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Breaking: Heritage Bank MD, George-Taylor in failed attempt to allegedly shut down popular website over fraud report



Akinola George-Taylor, Managing Director of embattled Heritage Bank is yet again engulfed in a failed move to blackmail ENigeria Newspaper.

This is following a revelation in an exclusive report published on ENigeria Newspaper website days back. The news bordering on an alleged diversion of N49 billion from the bank’s coffers via its Finacle platform went viral almost immediately with several news portals reproducing it and giving ENigeria Newspaper credit as the original owners.

Not long afterward, we began to notice the hand of Esau and the voice of Jacob in the series of events that ensued.
First was an attempt to hack and hijack our website by skilled internet phishers, one which was immediately averted by our team of IT experts. Still undeterred, our domain registrars wrote us via our official mailbox mandating us to take down the report which exposed the rot, high level of fraud, and insider dealing in the Akinola George-Taylor-led Heritage Bank on grounds of a concocted copyright claim by an unnamed individual or company.


After proper consultation with our legal team, it became inevitable that we write an official response to the mail which we consider not only audaciously insulting but embarrassing too.

In this era of serious advocacy for a free press worldwide, it is especially embarrassing that a company like Heritage Bank, which has public records pointing to its Capital Adequacy Ratio (CAR) and Liquidity Ratio (LR) crisis; along with a boardroom crisis orchestrated internally, can go that low just to prove a point to media practitioners.


While we want to assure our readers that we stand by our story, we also want to formally warn Mr. George-Taylor and his cohorts to cease and desist immediately from dragging their brand in the mud and apply the requisite energy to fix the issues pointed out in our report instead of beating about the bush.

The story is hereby reproduced below:

Tension in Heritage Bank as Head of IT Diverts N49 Billion into Separate Accounts, Disappears
Heritage Bank, one of Nigeria’s lending establishments is once more caught in the web of another severe crisis shaking it to its very roots.


Fresh information from informed sources at the bank indicates that Heritage Bank appears to have seen better days as this is as ENigeria Newspaper reports that among the catalogue of issues currently hanging around the lender’s neck as the proverbial hangman’s noose includes, a serious boardroom crisis which has seen the edging out of allies of its former Managing Director and Chief Executive, Ifie Sekibo from the board of the moribund bank.


Further investigations by this newspaper revealed that apart from the issues of “Capital Adequacy Ratio (CAR) and the Liquidity Ratio (LR), the commercial bank is also grappling with many other crises that tend to threaten its survival. One of them is its poor services which are staring its customers in the face. Already, most of the bank’s branches are awash with complaints of unsatisfied customers whose singsong is their plans to close their accounts due to the long hours they experience to get services from Heritage Bank staff.


There are also strong indications that the lender which is currently on life support is only an inch away from the harmer of the Central Bank of Nigeria (CBN).

Heritage Bank’s Boardroom crisis worsens, Ifie Sekibo’s loyalists edged out

You would recall that, months ago, ENigeria Newspaper reported that Ifie Sekibo, a banking legend and boardroom guru who was the founder of the bank bowed out upon the expiration of his tenure in line with the directive outlined by the apex bank.


This Newspaper exclusively reports that since his exit, things have reportedly further degenerated on the watch of the new helmsman, Akinola George-Taylor who is said to have allegedly connived with other members of the board to frustrate loyalists of his predecessor.

Even though George Taylor is faced with the huge challenge of reviving the fortunes of the ailing bank and drive growth, sources say he has instead, allegedly, instigated multiple internal crisis, in an attempt to rid the bank of those suspected to be loyalists of some board members, and employ his own people. This is according to an account by a reliable source in the bank.


“Some key members of the board, connived with the MD (George-Taylor) to sideline others who are considered to be loyal to Ifie and as for other members of staff who are in the same category, they have been sacked with immediate effect and that includes, Rilwan Dabiri, head of IT department in the bank and over 70 others”, the source said.


On the other hand, another source who spoke to us on the condition of anonymity said, “Although many have been sacked from the Bank, most of them have been indicted in one fraud or the other, thus their sacking by the new management is justified”. The source further stated that only a few who were hit by the mass sacking are victims of circumstance.

Heritage Bank’s Head of IT Diverts N49 Billion into Separate Accounts, Disappears

Meanwhile, ENigeria Newspaper also learned that Rilwan Dabiri upon exit handed over the IT department to his successor who is simply identified as Akin. Since resuming his new position as head of IT, Akin had allegedly been engaging in serious insider fraud which includes unauthorized transfer of funds from the bank’s coffers into private bank accounts which he secretly operates without the knowledge of his employers.


According to the bank’s structure, only the head of IT has sole access and operates the Finacle platform which is solely used for online transfer of funds in the financial sector. For this reason, Akin who has unfettered access to the platform seized the opportunity to initiate multiple transfers of about N49 billion into six accounts domiciled in six commercial banks in Nigeria.

His escapades were soon exposed following an internal audit per the instruction of the bank’s MD, George Taylor which reportedly exposed the mega fraud. Upon further interrogation, he was only able to drop one of the six accounts before disappearing and switching off his phone.


The management of the bank is afraid of inviting the Economic and Financial Crimes Commission (EFCC) to open an investigation for fear of stirring up the hornet nest.

It remains to be seen how the new leadership of Heritage Bank under the watch of Akinola George-Taylor intends to steer the lender off troubled waters, but key indicators suggest that things are not good.


Credit: E-Nigeria Newspaper.


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