Heritage Bank is troubled and with the magnitude of negative stories coming from the embattled, bank its just a matter of time before its doors are closed to the banking public.
National Infinity reports that the face-off that snowballed into the current boardroom crisis involves the current managing director and chief executive of the bank, Mr. Akinola George-Taylor and some board members considered loyalists of the immediate past Managing Director, Iffie Sekibo.
Sources divulged to National Infinity thatlLess than one year after assuming office as the bank’s CEO, George-Taylor may have plunged the distressed bank into further boardroom crisis, compounding the lender’s 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 say 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 unconnected with George-Taylor’s plan to oust some board members who are said to be at loggerheads with him, from the bank.
George-Taylor 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 and get rid of the owners.
Top sources in the bank, which has been struggling to stay afloat in recent months, revealed that about 70 senior staff members have been sacked, while a number of others were asked to resign. Besides those who were forced to leave, sources say that some resigned voluntarily over poor working conditions, while the once active branches of the bank are as quiet as graveyards.
Amidst allegations of dwindling fortunes leading to struggling to pay workers’ salaries for some time now, even as depositors have found it difficult to access their funds, in disobedience to an order by the Central Bank of Nigeria (CBN) barring deposit money banks from mass sack of their workers, Heritage Bank reportedly laid off a proportion of its work force and the affected staff were disengaged without payment of their accrued entitlements and allowances.
“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 barrage of negative news coming from the bank got to a height last week as Heritage Bank trended for days for wrong reasons as it hit the headlines with the news that the banks’s head of IT, diverted N49 Billion into separate accounts and disappear.
According to reports, the bank had dispensed off the services of its experienced hands including one Rilwan Dabiri, its head of IT who reportedly handed over to a successor simply identified as Akin.
It was the new head of IT who reportedly perpetrated the massive N49bn 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 Finacle Financial Solution 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 reportedly 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.
