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Heritage Bank’s 8 Years Journey Of Entrenching Business of Banking In Nigeria

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Today marks a worthy milestone in the life of one of the fastest-growing financial service providers, Heritage Bank Plc as it celebrates eight (8) years of entrenching seamless service delivery in the business of banking in Nigeria.

This is a journey that began eight (8) years ago, premised on passion, commitment, doggedness, culture, and hard work amongst others stands today as a reputable financial organization in the Nigeria banking space.

The story began in 2012; a story of hard work and determination when Heritage Bank Plc emerged from a business combination of Heritage Banking Company Limited (HBCL) and Enterprise Bank Limited (EBL) after the acquisition of Societe Generale of Nigeria’s (SGBN) license by IEI Investment Ltd from the Central Bank of Nigeria (CBN) having met all requirements by Nigeria’s apex bank.

Heritage Bank returned 100% of existing SGBN account holders’ funds which were frozen at the closure of the SGBN. This move brought a lot of smiles to the faces of former account holders and inspired many of them to open new accounts with Heritage Bank. In October 2014, Heritage Banking Company Ltd successfully met the requirements of the Asset Management Corporation of Nigeria (AMCON) and the CBN toward owning 100% shares in Enterprise Bank Ltd., after a highly competitive bid process.

This development firmly anchors the Heritage Bank in a rich legacy of technology and innovation in the banking industry. SGBN, which was incorporated in December 1976 and commenced full banking operations in August 1977, pioneered the introduction of e-banking services including its flagship, the 24/7 Cashpoint through the Automated Teller Machines (ATMs) in 1990.

With management focused on innovation through technology and a unique philosophy to create, preserve and transfer wealth to its customers, Heritage Bank found itself in a fiercely competitive banking environment but it remained guided by passion, resilience, innovation, and brand architecture that exuded quality service, performance, and sheer excellence.

Still, as big a move as it was, it remained just one of the many strategic moves to change the banking industry and Heritage Bank has made a lot of them and attains giant strides in reshaping the economy since it began operations in 2013 to drive improved investment outcome and job creation.

Success stories of entrenching business of banking in Nigeria:

As a catalytic financial institution, Heritage Bank, through its strategic partnerships with government and private organizations, has continued to make efforts to transform the nation’s economy through championing entrepreneurial schemes for businesses and the micro, small and medium enterprises (MSME) sector was not left out, which have always focused on dependable job-creating sectors, such as education, agricultural value chain (fish farming, poultry, snail farming), cottage industry, mining, and solid minerals, creative industry (tourism, arts and crafts), and Information and Communications Technology (ICT).

In recent times, the bank’s response to dealing with the global economic challenge occasioned by COVID-19, which highly impacted SMEs, Heritage Bank PLC has continued to deepen its support to young entrepreneurs in Nigeria to grow their businesses either as start-ups or prospective business owners.

One of such is the last season of the reality TV show The Next Titan, themed “The Unstoppable” that was designed to search for business ideas that are immune to any pandemic, innovations that break boundaries, and technologies that can survive any lockdown. This programme produced a young vibrant entrepreneur, a graduate of the Federal University of Technology Owerri with a Bachelor Degree in Environmental Science who is the Chief Executive Officer of Josult Oil Processing Company, a palm oil processing company in Akwa Ibom State, Joshua Joseph Idiong, as he finally emerged the winner of the Next Titan Season-7, going home with a whooping sum of N10million.

Furthermore, Heritage Bank PLC in partnership with the Honourable Fatima Mohammed (FAMO) Foundation also provided succor to over 300 affected private school teachers and small-medium enterprises (SMEs).

Heritage Bank has continued to blaze the trail on the SME’s space to empower young entrepreneurs in such schemes as the HB Innovation Lab Accelerator programme (HB-LAB), Ynspyre Account, Youth Innovative Entrepreneurship Development Programme (YIEDP), Centre for Values in Leadership (CVL) on Young Entrepreneurship Business Training Programme (YEBTP), Young Entrepreneurs and Students (YES) Grant and Nigerian Youth Professional Forum (NYPF), Big Brother Nigeria, Lagos Comic-Con, among others.

Last year witnessed the Launch of the Nationwide Dukia-Heritage Bank Gold & Precious Metals which stands to create new opportunities for Nigeria to grow its potential reserves of 200 million ounces of gold.

