Heritage Bank Plc was a Nigerian financial institution that provided a wide range of banking services including retail, corporate, internet, and investment banking, as well as asset management. Headquartered at 143 Ahmadu Bello Way, Victoria Island, Lagos, it operated under a national license issued by the Central Bank of Nigeria (CBN). As of December 2015, the bank’s total assets exceeded US$1.7 billion (₦483.4 billion), employing over 4,000 people across Nigeria.
Historical Background
The bank’s origins date back to the late 1970s as Societe Generale Bank (Nigeria), founded by the late Dr. Olusola Saraki. In 2006, the CBN shut down the bank for failing to meet the new capital requirement of ₦25 billion. After a legal battle, the license was reissued in 2012 as a regional bank. The new ownership rebranded it to Heritage Banking Company Limited, which officially began operations on March 4, 2013.
Acquisition of Enterprise Bank
In October 2014, Heritage Bank acquired Enterprise Bank Limited—a nationalized bank with 160+ branches and US$1.6 billion in assets. The deal was finalized in January 2015 for US$340 million (₦56.1 billion), making Heritage Bank a significantly larger player in Nigeria’s banking sector.
Ownership Structure
As of 2013, Heritage Bank was primarily owned by:
- Heritage Investment Services Limited – 80%
- Priority Shareholders – 9%
- Other Minority Shareholders – 11%
Branch Network
The bank operated 127 branches, 202 automated banking centers, and over 350 ATMs spread across Nigeria’s states and the Federal Capital Territory.
Leadership
The acting chairman of the board was Jani Ibrahim, while the managing director and CEO was Akinola George-Taylor.
Revocation of License
On June 3, 2024, the Central Bank of Nigeria revoked Heritage Bank’s operating license due to non-compliance with banking best practices. The Nigeria Deposit Insurance Corporation (NDIC) was appointed to liquidate the bank under the BOFIA 2020 Act.
