Business
New Heritage Bank Set To Disappoint workers, Plans to sack hundreds of staff
Contrary to the belief that Heritage Bank Limited would mesmerize the banking industry following its acquisition of Enterprise Bank Plc, the opposite is what is set to happen.
Information available to us has revealed that Heritage Bank Plc is rather set to bring retrogression to the industry, as it is set to sack hundreds of thousands of its staff.
In a recent media event organised by Heritage Bank Limited for its chairman Akinsola Akinfemiwa, the Managing Director/Chief Executive Officer of Heritage Bank Limited, Ifie Sekibo was quoted as saying
that Heritage Bank Limited will sell off all subsidiaries of its acquired Enterprise Bank Plc in order to focus on core banking.
Sekibo’s words: ‘the subsidiaries acquired along with Enterprise Bank Plc will be disposed of at a later time, as Heritage Bank intends to focus mainly on the business of commercial banking.’
As at the time of its acquisition, Enterprise Bank Plc is known to own seven subsidiaries and two associated companies with a network of over 150 branches nationwide.
Based on Sekibo’s above statement of selling off the two associated companies, seven subsidiaries, the implication is that employees working in these companies would be laid off.
From what we gathered, there are thousands people on their payroll.
Panic has already gripped staff of the companies going by another statement credited to Sekibo that: ‘The bank will stop injecting funds into the subsidiaries pending the time that they will be sold off.’’
Interestingly, this seems to go against why Heritage Bank Limited was declared the preferred bidder of Enterprise Bank Plc instead of Fidelity Bank, which many people thought would win the bid.
It would be recalled that the former Managing Director of the Asset Management Corporation of Nigeria (AMCON), Mustaha Chike-Obi was quoted as saying the Sekibo-led bank had promised to ensure that
Enterprise Bank Plc’s employees keep their job during the integration.
But the latest development seems to contradict Chike-Obi’s statement.
Asides Chike-Obi’s reassuring statement, another person who also assured employees of Enterprise Bank Plc of the security of their job was Heritage Bank Limited’s former Executive Director Ivory Banking, Mary Akpobome, who was announced Enterprise Bank MD.
She was quoted as saying that staffers of the acquired bank need not fret over any case of mass sack, as a specialized method of pruning had been setup to ensure only those who do not fit in are sacked.
Akpobomeh’s words “our top line focus is to ensure that people’s jobs are preserved based on their value creating capability. A key element of our people resourcing and placement program is based on global
standard type appraisal to determine how fit they are for the combined entity.
“In the event that some of the staff are discovered to lack required competencies, we will have in place an appropriate program to deal with such occurrence. This Assignment is being carried out by a set of reputable consulting firms as part of the on-going integration program”.
Interestingly, this is not what seems to be happening and the situation becomes amazing especially when the fact that Heritage Bank Limited prides itself with a commitment to the promise of creating and
preserving wealth across generations through highly personalised banking service is considered.
Observers of the development at Heritage Bank Limited are saying that what they have simply done is …., a situation where you buy a company and cannibalize it by selling parts of it to recover the initially
invested capital.
Renewed Hope Ambassadors Inspect RHA Secretariat
Renewed Hope Ambassadors, led by its Director-General and the Governor of Imo State, Hope Uzodinma, alongside Zonal Coordinators (NW, NC, SE), the Media & Publicity Directorate, and other key stakeholders, inspected the RHA Secretariat two days after President Bola Tinubu unveiled the Renewed Hope Ambassadors grassroots engagement drive in Abuja.
Harmony Gardens’ Ibeju-Lekki Portfolio Crosses $1bn
Harmony Garden & Estate Development Limited has expanded its development activities across Ibeju-Lekki, pushing the projected long-term value of its estate portfolio beyond $1 billion.
Led by Chief Executive Officer Hon. Dr. Audullahi Saheed Mosadoluwa, popularly know Saheed Ibile, the company is developing seven estates within the Lekki–Ibeju corridor. Details available on Harmony Garden & Estate Development show a portfolio spanning land assets and ongoing residential construction across key growth locations.
A major component is Lekki Aviation Town, where urban living meets neighborhood charm, located near the proposed Lekki International Airport and valued internally at over $250 million. The development forms part of the company’s broader phased expansion strategy within the axis.
Other estates in the corridor tagged as the “Citadel of Joy” (Ogba-idunnu) include Granville Estate, Majestic Bay Estate, The Parliament Phase I & II, and Harmony Casa Phase I & II.
With multiple projects active, the rollout of the Ibile Traditional Mortgage System, and structured expansion underway, Harmony Garden & Estate Development Ltd continues to deepen its presence within the fast-growing Ibeju-Lekki real estate market.
Business
BUA Group Showcases Food Manufacturing Strength at 62nd Paris International Agricultural Show
BUA Group Showcases Food Manufacturing Strength at 62nd Paris International Agricultural Show
BUA Group, one of Africa’s leading diversified conglomerates, is maintaining a strong presence at the ongoing 62nd edition of the Paris International Agricultural Show in France, participating as a premium sponsor and supporting the Nigeria Pavilion at one of the world’s most respected agricultural gatherings.
The 62nd Paris International Agricultural Show, taking place from February 21 to March 1, 2026, at Porte de Versailles in Paris, convenes global leaders across farming, agro processing, technology, finance, and policy. The event serves as a strategic platform for industry engagement, knowledge exchange, and commercial partnerships shaping the future of global food systems.
BUA Group’s participation reflects its long term commitment to strengthening the entire food production value chain. Through sustained investments in large scale processing, value addition, and branded consumer products, the Group continues to reinforce its role in advancing food security, industrial growth, and regional trade integration.
Speaking on the Group’s participation, the Executive Chairman of BUA Group, Abdul Samad Rabiu CFR, said, “BUA’s presence at the Paris International Agricultural Show reflects our belief that Africa must be an active participant in shaping the future of global food systems. We have invested significantly in local production capacity because we understand that food security, industrial growth, and economic resilience are interconnected. Platforms like this allow us to build partnerships that strengthen Nigeria’s competitiveness and expand our reach beyond our borders.”
BUA Foods, a subsidiary of BUA Group, maintains a strong footprint in flour, pasta, spaghetti, sugar, and rice production, serving millions of consumers within Nigeria and across neighbouring African markets. The Managing Director of BUA Foods, Engr. Abioye Ayodele, representing the Executive Chairman, is attending the event at the Nigeria Pavilion, engaging industry stakeholders and showcasing the company’s manufacturing capabilities.
Also speaking at the show, Engr. Ayodele stated, “BUA Foods has built scale across key staple categories that are central to household consumption. Our participation at this Show allows us to demonstrate the quality, consistency, and operational strength behind our products. We are also engaging global stakeholders with a clear message that Nigerian manufacturing can meet international standards while serving both domestic and regional markets efficiently.”
The Show provides BUA Group with an opportunity to deepen trade relationships, explore new export pathways, and reinforce Nigeria’s growing relevance within the global agricultural and food ecosystem.
BUA Group remains focused on building enduring institutions, expanding productive capacity, and positioning African enterprise competitively within global markets.
-
celebrity radar - gossips6 months agoWhy Babangida’s Hilltop Home Became Nigeria’s Political “Mecca”
-
society5 months agoReligion: Africa’s Oldest Weapon of Enslavement and the Forgotten Truth
-
society6 months agoPower is a Loan, Not a Possession: The Sacred Duty of Planting People
-
news7 months agoTHE APPOINTMENT OF WASIU AYINDE BY THE FEDERAL GOVERNMENT AS AN AMBASSADOR SOUNDS EMBARRASSING
You must be logged in to post a comment Login