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New Heritage Bank Set To Disappoint workers, Plans to sack hundreds of staff

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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.

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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.

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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.

 

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Prophet Fasola launches inspirational book, ‘Knowing Your Position in Christ’ on Amazon

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Prophet Fasola launches inspirational book, ‘Knowing Your Position in Christ’ on Amazon

 

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Upwardly mobile Evangelist, Prophet Idowu Fasola, otherwise known as Broda Woli has launched his inspirational book, ‘Knowing Your Position in Christ’ on Amazon.

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‘Knowing Your Position in Christ’ is an exciting book that uncovers the reader’s identity and purpose as a Christian.

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According to the author, in the book, readers will “learn that, through your faith in Jesus, you’re welcomed into God’s family with open arms. You gain salvation, righteousness, and an incredible inheritance. This book will help you grasp your new identity in Christ and inspire you to live in a way that truly honors God.”

 

Prophet Fasola (Broda Woli) is the Shepherd-in-Charge of Celestial Church of Christ Hirahjahman Parish. He has a deep understanding of the teachings of Christ and a passion for sharing them with others.

In addition to his spiritual gifts, Prophet Fasola is also versatile in many other areas, including Writing, Songwriting, Content
Creation, Video editing, Graphics Design, and using social media to spread the gospel of Jesus Christ.

Through his book, Prophet Fasola aims to inspire and guide others to better understand their position in Christ and to live out their faith in meaningful ways. With his passion for sharing the message of hope and love found in Jesus Christ, Prophet Fasola is dedicated to helping others grow in their relationship with God and to live a life of purpose and fulfillment.

 

Read book here:

 

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AAS $87m Theft Case: Abayomi Oluwasesan Remanded In Suleja Prison As Police Arrest Prince Humble, Engineer Oma

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AAS $87m Theft Case: Abayomi Oluwasesan Remanded In Suleja Prison As Police Arrest Prince Humble, Engineer Oma

 

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Abayomi Segun Oluwasesan who confessed to have committed the heinous crime of defrauding the leading global crypto space known as Afriq Arbitrage System to the tune of $87m has been remanded at the Nigerian correctional service, Suleja Custodian center.

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AAS $87m Theft Case: Abayomi Oluwasesan Remanded In Suleja Prison As Police Arrest Prince Humble, Engineer Oma

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The suspect along side his wife, Tijani Anjolaoluwa were unable to perfect the stringent bail conditions given them by the high court. Thus, they were remanded at the Suleja prison till the next hearing.

 

 

 

Meanwhile, two of the major suspects fingered in the allegation of cyber bullying and cyber stalking of the Chief Executive Officer of Afriq Arbiritage System, Prince Humble Eteng and Engineer Fimienye Awajioma have been arrested by the police.

 

 

It would be recalled that the board of directors of Afriq Arbitrage Systems after an emergency meeting last week condemned in strong terms the attitudes of Prince Humble Otu Eteng, Michael Okoh, Okoi Daniels, Engineer Awajioma and others about their nefarious activities to injure the longstanding reputation the organisation has maintained and in a final resolution, resolved that the above parties be sued for defamation and has slammed a ten million dollar lawsuit with a suit number w/2011/2024 against them at the High court of the Federal capital territory in the Abuja judicial division on Monday, April 15th, 2024 on charges bothering on cyber bullying, attempt to life and property, lies and unlawful incitement and instigation against him, his family and organisation.

 

 

 

After due diligence in their investigation, we reliably gathered that the police were able to track the two suspects and are currently being interrogated at the IGP special investigation unit.

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Milan Industries claims N850 billion damages against AMCON

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Milan Industries claims N850 billion damages against AMCON

Milan Industries claims N850 billion damages against AMCON

 

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…Over wrongful sale of Intercontinental Hotels

 

 

 

 

 

 

 

 

Sahara Weekly Reports That The Milan Industries Ltd, owners of Intercontinental Hotels, Lagos has filed Eight Hundred and Fifty Billion Naira (N850,000,000,000.00) damages claim against Assets Management Corporation of Nigeria (AMCON) over wrongful sale of Intercontinental Hotels Lagos.

 

 

 

 

 

Milan Industries claims N850 billion damages against AMCON

 

 

 

 

 

 

The firm had earlier filed a suit against AMCON and Polaris Bank challenging the sale of the hotel over Milan’s alleged indebtedness to Polaris, following a banking relationship between them. AMCON allegedly acquired Milan’s alleged indebtedness from Polaris, and in a bid to recover the alleged debt, purportedly sold Intercontinental Hotels – the security for the loan, to a third party. However, in December 2022, the Court of Appeal, Lagos Division, set aside the sale of Intercontinental Hotels Limited, by AMCON as being unlawful.

 

 

 

 

 

 

 

 

 

 

 

 

The claim is contained in a suit against AMCON at the Federal High Court Lagos in which Milan Industries is claiming that as a result of the unlawful sale and takeover of its hotel, it has suffered an estimated loss of more than Eight Hundred and Fifty Billion Naira (N850,000,000,000.00 ), which sum, it is now seeking from AMCON as damages in court.

 

 

 

 

 

 

 

 

 

 

 

 

The firm in its statement of claim, said “despite lodging an appeal against the judgment of the Court of Appeal, AMCON in clear abuse of court process, is also attempting to recover the unsecured part of the debt, which it estimates to be Forty Billion Two Naira (N42,000,000,000.00 ). Remarkably, at the time the hotel was sold to the third party, it was valued at Eighty-five Billion Naira (N85,000,000,000.00) whereas Milan’s indebtedness stood at Fifteen Billion Naira (N15,000,000,000.00) only, at most.”

 

 

 

 

 

 

 

 

 

 

 

 

 

According Milan Industries, “To date, AMCON and Polaris have not informed Milan how much the hotel was purportedly sold for, and whether as a result, the debt is fully liquidated or not. The directors of Milan Industries Limited are vigorously contesting the bankruptcy proceeding commenced against them by AMCON.”

 

 

 

 

 

 

 

 

 

 

 

 

 

As a result, the directors of Milan Industries have already instructed the law firms of Prof A. B. Kasunmu L.P, Ahmed Raji & Co., and A. B. Sulu Gambari & Co. to represent them in court.

 

 

 

 

 

 

 

 

 

 

“The bankruptcy proceeding is a grand design by AMCON to divert attention from the monumental damages they have inflicted on Milan Industries Limited which they, along with Polaris, must surely pay for”, the firm stated in its statement.

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