Seidu Agongo ‘Mourns’ Heritage Bank

SEIDU AGONGO, the majority shareholder of collapsed Heritage Bank, is grieving over a public announcement made recently that the bank’s assets were due to be auctioned.

Heritage Bank, which is currently under receivership, was one of nine banks whose licences were revoked since 2017. It did not pass the Bank of Ghana’s benchmark for strong banks hence the loss of its licence to the clean up exercise to rid the banking sector of weak and insolvent banks.

Mr Agongo is currently standing trial for causing financial loss to the state in some contracts involving the supply of fertiliser to the Ghana Cocoa Board (COCOBOD).

Following the announcement, the businessman and philanthropist, has written an emotional eulogy on the bank.

The embattled businessman in a Facebook post titled ‘a sad end?’ said he envisaged Heritage Bank to be “a proud continental brand, blazing the flag of Ghana and rubbing shoulders with counterparts elsewhere.”

He said he was hopeful of building a stronger brand in Heritage Bank similar to the likes of Ecobank of Togo, Access Bank of Nigeria and Stanbic Bank of South Africa.

“In July 2014, I set out to build a brand that will endure and stand the test of time.

It was a deliberate attempt, guided and inspired by a passion to create a formidable brand from scratch onto the world economic stage,” he said.

He added that with the relevant financial resources in hand, “we completed the preparatory works and in October 2016, acquired a licence from Bank of Ghana to operate as Heritage Bank Ghana Limited.”

“The dream was on and in the twinkle of an eye, a group of highly motivated staff were assembled and one of the best and most robust working structures put together to render services that will endear those we came into contact with.

All was well until 2017, when a new regulatory regime started, taking us prisoner,” he noted.

He continued that the bank, which was collapsed in January this year, was “the only solvent bank to have lost its licence to the Bank of Ghana’s reforms.”

“Almost nine months down the line, the properties of the once cherished, blossoming and glowing brand are now up for auction; an auction that is akin to the virtual continuous auctioning of shrewd business ideas in our part of the world.”

According to him, “Heritage Bank may be gone but the flame has not quenched and will not be quenched.”

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