Business
Heritage Bank’s 8 years journey of entrenching business of banking in Nigeria
Heritage Bank’s 8 years journey of entrenching business of banking in Nigeria- Today marks a worthy milestone in the life of one of the fastest growing financial service provider, 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 organisation 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 a 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 a 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 organisations, has continued to make efforts to transforming 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, 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 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 trial 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 10per cent contribution of mining sector to GDP by 2026. Referring to this 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 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 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 brood stock 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 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 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 small holder 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.
Business
Deadline of Compliance: Nigeria’s Urgent Call for Tax Return Filing
Deadline of Compliance: Nigeria’s Urgent Call for Tax Return Filing
By George Omagbemi Sylvester | Published by SaharaWeeklyNG.com
“Shift or Structural Demand? A Declaration of Civic Duty in a Nation at a Fiscal Crossroads.”
In the unfolding narrative of national development and economic reform, few instruments are as defining as tax compliance. For Nigeria, a nation perpetually grappling with revenue shortfalls, structural dependency on a single export commodity, and entrenched informal economic behaviour, the Federal Government’s recent clarification on tax return deadlines is not mere bureaucratic noise. It is a deliberate and inescapable declaration: the social contract between citizen and state must be honoured through transparent, lawful and timely tax reporting.
At its core, the government’s pronouncement is stark in its simplicity and radical in its implications. Federal authorities, speaking through the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, have made it unequivocally clear that every Nigerian, whether employer or individual taxpayer, must file annual tax returns under the law. This encompasses self-assessment filings by individuals that too many assumed ended once employers deducted pay-as-you-earn taxes from their salaries.
This is not an optional civic suggestion, it is mandatory, backed by statute, and tied to a broader vision of national fiscal responsibility. Citizens can no longer hide behind ignorance, apathy, or false assumptions. “Many people assume that if their employer deducts tax from their salaries, their obligations end there. That is wrong,” Oyedele warned, emphasizing that the obligation to file remains with the individual under both existing and newly reformed tax laws.
The Deadlines and the Reality They Reveal.
Across the federation, state and federal revenue authorities have reaffirmed statutory deadlines in pursuit of compliance. The Lagos State Internal Revenue Service, for instance, moved to extend its filing date for employer returns by a narrow window, reflecting the reality that compliance often lags behind legal timelines. The extension was intended not as leniency, but as a pragmatic effort to allow accurate and complete submissions, underscoring that true compliance rises above mere mechanical ticking of a box.
At the federal level, Oyedele’s intervention was even more fundamental. He reminded Nigerians that annual tax returns for the preceding year must be filed in good faith, with integrity and in respect of the law. This applies regardless of income level including low-income earners who have historically believed that they are outside the tax net. “All of us must file our returns, including those earning low income,” he stated.
Herein lies one of the most challenging truths of contemporary Nigerian governance: widespread tax non-compliance is not just a technical breach of law, it is a deep cultural and structural issue that reflects decades of mistrust between citizens and the state.
The Root of the Problem: Non-Compliance as a Symptom.
Nigeria’s tax culture has long been under scrutiny. Public discourse and economic analysis consistently show that a significant majority of eligible taxpayers do not file annual returns. Oyedele highlighted that even in states widely regarded as tax administration leaders, compliance remains strikingly low, often below five percent.
This widespread non-compliance stems from multiple sources:
A long history of weak tax administration systems, where enforcement was inconsistent and penalties were rarely applied.
A perception that public services do not reflect the taxes collected, eroding the citizenry’s belief in reciprocity.
An informal economy where income often goes unrecorded, making filing seem irrelevant or impossible to many.
Lack of awareness, with many Nigerians genuinely believing that tax liability ends with employer deductions.
The government’s renewed push for compliance directly challenges these perceptions. It signals a shift from voluntary or lax compliance to structured accountability, a stance that aligns with best practices in modern public finance.
Why This Matters: Beyond Deadlines.
At its most profound level, the insistence on tax return filings is about nation-building and shared responsibility.
Scholars of public finance universally agree that a robust tax system is the backbone of sustainable development. As the eminent economist Dr. Joseph E. Stiglitz has observed, “A society that cannot mobilize its own resources through fair taxation undermines both its government’s legitimacy and its capacity to provide for its people.” Filing tax returns is not a mere administrative task, it is a declaration of participation in the collective project of national advancement.
In Nigeria’s context, this declaration carries weight. With the enactment of comprehensive tax reforms in recent years (including unified frameworks for tax administration and enforcement) authorities now possess broader statutory tools to ensure compliance and accountability. These measures, which include electronic filing platforms and stronger enforcement powers, have been framed as fair and equitable, targeting efficiency rather than arbitrariness.
Yet the success of these reforms depends heavily on citizens embracing their civic duties with sincerity. And this depends on mutual trust, the belief that paying taxes yields tangible benefits in infrastructure, education, healthcare, security and social services.
Voices From Experts: Fiscal Responsibility as a Public Ethic.
Tax law experts and economists, reflecting on the compliance push, have underscored a universal theme: taxation without transparency is inequity, but taxation with accountability is empowerment. When managed with fairness, a functional tax system can reduce dependency on volatile revenue sources, stabilise national budgets, and support long-term investment in human capital.