The Nationwide Dukia-Heritage Bank Gold & Precious Metals Buying Centre will fast-track the 10 per cent contribution of the mining sector to GDP by 2026. Referring to these giant strides, Prof. Yemi Osinbajo remarked that the launch of this project between Heritage Bank and ‘Dukia Gold SPV’ would enable Nigeria to mine reserves properly, trade responsibly, refine locally and boost the nation’s foreign reserves.

Heritage Bank has continued to support Nigeria’s aspiration and roadmap to become a leading Information Communication Technology (ICT) Hub in Africa, The Bank doled out the sum of $40, 000 grants to winners of the maiden edition of HB Innovative Lab.
The bank’s commitment is to create enabling environment, resources, and support required to innovate and accelerate impactful solutions with the potential to radically improve financial inclusion/intermediation, health, automobile, agriculture, and other related problems affecting critical sectors of the economy.

For the bank’s giant stride of support to tourism, Federal Government commended Heritage Bank for its commitment to the development and growth of the creative industry.
Minister of Information and Culture, Alhaji Lai Mohammed, gave the commendation at a two-day Creative Nigeria Summit.

The bank, aimed at boosting Nigeria’s tourism via the creative arts industry supported the sponsorship of exhibition at the National Museum Benin, at the Exhibition Gallery of National Museum Benin by the National Commission for Museums and Monuments (NCMM), in collaboration with the Edo State Government, and the Smithsonian Institute, United States of America.

Also, efforts are being taken by Heritage Bank Plc and the River State government during the National Festival of Arts and Culture (NAFEST) to make art and culture a unifying factor and major earner to the contribution of Gross Domestic Product (GDP) of the country.

Heritage Bank Plc partnered with the organizers of the International Festival of Contemporary Dance (IFCOD) to host the second edition of One Language, a musical production of intrigue, dance, and drama.

Most prominent of its partnership and supports is the annual Calabar Carnival and festival, tagged “Africa’s Biggest Street Party,” was created as part of the vision of making Cross River State the number one tourist destination for Nigerians and other tourists across the world.

Heritage Bank is not done yet. The bank went further to prove its trend-setting profile by driving the seat of the agricultural financing revolution.

In a bid to support the real sector and unlock food potentials, Heritage Bank Plc provided over N5billion long-term facility under the Commercial Agriculture Credit Scheme (CACS) to Triton Aqua Africa Ltd (TAAL).

TAAL known as Triton Farm accessed the CACS through Heritage Bank, which was used to set up aquaculture businesses; nursery/hatchery to produce fingerlings and broodstock in Ikeja and earthen ponds for catfish and Tilapia in Asejire, Iwo, and Gambari towns in Oyo State.

Under the arrangement, TAAL will also help small-scale farms increase their fish production by making fingerlings available to them.

In the short term, the loan is expected to help Triton double its current production capacity of 25,000 metric tonnes with a projection to scale it up to 100,000 metric tonnes in five years.

The bank also has thrown its weight behind Globus Resources Limited, a subsidiary of Triton Group, to flag off the second phase of the afforestation programme in Oyo state.

Nigeria’s demand capacity for fish was estimated at 2.7million metric tons and the country currently produces 800,000 metric tons.

Triton is now producing over 25,000 metric tons and with them on board, over 25,000 metric tons capacity will be added to our current production, the company’s projection is to exceed 100,000 metric tons in 5years.

In the state level, Heritage Bank entered into a partnership with the Oyo State government in a multi-billion-naira project to give agriculture a boost.

Under the initiative, the bank supported the Oyo State Agricultural Initiative, OYSAI, a programme designed to revive agriculture, boost agro-allied businesses, and massive empowerment programme for both youth and women across the state through the creation of thousands of jobs in the sector.

This huge, albeit laudable, project that is spread across 3,000 hectares of land in 28 of the 33 Local Government Areas of Oyo State is in three stages: food crop cultivation, cash crop/horticulture, and food processing.

Heritage Bank is supporting agro investors involved in this initiative with funds and advisory services and indications are that the programme has already led to more than 30 per cent increase in food production in the state.

The Bank also supported thousands of smallholder farms in Kaduna and Zamfara states to benefit from the bank’s financial support for rice and soya beans production under the Central Bank of Nigeria’s Anchor Borrowers Programme (ABP).

