by the applicants,” Inyang Ekwo, the presiding judge, had ruled on Thursday.

Reacting to the court ruling in a statement, Seplat Energy said it has not been served the interim orders.

However, the oil firm said it has “defended against the interim orders” by filing an appeal and a motion for stay of execution of the orders.

“The interim orders, which are yet to be served on the company or any of the affected officers, primarily restrain the board chairman, the named independent non-executive directors, the chief operating officer and the company secretary from operating or functioning as officers of Seplat Energy in any capacity, or otherwise conducting the affairs of the company,” the statement reads.

https://hallmarknews.com/seplat-appeals-suspension-of-ceo-roger-browno-board-chair-others/?amp=1

“The company, as a law-abiding entity, has defended against the interim orders by immediately filing an appeal and a motion for stay of execution of the orders.

“Seplat Energy has been advised by its legal team that the interim orders, which are yet to be served on the company or its officers, cannot be enforced until the court of appeal has heard and determined the appeal and application for stay of execution.”

The company said it will continue to diligently defend against the “deliberate court actions”, adding that it remains confident and hopeful that the courts will appropriately address the “unending litigations on the same subject matter in short order”.

Seplat further reiterated that the affected officers “are yet to be served with any order of the court apart from the media report”.

The indigenous oil company has been the target of lawsuits filed largely by disgruntled stakeholders.

In two recent lawsuits, petitioners had asked a federal high court in Abuja to restrain the company from holding its annual general meeting (AGM).

Omiyi in response to a ruling, assured that the company would hold the meeting, citing a final and binding judgment of a federal high court in Abuja.

However, the Corporate Affairs Commission (CAC) said it will not give cognisance to any resolution made at the AGM.

Seplat Energy has filed an appeal to challenge a court ruling by a federal high court in Abuja, ordering the suspension of nine of its officials, pending the determination of a motion on notice.

The suspended officials are Roger Brown, chief executive officer (CEO), Seplat Energy; Basil Omiyi, board chairman; Emma Fitzgerald, Charles Okeahalam, Fabian Ajogwu, Rabiu Bello, Bashirat Odenewu, independent non-executive directors; Edith Onwuchekwa, company secretary; and Samuel Ezeugwuorie, chief operating officer.

Some aggrieved stakeholders, Juliet Gbaka, Margaret Funmilayo, and Clement Akaeme, filed the motion, in suit number FHC/ABJ/CS/626/23.

“An order is, hereby, made suspending the 2nd to 10th defendants as directing minds and secretary of the 1st defendant (Seplat), pending the hearing and determination of the motion on notice filed by the applicants,” Inyang Ekwo, the presiding judge, had ruled on Thursday.

Reacting to the court ruling in a statement, Seplat Energy said it has not been served the interim orders.












However, the oil firm said it has “defended against the interim orders” by filing an appeal and a motion for stay of execution of the orders.

“The interim orders, which are yet to be served on the company or any of the affected officers, primarily restrain the board chairman, the named independent non-executive directors, the chief operating officer and the company secretary from operating or functioning as officers of Seplat Energy in any capacity, or otherwise conducting the affairs of the company,” the statement reads.

https://hallmarknews.com/seplat-appeals-suspension-of-ceo-roger-browno-board-chair-others/?amp=1

Ubert Angel, a self-proclaimed prophet and one of Zimbabwe’s most influential diplomats, has been implicated in Al-Jazeera’s undercover investigation on laundering operations involving gold smuggling.

The cleric, once hosted in Nigeria by Apostle Johnson Suleman of the Omega Fire Ministries early this year, admitted that he could use his Diplomatic Passport to Launder up to $1.2 billion.

President Emmerson Mnangagwa, in 2021, appointed Angel as a special envoy and ambassador-at-large to Europe and the Americas.

Angel repeatedly admitted that Mnangagwa was aware of his schemes.

He offered to Al-Jazeera’s undercover reporters that he could use his diplomatic cover to carry large volumes of dirty cash into Zimbabwe as part of a laundering operation involving gold smuggling.

He said, “I can call the president now, not tomorrow, now and put him on the speaker; it’s not an issue

We are the government.”

Angel believes he can heal the sick and predict the outcomes of football matches and elections. His church has branches in almost 15 countries of the world

https://dailypost.ng/2023/03/24/self-acclaimed-prophet-uebert-angel-implicated-in-undercover-money-laundering-investigation/

Nigerians on social media are calling out Zenith Bank over a series of fraudulent transactions resulting in the loss of depositors’ funds.

The recent complaints, which put Zenith on top of Twitter’s trend table on Friday afternoon, are part of the series of fraudulent cases that have characterized Nigeria’s banking industry in the past few years.

A Twitter user alleged that “a total of N6 million” was withdrawn from her Zenith account in the early hours of the 21st of October, 2022, in the space of about 15 minutes.

The post has triggered a heavy backlash targeting not only the bank but also the Central Bank of Nigeria (CBN), the financial sector regulator, for its inability to sanitize the growing rot in the banking industry. The CBN’s insouciance toward the matter is believed to have emboldened the banks to be lax with depositors’ hard-earned money.

“On the 21st of October, 2022, I got to the bank at some minutes before 9am and the unprofessionalism of the bankers put me off,” the victim said. She added that the bank only kept pushing her from one manager to the next.

Today’s episode is just one in the banking fraud series that is increasingly dampening the faith of Nigerians in the banking system. Nigerians believe that most of the fraud cases, from the little to the big, have been perpetrated or aided by the banks’ employees.

https://www.tekedia.com/bank-fraud-nigerians-knock-zenith-bank-as-customers-n6m-vanishes-from-account/

heritage bank led by Akinola George-Taylor, one of Nigeria’s lending establishments is once more engulfed in the web of severe crisis shaking it to its very roots.