Professor Aisha Bello, a respected authority in fiscal policy, notes that “Tax compliance is not a burden; it is the foundation upon which social contracts are built. A citizen who honours tax obligations affirms the legitimacy of governance and demands better performance in return.”
Similarly, a leading tax scholar, Dr. Emeka Okon, argues that “The era when Nigerians could evade broader tax responsibilities simply because automatic deductions occur at source must end. For a modern economy, every eligible citizen must be part of the formal tax fold not as victims, but as stakeholders.”
These authoritative voices point to an unassailable truth: filing tax returns is both a legal requirement and a moral responsibility, an expression of citizenship in its fullest sense.
Challenges on the Ground: Compliance and Capacity.
While the rhetoric of compliance is compelling, the reality on the ground demands nuanced understanding. Many taxpayers (especially in the informal sector) lack meaningful access to digital platforms and resources for filing returns. For others, the fear of bureaucratic complexity and perceived punitive enforcement deters participation.
The government, for its part, has responded by promoting online systems and pledging greater taxpayer support. Tax authorities are increasingly engaging stakeholders to demystify filing processes, explain requirements and offer assistance. This mix of enforcement and facilitation is essential. As one seasoned revenue specialist observed: “The state cannot compel compliance through force alone; it must earn it through education, simplicity and fairness.”
The Broader Implication: A New Social Compact.
Ultimately, Nigeria’s renewed emphasis on tax return filing transcends administrative deadlines. It is an unequivocal declaration that national development is a shared responsibility, that citizens and state must engage in a transparent, accountable, and reciprocal relationship.
Tax compliance, therefore, becomes far more than a legal act; it becomes a moral claim on the nation’s future.
When citizens file their returns honestly, they affirm their stake in the nation’s destiny. When the government collects taxes transparently and deploys them effectively, it strengthens not only public services but civic trust itself.
In this sense, the deadlines proclaimed by Nigeria’s fiscal authorities mark not an end but a beginning; the beginning of a civic epoch in which accountability replaces apathy, participation replaces indifference and national purpose triumphs over fragmentation.
The road ahead will not be easy. But in demanding compliance, Nigeria is demanding more than tax returns. It is demanding commitment and that, ultimately, is the foundation on which nations are built.
Business
BUA Foods Records 91% Surge in Profit After Tax, Hits ₦508bn in 2025
BUA Foods Records 91% Surge in Profit After Tax, Hits ₦508bn in 2025
By femi Oyewale
Business
Adron Homes Unveils “Love for Love” Valentine Promo with Exciting Discounts, Luxury Gifts, and Travel Rewards
Adron Homes Unveils “Love for Love” Valentine Promo with Exciting Discounts, Luxury Gifts, and Travel Rewards
In celebration of the season of love, Adron Homes and Properties has announced the launch of its special Valentine campaign, “Love for Love” Promo, a customer-centric initiative designed to reward Nigerians who choose to express love through smart, lasting real estate investments.
The Love for Love Promo offers clients attractive discounts, flexible payment options, and an array of exclusive gift items, reinforcing Adron Homes’ commitment to making property ownership both rewarding and accessible. The campaign runs throughout the Valentine season and applies to the company’s wide portfolio of estates and housing projects strategically located across Nigeria.
Speaking on the promo, the company’s Managing Director, Mrs Adenike Ajobo, stated that the initiative is aimed at encouraging individuals and families to move beyond conventional Valentine gifts by investing in assets that secure their future. According to the company, love is best demonstrated through stability, legacy, and long-term value—principles that real estate ownership represents.
Under the promo structure, clients who make a payment of ₦100,000 receive cake, chocolates, and a bottle of wine, while those who pay ₦200,000 are rewarded with a Love Hamper. Payments of ₦500,000 attract a Love Hamper plus cake, and clients who pay ₦1,000,000 enjoy a choice of a Samsung phone or a Love Hamper with cake.
The rewards become increasingly premium as commitment grows. Clients who pay ₦5,000,000 receive either an iPad or an all-expenses-paid romantic getaway for a couple at one of Nigeria’s finest hotels, which includes two nights’ accommodation, special treats, and a Love Hamper. A payment of ₦10,000,000 comes with a choice of a Samsung Z Fold 7, three nights at a top-tier resort in Nigeria, or a full solar power installation.
For high-value investors, the Love for Love Promo delivers exceptional lifestyle experiences. Clients who pay ₦30,000,000 on land are rewarded with a three-night couple’s trip to Doha, Qatar, or South Africa, while purchasers of any Adron Homes house valued at ₦50,000,000 receive a double-door refrigerator.
The promo covers Adron Homes’ estates located in Lagos, Shimawa, Sagamu, Atan–Ota, Papalanto, Abeokuta, Ibadan, Osun, Ekiti, Abuja, Nasarawa, and Niger States, offering clients the opportunity to invest in fast-growing, strategically positioned communities nationwide.
Adron Homes reiterated that beyond the incentives, the campaign underscores the company’s strong reputation for secure land titles, affordable pricing, strategic locations, and a proven legacy in real estate development.
As Valentine’s Day approaches, Adron Homes encourages Nigerians at home and in the diaspora to take advantage of the Love for Love Promo to enjoy exceptional value, exclusive rewards, and the opportunity to build a future rooted in love, security, and prosperity.
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