By Sam Nwokoro
Correspondent
The choice by the Central Bank of Nigeria (CBN) of Heritage Bank (HB) as its pilot implementor of the National Youth Entrepreneurship Scheme (NYES) is a testament to the trust HB has garnered from stakeholders in its short span of existence.
The strength of any financial house derives from the faith reposed in it by stakeholders.
Whether it is a bank, a stock broking firm, a consultancy outfit or a thrift collection scheme, the staying power for handling public legal tenders or instruments is corporate integrity.
Such trust encourages regulators to assign major tasks which ordinarily others would compete for, with all connections and wheeling-dealing, without getting it.
Thus it is a credit to the young HB, the offshoot of Societe General Bank, to get the approval of the CBN to administer its N500 million NYES.
HB’s Youth Innovative Entrepreneurship Development Programme (YIEDP) confirms that it has cut its teeth in the banking sector.
The programme is out to harness the entrepreneurial spirit of Nigeria’s 64 million youths by providing affordable loans to implement their business ideas.
The bank has ring-fenced N500 million for the scheme, which is open to youths aged 18-35 years.
Serving members of the National Youth Service Corps (NYSC) and those with post service experience of no more than five years are also qualified for funding.
Sectors covered include
• Agric allied ventures.
• Food processing and preservation.
• Arts and craft.
• Manufacturing.
• Cottage industry.
• Information communication technology (ICT).
• Construction support.
• Power and energy.
• Education and financial inclusion.
• Film and photography.
• Vehicles.
Heritage Bank’s Small and Medium Sized Enterprises (SMEs) categories include Business Classic with maximum annual debit transaction of N50 million, SME Business Pro (N100 million), SME Premium (N250 million), and foreign scholarship ($5,000).
A brand and its uniqueness
Over the past few years, Heritage Bank has quietly emerged on Nigeria’s financial landscape as one that can afford to berth in the top 10 through gradual expansion, fusion, and process integration.
It has stayed clear of scandals and controversies that are the bane of some brands.
HB’s green and cowrie emblem conveys the imagery of friendliness to stakeholders, industrial peace, and good corporate compliant philosophy.
The bank has announced in newspapers for youths to knock on its doors for financial services, a novelty in Nigeria’s banking scene where the scramble for credit is prevalent.
The seamless fusion of Heritage Bank and Enterprise Bank shows again the dynamism of the management, and the bank has witnessed one of the fastest modernisations in its short time of existence.
HB has presence in more than 26 states. It boasts 200 branches, 177 automated teller machines (ATMs), 57 cash centres, and 2,000 POS locations.
An effective implementation of the YIEDP means HB is on its way to acquiring global pedigree to access multilateral credits, synergies, and grants for the benefit of the economy.
A CEO focused on the future
HB Chief Executive Officer (CEO), Ifie Sekibo, is an alumnus of Harvard Business School OPM Class (2006-2009) and a Fellow of the Institute of Chartered Accountants of Nigeria (2002).
He has over two decades of professional work experience spanning the financial services and energy sectors.
He is an entrepreneur, game changer, and result-oriented professional with a track record in turn-around management.
These attributes drive his vision to lead teams which mobilise investment and capital injection to resuscitate and restructure moribund companies to profitability.
In 2003, Sekibo led a team which acquired Global Assurance Company Limited, previously under the technical management of the National Insurance Commission (NAICOM).
As executive vice chairman, he steered the new institution, International Energy Insurance (IEI), which became a frontline insurance company with a successful capital raise and listing on the Nigerian Stock Exchange (NSE).
In 2009, he led another team which nurtured the re-birth of Societe Generale Bank which was transformed into Heritage Banking where he became pioneer managing director/CEO.
His drive for turn-around management is further evidenced by the recent acquisition of Enterprise Bank to create a bigger, better and stronger Heritage Bank.
Sekibo is a member and fellow of professional bodies, including the Institute of Directors, Institute of Petroleum, London; Nigerian Institute of Management, and Chartered Institute of Bankers of Nigeria.
