• Home
  • About Us
  • Contact Us
Friday, June 27, 2025
Star Lite News
  • Home
  • News
    • All
    • Business
    NYSC

    NYSC Sanctions Corps Member Raye Over Criticism of President Tinubu, Sparks Outrage

    Suspension

    Benue Governor Alia Suspends Chief Press Secretary Indefinitely

    EFCC

    EFCC Declares MD Of Fargo Oil Firm Wanted Over N976million Fraud

    EFCC-SunTrust SunTrust Bank Ltd.

    EFCC Arraigns Sun Trust Bank CEO, Executive Director, Halima Buba and Innocent Mbagwu Over ‘$12m Money Laundering’

    Olubunmi Tunji-Ojo-Public Holiday

    FG Declares Two Days Public Holiday For Sallah

    WAEC Candidate

    Tragedy in Ibadan: WAEC Candidate Killed by Stray Bullet During Police Chase

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Entertainment
    Mike Ejeagha

    ‘Gwogwogwo’ Music Legend Mike Ejeagha, Dies At 95 After Battling Prostate Cancer For 16 Years

    AMVCA

    AMVCA 2025 Awards: Full List Of Winners As Chioma Chukwuka, Femi Adebayo Win Best Actress, Actor

    Nathaniel Bassey

    Nigeria’s Gospel Music Maestro Nathaniel Bassey To Minister At Trump’s Inaugural Prayer Breakfast

    Doris Ogah

    Doris Ogah Becomes 45th Miss Nigeria

    Netflix

    Netflix Investments Give Life To Nollywood Projects

    BBNaija

    STREEZE become the third pair of housemates to be evicted from season 9 of the #BBNaija show

  • Lifestyle
    • All
    • Food
    GTCO Food and Drinks Festival

    Announcing The 2024 GTCO Food And Drink Festival: A Celebration Of Authentic Flavours

    MKH staff celebrate Chairman’s Mother as she clocks 66…

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Business
  • Politics
  • World
No Result
View All Result
  • Home
  • News
    • All
    • Business
    NYSC

    NYSC Sanctions Corps Member Raye Over Criticism of President Tinubu, Sparks Outrage

    Suspension

    Benue Governor Alia Suspends Chief Press Secretary Indefinitely

    EFCC

    EFCC Declares MD Of Fargo Oil Firm Wanted Over N976million Fraud

    EFCC-SunTrust SunTrust Bank Ltd.

    EFCC Arraigns Sun Trust Bank CEO, Executive Director, Halima Buba and Innocent Mbagwu Over ‘$12m Money Laundering’

    Olubunmi Tunji-Ojo-Public Holiday

    FG Declares Two Days Public Holiday For Sallah

    WAEC Candidate

    Tragedy in Ibadan: WAEC Candidate Killed by Stray Bullet During Police Chase

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Entertainment
    Mike Ejeagha

    ‘Gwogwogwo’ Music Legend Mike Ejeagha, Dies At 95 After Battling Prostate Cancer For 16 Years

    AMVCA

    AMVCA 2025 Awards: Full List Of Winners As Chioma Chukwuka, Femi Adebayo Win Best Actress, Actor

    Nathaniel Bassey

    Nigeria’s Gospel Music Maestro Nathaniel Bassey To Minister At Trump’s Inaugural Prayer Breakfast

    Doris Ogah

    Doris Ogah Becomes 45th Miss Nigeria

    Netflix

    Netflix Investments Give Life To Nollywood Projects

    BBNaija

    STREEZE become the third pair of housemates to be evicted from season 9 of the #BBNaija show

  • Lifestyle
    • All
    • Food
    GTCO Food and Drinks Festival

    Announcing The 2024 GTCO Food And Drink Festival: A Celebration Of Authentic Flavours

    MKH staff celebrate Chairman’s Mother as she clocks 66…

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Business
  • Politics
  • World
No Result
View All Result
Star Lite News
No Result
View All Result
Home Banking News

EXCLUSIVE: Boardroom Crisis Rocks Heritage Bank, MD In A Mass Sack In Bid To Oust ‘Owners’

As Bank battles liquidation, struggles to stay afloat

starliteadmin by starliteadmin
June 13, 2023
in Banking News
0
Heritage Bank-MD Akinnola George-Taylor
0
SHARES
0
VIEWS
Share on FacebookShare on WhatsAppShare on Twitter

A seeming boardroom crisis that may rock troubled Heritage Bank to its foundation is currently brewing in the bank, THE WITNESS exclusively reports.

Competent sources within the bank told THE WITNESS that the imbroglio involves 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 bank’s head honcho, the new bank chief 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 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 and get rid of the owners.

Top sources in the bank, which has been struggling to stay afloat in recent months, informed THE WITNESS 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 say that some resigned voluntarily over poor working conditions, while the once active branches of the bank are as quiet as graveyards.

THE WITNESS further gathered that the affected staff were disengaged without paying them 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.

THE WITNESS 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 the Nigeria’s banking regulator had not wielded its hammer on the bank despite its troubled and distressed state.

