Alhaji Seidu Agongo, a troubled businessman, has described how the Bank of Ghana’s new administration shattered his ambition and aspiration of transforming the now-defunct Heritage Bank into a continental brand capable of competing with foreign banks both in and outside of Ghana.
Dr. Ernest Addison, governor of the Bank of Ghana, declared in January of this year that the bank’s license had been revoked due to alleged criminal activity in a COCOBOD case, despite the fact that the case was still before the High Court.
Mr. Seidu Agongo was “not fit” to own a bank in Ghana, according to the BoG governor, because he was being investigated by the state in a GHs 271 million Ghanaian currency case, he said in a statement on the reasons for the Heritage Bank’s demise. Dr. Stephen Opuni, CEO of COCOABOD, was involved in a fertilizer scandal involving a farmer.
“In July 2014, I set out to build a brand that will endure and stand the test of time,” Mr. Agongo, the bank’s founder and majority stakeholder, stated in response to the bank’s statement on Friday, September 6.
“It was a deliberate attempt, guided and inspired by a passion to create a formidable brand from scratch onto the world economic stage. Like Ecobank, Access bank and Stanbic bank, which are successful African brands in the financial space , that brand was envisage to be a proud continental bram , blazing the flag of Ghana and rubbing shoulders with counterparts elsewhere.
In an obviously heartbreaking tone, he intimated that the woes of his bank began upon the assumption of office of the current management of Bank of Ghana led by Dr. Ernest Addison in 2017.
“With the relevant financial resources in hand, we completed the preparatory works and October 2016, acquired a license 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 assemble and one of the best and most robust working structures put together to render niche services that will endear those we come into contact with.
All was well until 2017 , when a new regulatory regime started taking us prisoner “, he stated.