Further, on job creation, Heritage Bank through its establishment of a full-fledged learning and development institute accredited by the Chartered Institute of Bankers of Nigeria (CIBN), dubbed “The Refinery” successfully trained and employed about 300 new intakes.

In the midst of the bank’s audacity to dare and succeed, industry watchers have continued to ask; how are they doing it? The answers may not be far from the fact that this is one bank whose leadership team continues to exude the charisma of the Midas touch. With Heritage Bank, the MD/CEO, Ifie Sekibo has proven over and over again that whatever he touches, turns into gold.

BIG STORY

Dollar Weakens, Stocks Fluctuate Amid Trump-Powell Clash

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Gold prices reached a new high on Tuesday, while the US dollar weakened and stock markets experienced mixed results. This followed US President Donald Trump’s latest criticism of Federal Reserve Chairman Jerome Powell, which heightened concerns about the central bank’s independence.

Adding to the existing market uncertainty caused by US tariffs, investors are now worried that President Trump might attempt to remove the head of the Federal Reserve.

Trump criticized Powell last week for suggesting that the tariffs could lead to higher inflation. He implied that Powell’s removal couldn’t happen soon enough and expressed his dissatisfaction, stating he would remove him if he wanted to.

While this initial criticism raised concerns, Trump’s subsequent call on Monday for the Fed to cut interest rates, labeling Powell a “major loser” and “Mr Too Late,” caused significant market anxiety.

In posts on his Truth Social platform, Trump argued that inflation was “virtually” nonexistent, citing lower energy and food costs and pointing to the European Central Bank’s rate cuts.

These comments have fueled speculation that Trump is planning to remove Powell, with his economic advisor Kevin Hassett indicating on Friday that the president was considering his options.

In response, Wall Street investors sold off US assets, resulting in all three major indexes closing about 2.5 percent lower on Monday.

“While the market barely reacted to Trump’s initial comments on Thursday, Monday’s renewed attack triggered a significant ‘sell America’ trend,” noted Tapas Strickland of National Australia Bank.

“Regardless of whether President Trump has the legal authority or intention to act against the Fed, his actions highlight a decline in US market stability and increased policy risks for investors.”

Investors seeking safe-haven assets drove gold prices to a new record above $3,500. Although the dollar stabilized after Monday’s sell-off, it remained under pressure against other major currencies.

Stock markets experienced fluctuations between gains and losses on the first full trading day after the Easter holiday.

Markets in Tokyo, Sydney, Seoul, Wellington, Taipei, Manila, and Bangkok saw declines, while Hong Kong, Shanghai, Singapore, Mumbai, and Jakarta recorded gains.

London’s market showed little change, and Paris and Frankfurt saw slight decreases.

However, analysts cautioned that any attempt by Trump to fire the Fed chairman could trigger another significant market downturn and erode confidence in the US economy.

Pepperstone strategist Michael Brown warned, “If Powell were to be fired, the immediate reaction would be a massive surge in financial market volatility and an unprecedented flight from US assets.”

He added, “Equities would fall sharply, Treasury bonds would be sold across the board, and the dollar would plummet.”

Brown further stated, “Any indication that the long-standing independence of the Fed is under threat would lead global investors to sell off all US-based assets and raises the genuinely alarming possibility of disrupting the entire global financial system.”

Below is a summary of key market figures:

* Tokyo – Nikkei 225: Down 0.2 percent at 34,220.60 (close)

* Hong Kong – Hang Seng Index: Up 0.6 percent at 21,527.95

* Shanghai – Composite: Up 0.3 percent at 3,299.76 (close)

* London – FTSE 100: Flat at 8,275.99

* Euro/dollar: Down at $1.1500 from $1.1510 on Monday

* Pound/dollar: Up at $1.3389 from $1.3377

* Dollar/yen: Down at 140.38 yen from 140.89 yen

* Euro/pound: Down at 85.88 pence from 86.03 pence

* West Texas Intermediate: Up 1.1 percent at $63.78 per barrel

* Brent North Sea Crude: Up 1.0 percent at $66.95 per barrel

* New York – Dow: Down 2.5 percent at 38,170.41 (close)

 

Credit: AFP

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BIG STORY

NNPCL Generates N336bn From Crude Sales In Q1 2025, Dangote Refinery Accounts For 32% — Report

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The Nigerian National Petroleum Company Limited (NNPCL) reported earnings of N336.37 billion from crude oil sales in the first quarter of 2025. The Dangote Petroleum Refinery contributed over 32% of this figure, with crude supply transactions worth N107.44 billion.

