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Heritage Bank led by Akinola George-Taylor, one of Nigeria’s lending establishments is once more engulfed in the web of severe crisis shaking it to its very roots.

Fresh information from informed sources at the bank indicates that Heritage Bank appears to have seen better days .Among the catalogue of issues currently hanging around the lender’s neck as the proverbial hangman’s noose includes, a serious boardroom crisis which has seen the edging out of allies of its former Managing Director and Chief Executive, Ifie Sekibo from the board of the moribund bank.

 

Further investigations by this medium revealed that apart from the issues of “Capital Adequacy Ratio (CAR) and the Liquidity Ratio (LR), the commercial bank is also grappling with many other crises that tend to threaten its survival. One of them is its poor services which are staring its customers in the face. Already, most of the bank’s branches are awash with complaints of unsatisfied customers whose singsong is their plans to close their accounts due to the long hours they experience to get services from Heritage Bank staff.

 

There are also strong indications that the lender which is currently on life support is only an inch away from the hammer of the Central Bank of Nigeria (CBN) and a take over from AMCON.

 

You would recall that, months ago, a banking legend and boardroom guru who was the founder of the bank bowed out upon the expiration of his tenure in line with the directive outlined by the apex bank,CBN.

 

This medium gathered that since his exit, things have reportedly further degenerated on the watch of the new helmsman, Akinola George-Taylor.

 

Even though George Taylor is faced with the huge challenge of reviving the fortunes of the ailing bank and drive growth, sources say he has instead, allegedly, instigated multiple internal crisis, in an attempt to rid the bank of those suspected to be loyalists of Sekibo and employ his own people according to an account by a reliable source in the bank.

 

“Some key members of the board, connived with the MD (George-Taylor) to sideline others who are considered to be loyal to Ifie and as for other members of staff who are in the same category, they have been sacked with immediate effect and that includes, Rilwan Dabiri, head of IT department in the bank and over 70 others”, the source concluded.

 

On the other hand, another source who spoke to us on the condition of anonymity said, “Although many have been sacked from the Bank, most of them have been indicted in one fraud or the other, thus their sacking by the new management is justified”. The source further stated that only a few who were hit by the mass sacking are victims of circumstance.

 

It was gathered that Rilwan Dabiri upon exit handed over the IT department to his successor who is simply identified as Akin. Since resuming his new position as head of IT, Akin had allegedly been engaging in serious insider fraud which includes unauthorized transfer of funds from the bank’s coffers into private bank accounts which he secretly operates without the knowledge of his employers.

 

According to the bank’s structure, only the head of IT has sole access and operates the Finacle Financial Solution platform which is solely used for online transfer of funds in the bank For this reason, Akin who has unfettered access to the platform seized the opportunity to initiate multiple transfers of about N49 billion into six accounts domiciled in six commercial banks in Nigeria.

 

Upon further interrogation, he was only able to drop one of the six accounts before disappearing and switching off his phones.

 

It remains to be seen how the new leadership of Heritage Bank Plc under the watch of Akinola George-Taylor intends to steer the lender off troubled waters, but key indicators suggest that things are not good.

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Business

Baba Adinni and Iya Adinni: Harmony Gardens Chairman and Wife Inducted into Spiritual Roles

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In a momentous occasion of spiritual significance and community recognition, the Chairman of Harmony Gardens and Estates Development LTD, Hon. Dr. Saheed Audullahi Mosadoluwa, popularly known as Mr. Ibile, and his wife, Hadjia Aishat Adebimpe, were recently installed with revered titles at an event hosted by the Al-Irshad Islamic Foundation.

 

Hon Saheed Mosadoluwa Ibile inaugurated a multi-billion naira ultra-modern Central Mosque at Ibeju-Lekki immidiately after he got recognized by the West Africa Islamic Council as the AL Mujaddid in Rabbat, Morocco.

 

According to popular Muslim tradition, the term refers to an individual who emerges at the turn of each century in the Islamic calendar to rejuvenate Islam, purging it of extraneous elements and restoring it to its original purity. In contemporary times, a mujaddid is regarded as the preeminent Muslim figure of a century.

 

The concept of Mujaddid is based on a hadith (a saying of Islamic prophet Muhammad), recorded by Abu Dawood, narrated by Abu Hurairah who mentioned that Muhammad said:

 

Allah will raise Mujaddid for this community at the end of every 100 years the one who will renovate its religion for it.

 

Recall that in a grand ceremony attended by distinguished personalities and spiritual leaders, Hon Saheed Audullahi Mosadoluwa, Chairman and CEO of Harmony Gardens and Estates Development LTD, officially commissioned and handed over a state-of-the-art central mosque in Ibeju-Lekki, Lagos State, on Friday, January 19th, 2024.

 

The auspicious event witnessed the presence of esteemed religious leaders, including Sheik Semiu .A. Opeloyeru, The Grand Chief Imam and General President of the League of Imam and Alfa in Ibeju-Lekki L.G.A. The ceremony commenced with the arrival of Sheik Semiu .A. Opeloyeru, setting the tone for a day of spiritual significance and community celebration.

