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Analysis: Is First Bank’s acquisition of Heritage Bank and Polaris Bank a game changer?

Published

6 years ago

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Age they say is nothing but a number but not when you are 126 and still relevant. FirstBank Ltd, Nigeria’s oldest bank has in so many ways stood the test of time.

If there is any bank you can reference for experience when it comes to transformation and innovation from the second industrial revolution to what many see now as the fourth, then it is perhaps this bank. Innovate or die as they say.

Last week, news reports suggest the bank was considering an acquisition of Polaris and Heritage Banks respectively. The bank promptly issued a press release neither affirming nor denying that a deal was under consideration.

However, it said enough to warrant a review of the consequences of taking yet another bold step in the bank’s ageless journey in survival.

Heritage Bank which began operations in 2012 after acquiring the license and structure of the old Societe Generale Bank of Nigeria is not new to controversy.

In 2014 Heritage Bank did the unthinkable, it was announced by the Assets Management Corporation of Nigeria (AMCON) as the winner of the bid for the acquisition of the defunct Enterprise Bank.

Since then, reports about the bank’s ability to remain as a going concern have dominated the news. Polaris Bank, on the other hand, was created by the CBN after it took over the hugely mismanaged Skye Bank Plc.

The bank is yet to publish its financials and the impression out there is that the bank is on life support on the instruction of the CBN.

So, why could FirstBank or indeed any bank be interested in these banks? Last January, the CEO of Heritage Bank Mr. Ifie Sekibo revealed that it will soon receive fresh capital injection from yet to be disclosed investors, a development that is expected to push up the bank’s capital base and by so doing, drive growth.

This was the first official indication that the bank needed capital to survive and remain competitive. FirstBank’s position as the largest bank by total assets and deposits was also usurped by Access Bank following its acquisition with Diamond Bank.

To wrestle the bank, it’s position at the top, First Bank will have to consider both organic and inorganic means. Thus, an acquisition with Heritage Bank is logical. Heritage Bank also recently launched its digital banking business, Octopus putting it at the forefront of the FinTech driven future of banking.

FirstBank potential acquisition with Polaris is one that is hard to decipher from a value proposition. Thus, a possible deal will have to exclude liabilities for it to make sense.

To be fair, Polaris bank has reinvented itself over the last couple of years despite its legacy challenges and ability to attract deposits. From rebranding to launching new products it has struggled to remain relevant as AMCON continues its search for a buyer.

Last year, the bad loan bank announced it will step up a sale of the bank after the 2019 general elections.

Is this a good move for First Bank? First Bank has its own fair share of challenges and is currently undergoing a transformation. The bank is reining in on its notoriously high cost to income ratio and has also reduced its non-performing loans ratio. It has also led the sector in terms of financial inclusion and is also tech conscious with its very impressive banking app and associated services.

The race to scale driven dominance in the banking sector will likely hinge heavily on inorganic growth such as mergers and acquisitions. For a Holdco like FBNH, First Bank’s parent company, the structure allows target driven acquisitions which could solidify the bank’s position as a leading financial services supermarket.

But the risks are obvious and real. An acquisition is not just a combination of balance sheets, it can be a clash of cultures and an explosion of costs. Recent banking acquisitions have not really resulted in the so-called dominance it touts or cost synergies it hopes to optimize.

Nigeria’s largest banks by profits and market capitalization remain Zenith Bank and GT Bank and both avoided mergers and acquisitions during the Soludo driven banking consolidation race.

If FirstBank is to cut a deal to swallow both Polaris and Heritage Banks respectively, then it needs thorough due diligence and must avoid carrying on liabilities and costs that often weigh down on consolidation gains.

In 2017, we got a chance to ask the CEO of the bank, Dr Adesola Adeduntan if the bank could win the race to get to trillions in gross revenue. In response, he took a deep breath and remarked that First Bank was in it to win it. This acquisition may just be a chance to nick it.

Source: Nairametrics

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Sahara weekly online is published by First Sahara weekly international. contact [email protected]

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Adron Homes Unveils Sallah Mega Promo with 30% Discount and Exciting Gift Rewards for Subscribers

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2 days ago

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April 13, 2026

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Adron Homes Unveils Sallah Mega Promo with 30% Discount and Exciting Gift Rewards for Subscribers

 

As the festive spirit of Eid al-Adha (Sallah) approaches, Adron Homes & Properties, Nigeria’s leading real estate company, has announced a nationwide Sallah Mega Promo designed to reward subscribers with unbeatable discounts, flexible payment plans, and exciting gift items.

