● How a Few Directors Bankrupted a Once Promising Bank
Once upon a time, Heritage Bank towered as a hub of promise and prosperity. However, the bank’s glittering facade masked a festering wound of massive fraud and non-performing loans, ultimately leading to its catastrophic downfall. Despite efforts by its directors—individuals with vast influence across the corporate, business, and political circuits—Heritage Bank could not be salvaged. This is the story of how greed, mismanagement, and financial malpractice brought a titan to its knees, affecting everyone from prominent depositors to the poor and middle-class citizens who trusted the bank with their life savings.
The Legacy of SGBN: A Troubled Past
Heritage Bank’s tumultuous journey began long before its rebranding. Originally known as Societe Generale Bank Nigeria (SGBN), it was founded in the late 1970s by influential figures in Nigerian business and politics. However, the bank’s operations were marred by accusations of financial mismanagement and insider dealings. In January 2006, the Central Bank of Nigeria (CBN) closed down Societe Generale on account of its failure to meet the new minimum capital requirements of N25 billion for a national bank. Although Societe Generale successfully challenged the closure in court, the damage had been done. …CONTINUE READING