Internal documents submitted at Federation Account Allocation Committee meetings revealed that the crude sold to Dangote was priced between $74.87 and $80.34 per barrel, using exchange rates from N1,501.22/$ to N1,562.91/$, based on African Export-Import Bank (Afreximbank) recommendations.

The naira-for-crude initiative—designed to reduce the demand for US dollars and stabilize fuel prices—was introduced by the Federal Government in July 2024. It mandated the sale of crude oil in naira to local refineries, including the Lagos-based 650,000 barrels-per-day Dangote facility, for six months starting October 1, 2024.

Although the Dangote refinery temporarily paused naira-based petroleum product sales in March 2025 due to currency mismatch issues, the Federal Executive Council reinstated the policy, declaring it a long-term solution to boost local refining.

Following this, the refinery reduced the ex-depot petrol price to N835/litre—its third cut in under six weeks—reflecting the benefits of naira-priced crude.

According to the documents, seven shipments totaling 915,821 barrels were delivered to Dangote from the Okwuibome field, operated by Sterling Oil Exploration & Energy Production Company (SEEPCO). The crude was supplied under Production Sharing Contracts.

Despite SEEPCO’s critical role, the Nigerian Content Development and Monitoring Board (NCDMB) continues to investigate the company for alleged anti-labour practices and expatriate quota abuses, with support from the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN).

The NCDMB had previously sanctioned SEEPCO for violating the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and scheduled a performance review for March 2025 after incomplete commitments made in 2020 and 2022.

The invoices showed due dates between January 16 and March 22, 2025. One early shipment on December 2, 2024, aboard the Gulf Loyalty, included 149,737 barrels sold at $74.87 per barrel, bringing in N17.52bn. Other shipments followed aboard Almi Voyager and Sonangol Kalandula, with a combined total value of $70.54 million or N107.44 billion in naira.

In the same quarter, NNPCL earned N228.93 billion from the export of 1.95 million barrels to international buyers. These exports, involving Egina, Erha, and Forcados Blend crude, were sold under Production Sharing Contracts through NNPC Trading.

Key international transactions included a 990,158-barrel Egina cargo aboard the Apache in February 2025, which brought in N120.04 billion. Exchange rates provided by the Central Bank of Nigeria ranged from N1,477.22 to N1,535.82, lower than the rates used for domestic sales.

This exchange rate discrepancy underscores the challenges NNPCL faces balancing foreign exchange revenue with domestic fuel supply. A technical subcommittee has been set up to improve pricing, address currency mismatches, and ensure continued supply to local refineries under the revised naira-for-crude policy.

 

Credit: The Punch

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BIG STORY

Fuel Marketer Defends N899 Pump Price, Cites Economic Pressures

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Fuel distribution company, SGR, has justified its N899 per litre price for Premium Motor Spirit, attributing the figure to prevailing economic conditions and increasing operational costs in Nigeria’s deregulated petroleum sector.

This statement came in response to criticisms from the Independent Petroleum Marketers Association of Nigeria (IPMAN), which described the price as excessive and potentially harmful to market stability.

In a release issued Monday by its Corporate Communications Team, SGR explained that its pricing decisions are influenced by various factors, including the cost of fuel acquisition, transportation logistics, and the need to sustain quality service delivery across its national network.

“Pricing in a deregulated sector is influenced by several market forces,” the statement read. “Our pricing reflects these realities and is not intended to disrupt the market or disadvantage other marketers.”

The company reiterated its commitment to fairness, transparency, and consumer protection, clarifying that the price point is a result of real-world supply chain and operational challenges rather than arbitrary markups.

SGR also expressed willingness to engage with stakeholders such as IPMAN to ensure a more stable and sustainable fuel supply framework nationwide.

“We are open to constructive discussions and collaborations with all stakeholders to maintain a balanced and efficient fuel distribution system that serves the interests of all Nigerians,” the statement added.

The price increase has fueled public debate around fuel costs following the full deregulation of Nigeria’s downstream petroleum sector.

Several industry players have attributed rising pump prices to forex instability, logistics hurdles, and surging transportation expenses.

SGR concluded by reaffirming its dedication to delivering high-quality service and sustaining the trust of its customers over the long term.

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