Heritage Bank in the News
If ever there is proof of the falsity of the reforms by SLS, it is Heritage Bank. For
someone, who has been privileged to work in a financial Institution, I sympathize with owners, staff and customers of Heritage Bank.The kind of news coming from the National assembly is unsettling.
Back to SLS. From Bukola Saraki, through GEJ, he came to Office. To pay back Saraki after killing many ambitious banks, he gave Saraki back the Licence of his father's bank. Fela calls it Paddy Paddy.
My pain is that not a few people failed to spot the hidden agenda in the work of SLS. Reminiscent of the case of the woman caught in the act of adultery, he who is without sin in the Finance Industry, should cast the first stone.
What SLS did was to give a dog a bad name in order to hang it. What was the saving grace of Societe General Bank that was lacking in Oceanic, Intercontinental and Union Banks?
The saving grace was Saraki, an old boy of King's College, who gave SLS his job. Paddy Paddy was it.
The National assembly should be wary of pronouncements as they affect Financial Institutions, such threats and any threat at all do not go well with the health of Financial Institutions. Especially in these times of unemployment, inflation and uncertainties.
For Heritage Bank like other Financial Institutions in Nigeria, do not leave politics to Politicians alone, they can be reckless, be attentive and be wise. Do not toy with them.
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Elder P, thank you for this publication.
ReplyDeleteI believe it is not a crime to pay kindness with kindness. Just the way the holy book admonished us to pay kindness with evil.
Till tomorrow, I believe posterity will judge. I also believe one day the law of karma will take it course. After all the Bible says He is a God of vengeance unto 3rd and 4th generation. The English has a say "evil that men do leave after them".
SLS would have used a much better approach like ensuring clean/better financial position in Societe General Bank (now Heritage bank) and Unity bank. The aftermath occurrences at Union bank were better imagined. Some called it a direct attack on the South seeing that the financial sector was and is still largely dominated by Southern people. We thought SLS would "clean" the operation of the roadside black market FX trade but alas nothing was done.
The recent incidences at FBN proved that it is not good to use "hammer to kill an ant". Risk management is a complimentary on core operation. Has the adoption of the Malaysia banking model changed anything significantly in Nigeria?
Our leadership style of "major in the minors" has not taken us to " the promise land". SLS has a Bachelor degree in Economics and a Masters degree in Arabic. It is not in Nigeria history that what happened to Oceanic International Bank and Intercontinental Bank owned by persons' from the South will happen to someone from the North "just like that". In Nigeria "Politics is everything".
We hope for better days ahead.