Saraki Bank, SGBN, to Return as Heritage Bank

Date: 2012-11-16

While the Saraki's mourn the death of their patriarch, Olusola Saraki, authorities say a bank, believed to be largely owned by them, Societe Generale Bank of Nigeria, SGBN, whose operational license was revoked by the Central Bank of Nigeria, will soon commence banking operations.

The bank, whose license was revoked more than six years ago by the Central Bank, then under the leadership of Chukwuma Soludo, will soon return to the fold of the country's commercial banks.

The bank's operational license was revoked by the Central Bank on January 2006 during the re-capitalisation policy in the banking sector.

However, following the order of the Federal High Court, Abuja, the apex bank was compelled to restore the operational permit after it declared that the bank met the minimum financial requirements to return to business.

To return as Heritage bank

Reports suggest that the bank has already been granted clearance by the Central Bank to return as a regional bank under a new name called Heritage Bank Limited.

The Director of Insurance and Surveillance Department, Nigeria Deposit Insurance Corporation, NDIC, Zachaeus Anate, said on Thursday in Dutse, Jigawa State that the relevant monetary authorities are equally revisiting the issues that underlined the revocation of Savannah Bank's license with a view to restoring it based on its owners' desire to re-capitalise the bank.

The director said, at the 2012 Workshop for Business Editors and Financial Correspondents, that the Central Bank would soon undergo a second round of depositors' verification exercise with a view to determining the final modalities that would guide the commencement of its business operations.

He assured of the regulatory agency's commitment to ensure that all depositors have access to their funds.

"The bank has been issued a regional banking license, but what is important is that CBN will soon conduct a second round of depositors' verification exercise on the bank to authenticate the list of its customers," Mr. Anate said.

He said the new Managing Director of the bank, who was in attendance during the last Bankers' Committee meeting last Tuesday, had indicated that through the second depositors' verification exercise, all depositors' funds would be properly accounted for, while guaranteeing they would have access to their deposits.

"So, there are a lot of things NDIC is doing, in terms of the supervision and resolution that we just don't come out to talk about in the public. But I want to assure you that no depositor in any of those banks would lose their money" he said.

Since the suspension of the bank's license, hundreds of depositors complained of not having access to their money. Also, the banks officials led by Bukola Saraki, a serving senator, were alleged to have mismanaged the bank's funds.

Mr. Saraki is still being investigated by anti-corruption agencies for his role in the financial crisis that rocked the bank.

Like Societe, like Savannah

On Savannah Bank, the NDIC chief said preparations are going on to get the bank running again, considering the enormous effort by its owners to ensure that they return to business.

The Corporation's Director of Banking Examinations Department, Adebanjo Adeleke, said that for many of the distressed banks, the corporation had paid many depositors on their insured deposits, while pending court cases have made payments to others impossible.

"Now, the question we need to ask is: how did we get to where we are now? You will recall that the CBN took certain actions by withdrawing the licences of the banks because of certain issues.

"And as a law abiding institution that is why NDIC could not quickly verify insured deposits in those banks.

"Very soon, depositors with these banks will be able to access their money. I can assure you that no depositor with these banks will lose their funds," Mr. Adeleke said.

He, however, disclosed that three other banks - Peak Merchant Bank, Fortune Bank and Triumph Bank- whose licences were also revoked by the apex bank, are still in court, though their depositors are being paid by NDIC, who has been granted the status of provisional liquidator.

"The court granted the banks liquidator status and that is why NDIC is paying the depositors. The NDIC is however not paying with the assets of the bank, but using the premium contributed by other banks into the deposit insurance fund to do that," he said.

Source

 

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

All Peoples Party     Kolawole Bashirat     David Oyepinola Adedumoye     National Information Technology Development Agency     Isiaka Danmeromu     Adeniyi Ojo     Tafida Of Kaiama     Tope Daramola     Bureau Of Lands     Jaigbade Alao     Toun Okewale-Sonaiya     Mubarak Oladosu     Kola Bukoye     Ariyo     Ibrahim Mashood     Standard Organization Of Nigeria     Tunde Oyawoye     Wale Oladepo     Kola Adesina     Abdullahi Biffo     Lawal Arinola Kudirat     Abdulmumini AbdulRazaq     Mohammed Abduraheem     Sai Kayi     Abdulrauf Yusuf     Henry Olaosebikan     Egbejila     Salmon Babatunde Salmon     Sabi     Olusola Saraki     Balogin Alanamu     SWAN     Zara Umar     Moremi High School     Olajumoke Monsura Gafar     Olupako     Ishaq Abdulkarim     Tunde Saad     Makama Of Ilorin     Sobi Specialist Hospital     Ibrahim Abduquadri Abikan     Samuel Adedoyin     Medinat Folorunsho Salman     Ronke Adeyemi     Law School Scholarship     Olayinka Are     Isiaka Gold     Gabriel Fashanu     Jide Oyinloye     Musa Alhassan Buge     Kazeem Adekanye     Firdaos Amasa     Kwara State Polytechnic     Jaiz Bank     Gbugbu International Market     Haashim Initiative For Community Advancement     Iyabo Adisa Ibiyeye     International Vocational Centre     Olatunde Michaels     Abubakar Kawu Baraje     Oniwasi Agbaye     PharmAccess Foundation     Ebun-Olu Adegboruwa     Mahee Abdulkadir     Post Utme     Obayomi Azeez     Lanre Badmus     Idowu Laro     Tanke Flyover Bridge     Kale Ayo     National Pilot     Eghe Igbinehi     Sa\'adatu Modibbo-Kawu     Baba-Isale     IQRA College     Towobola Abdulrahman Toyin     IHS Towers    

Cloud Tag: What's trending

Click on a word/phrase to read more about it.

Mujtabah Bature     Kazeem Adekanye     Budo Egba     Esuwoye     Zainab Abass     Kaiama     Femi Gbajabiamila     A.O. Belgore     Ishola Abdullahi     Saheed Alakoso     Shonga Farm Project     Emir Of Ilorin     Emir Of Shonga     Garba Ado Sanni     Village Alive Development Association     Isau     Pakata     Olatinwo     Allocation     Amoyo     NIPOGA     Oba Abdulraheem     Jamiu Oyawoye     Iyabo Dupe Adekeye     Baba-Isale     Biliaminu Aliu     Kwara State Governor     Saka Isau     Ilorin Curfew     Abdulhakeem Amao     Isiaka Yusuf     Ghali Alaaya     SAPZ Project     Veterinary Teaching Hospital     Wahab Agbaje     Bola Ahmed Tinubu     Abdulrasaq Alaro     COVID-19 Palliatives     Abdulraheem Yusuf     Ramadan     Orire     Tsaragi-Share     KW-GIS     Saeedat Aliyu     Photo News     Abdullahi G. Mohammad     African Democratic Congress     AbdulKareem Yusuf Danhawa     Kolawole Bashirat     Durosinlohun Atiku     Taofeeq Olateju     Just Law Forum     Ekweremadu     Binta Sulyman     Abubakar Olusola Saraki     Ajidagba     Ayotunde Emmanuel Alao     Ogidi-Oloje     Lawal Olohungbebe     Adeniyi Ojo     Atiku     Taofik Abiodun Ahmed     National Broadcasting Commission     Garba Idris Ajia     ASKOMP     Ahmed Shuaib Buranga     Omotoso     Ita-Nmo Market     Clara Nwachukwu     Countryside Emerging Leaders Fellowship     Sheriff Shagaya     Quran     Olajumoke Monsura Gafar     National Association Of Nigerian Students     Bareke     Gani Saadu     Aminat Omodara