 

Representing the executive governor of Lagos State, His Excellency Babajide Sanwoolu, was Hon. Ahmed Abdulai Jembe, the Special Adviser on Islamic Affairs to the governor, graced the ceremony. The Onibeju in attendance emphasizing the significance of the event in the cultural and traditional context.

 

The event saw the attendance of various traditional rulers, highlighting the communal and inclusive nature of the mosque inauguration. Notably, the newly appointed Lagos NURTW Chairman, Mustapha Sego, drew attention as his presence added an extra layer of recognition to the occasion.

 

However, the prestigious ceremony, held at Monarch Hall in Osapa London Lekki, Lagos State, saw Hon. Dr. Saheed Audullahi Mosadoluwa bestowed with the title of Baba Adinni, signifying a revered position within the religious community. His wife, Hadjia Aishat Adebimpe, was similarly honored as Iya Adinni, a title of great respect and responsibility.

 

The Al-Irshad Islamic Foundation, under the guidance of its founder Sheik Rasheed Adeleke, who is also the owner of Al-Irshad Travel and Tours, organized the event as a Pre-Ramadan lecture, award ceremony, and Turbaning ceremony. The atmosphere was filled with spiritual fervor and communal joy as community members gathered to witness the momentous occasion.

 

Notably, Abu Abel and other prominent figures, was also present at the event, adding to the significance of the gathering. The ceremony, held on Sunday, February 25th, 2024, brought together individuals from diverse backgrounds to celebrate the exemplary contributions of Hon. Dr. Saheed Audullahi Mosadoluwa and his wife to both the community and the Islamic faith.

 

The Turbaning ceremony, a traditional rite of passage within the Islamic community, symbolizes a deep connection with cultural heritage and spiritual leadership. The titles of Baba Adinni and Iya Adinni carry great responsibilities, signifying the honorees’ commitment to serving the community and upholding the values of the Islamic faith.

 

As the community celebrates this significant event, the installation of Hon. Dr. Saheed Audullahi Mosadoluwa and Hadjia Aishat Adebimpe as Baba Adinni and Iya Adinni reflects their exemplary leadership and commitment to the principles of Harmony Gardens and Estate Development LTD. The event serves as a beacon of unity, spirituality, and communal recognition within the Osapa London in Lekki community.

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Business

Squad Powers OmniPay’s Trade Business to Simplify Payments for FMCG Industry

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In a strategic move aimed at furthering its mission to empower African traders with the necessary payment solutions for thriving in the digital era, Squad, a fintech subsidiary of Guaranty Trust Holding Company Plc (GTCO), offering comprehensive payment and e-commerce solutions for businesses, has entered a partnership with OmniPay, a subsidiary of OmniRetail Inc.

 

This collaboration has currently benefited more than 65,000 stakeholders, which include retailers, distributors, and manufacturers through improved payment and collection methods using Squad’s Virtual Bank Account without incurring any charges. Additionally, they have gained more accessible and affordable working capital to procure goods on credit for their businesses, contributing to the daily transaction volume exceeding N3 billion, and this figure continues to grow.

 

Adeyemi Atanda, the Chief Marketing Officer, Squad, shared insights on the partnership’s significance, emphasizing, “At Squad, our mission revolves around providing African businesses with the right solutions for effortless payment processes, available at their convenience. We understand the pivotal role small businesses play in our economy. Through strategic alliances like this, we aim to empower even more merchants by granting them access to rapid, user-friendly, and dependable payment solutions that optimize their business operations and, in turn, boost their revenue.”

 

Deepankar Rustagi, CEO of OmniRetail stated, “As we join forces with Squad, we are driven by our shared vision of transforming the digital payment landscape for African businesses. With OmniPay, businesses will gain improved payment methods with zero transfer fees, while retailers and distributors will have easier access to OmniPay’s BNPL (Buy Now Pay Later) solution. This partnership aims to empower businesses, streamline payment processes, and enhance record-keeping accuracy through automated reconciliation for orders. This partnership reinforces OmniRetail’s commitment to innovation and financial inclusion.”

 

About Squad

 

Squad is a complete payment solution that is reliable, secure, and affordable, making receiving in-person and online payments simple and convenient.

 

Our goal is to support SMEs, micro-merchants, large corporations, and other fintechs (Tech Stars) with the tools they need to thrive in an evolving digital economy and expand beyond their current market reach.

 

Squad’s current products and service offerings include SquadPOS, Squad Payment Links, Squad Virtual Accounts, USSD, and E-Commerce Storefront.

 

Find out more at www.squadco.com.

 

About OmniPay

 

OmniPay, a subsidiary of OmniRetail Inc., is a company with a mission to simplify payments in Nigeria and provide working capital to trade businesses. OmniPay provides an API-based wallet built to simplify trade payments.

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