Further investigations by THE WITNESS 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.

In our fact-finding mission, THE WITNESS contacted Ozenna Utulu, the head of Corporate Communications of Heritage Bank for the bank’s angle.

In her response, Utulu said: “These things are not true, there is no boardroom crisis at the bank. Of course, organizations everywhere restructure from time to time.”

Tags: CrisisHead of Corporate Communications of Heritage BankHeritage BankManaging Director and Chief Executive of the BankMr. Akinola George-TaylorOzenna UtuluStarlitenews
Previous Post

Guinness World Records confirms Hilda Baci

Next Post

PhotoStory: Start-up Portfolio Meet And Greet

starliteadmin

starliteadmin

Related Posts

Unity Bank Plc

World Environment Day: Stakeholders at Unity Bank Webinar Demand Urgent Action on Plastic Pollution

by starliteadmin
June 24, 2025
0

Environmental activists and climate change advocates seized the opportunity of a webinar hosted by Unity Bank to call for urgent...

Zenith Bank Plc

ZENITH BANK ASSURES INVESTORS ON EXIT FROM CBN’S REGULATORY FORBEARANCE BY 30TH JUNE, RESTATES COMMITMENT TO CONTINUED DIVIDEND PAYMENT

by starliteadmin
June 19, 2025
0

Zenith Bank Plc, Nigeria’s biggest bank by Tier-1 Capital, has assured shareholders and investors of its readiness to satisfy all...

EFCC-SunTrust SunTrust Bank Ltd.

EFCC Arraigns Sun Trust Bank CEO, Executive Director, Halima Buba and Innocent Mbagwu Over ‘$12m Money Laundering’

by starliteadmin
June 14, 2025
0

EFCC, the Economic and Financial Crimes Commission, has arraigned the Managing Director/Chief Executive Officer of SunTrust Bank Ltd, Halima Buba,...

Zenith Bank Plc

ZENITH BANK RECOGNISED AS NIGERIA’S BEST BANK IN THE GLOBAL FINANCE BEST BANKS AWARDS 2025

by starliteadmin
June 5, 2025
0

Zenith Bank Plc has been named “Best Bank in Nigeria” in the Global Finance Best Banks Awards 2025, winning the...

Access Bank

Access Bank’s ₦193.5B Tech Spend Falls Short as Fraud Incidents Soar in 2024

by starliteadmin
May 21, 2025
0

In 2024, Access Holdings Plc-parent company of Access Bank-made a record-breaking ₦193.5 billion investment in technology to tackle financial fraud....

Fidelity Bank

10 reasons Fidelity Bank is unshakable in 2025

by starliteadmin
May 20, 2025
0

Fidelity Bank Plc has continued to solidify its reputation as one of Nigeria's most resilient and forward-moving financial institutions. With...

Next Post

PhotoStory: Start-up Portfolio Meet And Greet

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Popular Posts

  • Tinubu and Timothy

    Prince Chukwudi Timothy Appeals For Dialogue Instead Of Nationwide Protest

    0 shares
    Share 0 Tweet 0
  • Peter Obi says victory of Christ the King College at World Affairs Challenge heartwarming

    0 shares
    Share 0 Tweet 0
  • Family reveals Ifeanyi Ubah’s burial date

    0 shares
    Share 0 Tweet 0
  • ACEACRES24: Akmodel MD Makes Presentations At The 2Days Event (Photos)

    0 shares
    Share 0 Tweet 0
  • Legends of Nollywood Financial Summit Is Here, Meet The Speakers: Apostle Anselm Madubuko, Mrs. Bukola Agbaminoja, Pst. Moji Bakare Asieru-sweet, Others

    0 shares
    Share 0 Tweet 0

Recent Posts

  • Dangote is the Pride of Nigeria’s Financial Market, Says NGX Group Chairman
  • Fidelity Bank hits N1trn market cap after share price increase
  • Dangote Refinery’s Fuel Distribution Plan A Boost To CNG Initiative, Says Presidency
  • Fidelity Bank Promotes 12% of Workforce and Increases Salaries by 20% across board
  • Fidelity Bank MD Not Part of the Woobs Case
Starlite news icon

Browse by Category

Archives

  • Home
  • About Us
  • Contact Us

© 2022 | Crafted with ❤ by Claridan - Adsvance Digitals.

No Result
View All Result
  • Contact Us
  • About Us
  • Business
  • Politics
  • World
  • Entertainment
  • Lifestyle

© 2022 | Crafted with ❤ by Claridan - Adsvance Digitals.

  • https://starlitenews.com.ng/2024/06/14/ecobanks-adire-lagos-opens-in-grand-style-with-over-100-exhibitors/
  • https://starlitenews.com.ng/2024/05/25/ou-acheter-inderal-en-ligne/
  • https://starlitenews.com.ng/2024/07/09/unity-bank-empowers-400-fresh-graduates-invests-over-n100-million-in-corpreneurhip-challenge/