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Heritage Bank Puts SGBN Deposit At N21b, Commences Operations Today

By on March 4, 2013

The Managing Director/CEO of Heritage Bank, Mr. Ifie Sekibo, has disclosed that the initial deposit for the defunct Societe Generale Bank of Nigeria (SGBN), now Heritage Bank, is N21 billion. He said that the customers validation of account was still ongoing as the operation of the Heritage bank starts today with three branches.

Sekibo, who said this at the official opening ceremony of the bank in Lagos over the weekend, stated that at the moment there would be three branches running; two in Lagos, one in Ibadan. In terms of validation of accounts, he said that over 20per cent of customers have responded but in value have recorded about 50per cent of customers against money.

Meanwhile, Ben Fakunle who represented the Director Banking Supervision of the Central Bank of Nigeria (CBN) has explained that as a licensed institution, Heritage Bank has passed the regulatory body stipulated stress test that enables it to commence operation under a regional banking status. However, the Heritage Bank boss pledged the bank’s support to small scale businesses and deploy technology solution, new ideas, with tenacity and knowledgeable staff with the view of offering seamless services to customers.

Sekibo further explained that the exercise was in two parts namely validation of accounts and instant issuance of payment cheques for those who prefer to collect the balances in their accounts. It would be recalled that Heritage Banking Company, which was licensed recently by the Central Bank of Nigeria (CBN) to operate under a regional banking status after meeting the N10billion capital base, had announced the commencement of a one-month account validation exercise for customers of the old SGBN.

A Lagos-based financial analyst, Jaye Opaleye, noted that most customers would still be having doubt about how the current exercise would be different from the past ones. “In 2005, SGBN customers were asked to come for the validation of their accounts, but nothing tangible came out of the exercise.

So, it is expected that the turnout now would be tentative. But with the way Heritage Bank is conducting the exercise, especially the aspect of issuing payment cheques to customers at the validation centers, one could see that they are very serious and prompt.

It is a really different attitude and style which is a mark of integrity and a boost for the new bank and the banking sector generally”, Opaleye noted. Customers interviewed expressed happiness at finally having the opportunity to reclaim their trapped monies after many years. According to an excited middle-aged customer, the current exercise by Heritage Bank has ended his long wait.