Fresh information from informed sources at the bank indicates that heritage bank appears to have seen better days as this is as ENigeria Newspaper reports that among the catalogue of issues currently hanging around the lender’s neck as the proverbial hangman’s noose includes, a serious boardroom crisis which has seen the edging out of allies of its former Managing Director and Chief Executive, Ifie Sekibo from the board of the moribund bank.

Further investigations by this newspaper 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 the bank’s branches are awash with complaints of unsatisfied customers whose singsong is their plans to close their accounts due to the long hours they experience to get services from heritage bank staff.
READ MORE: https://e-nigeriang.com/akinola-george-taylor-heritage-bank/

Akinola George Taylor Led Heritage Bank Head of IT Diverts N49 Billion into Separate Accounts, Disappears


Heritage Bank led by Akinola George-Taylor, one of Nigeria’s lending establishments is once more engulfed in the web of severe crisis shaking it to its very roots.



Fresh information from informed sources at the bank indicates that Heritage Bank appears to have seen better days as this is as ENigeria Newspaper reports that among the catalogue of issues currently hanging around the lender’s neck as the proverbial hangman’s noose includes, a serious boardroom crisis which has seen the edging out of allies of its former Managing Director and Chief Executive, Ifie Sekibo from the board of the moribund bank.

Further investigations by this newspaper 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 the bank’s branches are awash with complaints of unsatisfied customers whose singsong is their plans to close their accounts due to the long hours they experience to get services from Heritage Bank staff.

There are also strong indications that the lender which is currently on life support is only an inch away from the harmer of the Central Bank of Nigeria (CBN).

Heritage Bank’s Boardroom crisis worsens, Ifie Sekibo’s loyalists edged out

You would recall that, months ago, ENigeria Newspaper reported that Ifie Sekibo, a banking legend and boardroom guru who was the founder of the bank bowed out upon the expiration of his tenure in line with the directive outlined by the apex bank.

This Newspaper exclusively reports that since his exit, things have reportedly further degenerated on the watch of the new helmsman, Akinola George-Taylor who is said to have allegedly connived with other members of the board to frustrate loyalists of his predecessor.



Even though George Taylor is faced with the huge challenge of reviving the fortunes of the ailing bank and drive growth, sources say he has instead, allegedly, instigated multiple internal crisis, in an attempt to rid the bank of those suspected to be loyalists of some board members, and employ his own people. This is according to an account by a reliable source in the bank.

“Some key members of the board, connived with the MD (George-Taylor) to sideline others who are considered to be loyal to Ifie and as for other members of staff who are in the same category, they have been sacked with immediate effect and that includes, Rilwan Dabiri, head of IT department in the bank and over 70 others”, the source concluded.

On the other hand, another source who spoke to us on the condition of anonymity said, “Although many have been sacked from the Bank, most of them have been indicted in one fraud or the other, thus their sacking by the new management is justified”. The source further stated that only a few who were hit by the mass sacking are victims of circumstance.

Under Akinola George Taylor, Heritage Bank’s Head of IT Diverts N49 Billion into Separate Accounts, Disappears

Meanwhile, ENigeria Newspaper also learned that Rilwan Dabiri upon exit handed over the IT department to his successor who is simply identified as Akin. Since resuming his new position as head of IT, Akin had allegedly been engaging in serious insider fraud which includes unauthorized transfer of funds from the bank’s coffers into private bank accounts which he secretly operates without the knowledge of his employers.

According to the bank’s structure, only the head of IT has sole access and operates the Finaco platform which is solely used for online transfer of funds in the financial sector. For this reason, Akin who has unfettered access to the platform seized the opportunity to initiate multiple transfers of about N49 billion into six accounts domiciled in six commercial banks in Nigeria.



His escapades were soon exposed following an internal audit per the instruction of the bank’s MD, George Taylor which reportedly exposed the mega fraud. Upon further interrogation, he was only able to drop one of the six accounts before disappearing and switching off his phones.

The management of the bank is afraid of inviting the Economic and Financial Crimes Commission (EFCC) to open an investigation for fear of stirring up the hornet nest.

It remains to be seen how the new leadership of Heritage Bank Plc under the watch of Akinola George-Taylor intends to steer the lender off troubled waters, but key indicators suggest that things are not good.

Meanwhile when we contacted Ozenna Utulu, head of Corporate Communications of Heritage Bank on Wednesday morning for official reaction via SMS, she neither acknowledged receipt, nor responded to our message sent to her MTN line.


Read more:

https://omonaijablog.com.ng/2023/06/14/akinola-george-taylor-led-heritage-bank-head-of-it-diverts-n49-billion-into-separate-accounts-disappears/

Heritage Bank led by Akinola George-Taylor, one of Nigeria’s lending establishments is once more engulfed in the web of severe crisis shaking it to its very roots.

Fresh information from informed sources at the bank indicates that Heritage Bank appears to have seen better days as this is as ENigeria Newspaper reports that among the catalogue of issues currently hanging around the lender’s neck as the proverbial hangman’s noose includes, a serious boardroom crisis which has seen the edging out of allies of its former Managing Director and Chief Executive, Ifie Sekibo from the board of the moribund bank.

Further investigations by this newspaper 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 the bank’s branches are awash with complaints of unsatisfied customers whose singsong is their plans to close their accounts due to the long hours they experience to get services from Heritage Bank staff.
READ MORE: https://e-nigeriang.com/akinola-george-taylor-heritage-bank/