The limited-time promotional campaign aims to empower Nigerians to celebrate the season of sacrifice with both joy and long-term investment security by making property ownership more accessible and rewarding. Subscribers can enjoy a 30% discount on all plots across Adron estates nationwide, alongside a flexible payment plan of up to 36 months. In addition, clients can spread their initial deposit over four months, easing financial pressure while securing valuable real estate assets.

According to the company, the Sallah promo reflects its continued commitment to providing affordable housing solutions while rewarding both new and existing clients during key festive periods.

“Sallah is a time of giving, sacrifice, and celebration. At Adron Homes, we believe there is no better time to empower families and investors with the opportunity to own land while also receiving valuable gifts that enhance their celebration,” the company stated.

As part of the promo, subscribers will enjoy a wide range of gift rewards tied to their payment milestones. Platinum plot subscribers stand to receive items such as bags of rice ranging from 10kg to 50kg, food packs with chicken and seasoning, goats and rams for Sallah celebrations, and even a cow or a double-door refrigerator for high-value subscribers. Compact plot subscribers will also benefit from gift items including bags of rice, vegetable oil, cartons of noodles, goats, and other household essentials designed to support festive celebrations.

Over the years, Adron Homes & Properties has remained at the forefront of real estate development in Nigeria, consistently delivering affordable luxury and flexible payment structures tailored to a wide range of investors. The Sallah Mega Promo further reinforces the company’s mission to democratize property ownership while strengthening its relationship with clients through value-driven initiatives.

Prospective subscribers are encouraged to take advantage of this limited-time offer by contacting Adron Homes through its official channels.

📲 WhatsApp: +234 805 101 1951
🌐 Website: Adron Homes Official Website

With the Sallah season fast approaching, this promo presents a unique opportunity for Nigerians to celebrate meaningfully by securing their future through real estate investment while enjoying generous festive rewards.

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Please be careful, there’s a WhatsApp scam going around

Published

3 days ago

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April 12, 2026

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*Please be careful, there’s a WhatsApp scam going around

 

Scammers are currently impersonating Aigboje Aig-Imoukhuede, the Chairman of Access Holdings Plc, to trick people into fake investment schemes.

 

 

They’ve created a WhatsApp group called *“Value Focus Club 60”* using this number: *+234 915 708 8290*, and even used his picture to make it look real.

 

 

*Important things to know*:
• The Chairman is NOT on WhatsApp running any investment group
• Access Holdings does NOT offer investment advice via WhatsApp
• Any message claiming otherwise is 100% fake

A whistleblower actually spotted this and raised the alarm, so please don’t ignore this.

*What you should do*:
• Don’t join the group or engage them
• Don’t share your personal or banking details
• Block and report the number on WhatsApp
• Let others know so they don’t fall victim

The company is already working to shut it down, but awareness is key.

Please share this with your contacts, someone you know could be targeted.

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Business

HOUSE OF BIMPE FIT GAINS ATTENTION WITH TRENDY UNISEX FASHION LINE

Published

5 days ago

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April 10, 2026

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HOUSE OF BIMPE FIT GAINS ATTENTION WITH TRENDY UNISEX FASHION LINE

 

LAGOS — A fast-rising fashion brand, House of Bimpe Fit, is making waves in the style scene with its collection of modern, elegant outfits designed for both men and women.

 

The brand, which showcases a blend of contemporary and classic designs, is quickly attracting attention for its attention to detail and quality finishing. From sharply tailored men’s native wears and suits to chic, figure-flattering outfits for women, House of Bimpe Fit is positioning itself as a go-to destination for fashion lovers seeking both style and comfort.

Speaking on the brand’s vision, the management emphasized its commitment to delivering “quality outfits for both men and women,” ensuring customers step out with confidence and class regardless of the occasion.

 

Fashion enthusiasts have particularly praised the brand’s versatility, as it caters to a wide range of tastes—from corporate elegance to casual sophistication.

HOUSE OF BIMPE FIT GAINS ATTENTION WITH TRENDY UNISEX FASHION LINE

With an active presence on social media, especially on TikTok via @house_of_bimpefit, the brand is leveraging digital platforms to reach a broader audience and showcase its latest collections.

 

Industry watchers say House of Bimpe Fit is one to watch, as it continues to carve a niche for itself in Nigeria’s competitive fashion industry.

 

For inquiries, customers can contact the brand via phone at 0802 686 6277.

 

HOUSE OF BIMPE FIT GAINS ATTENTION WITH TRENDY UNISEX FASHION LINE

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