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HomeBusinessHeritage Bank CEO to bow out after 13 years as Sterling Bank...

Heritage Bank CEO to bow out after 13 years as Sterling Bank poaches top executive

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By Oludare Mayowa

 

The chief executive officer of Heritage Bank, Ifie Sekibo is expected to embark on his terminal leave soon ahead of his plans retirment from the poisiton he had held in the last 13 years in September this year.

Sources said Sekibo has already submitted his resignation letter to the board of directors of the bank indicating his intention to step down from his position by September this year. He may proceed on terminal leave any moment from now, the sources said.

He was the pioneer chief executive officer of the bank, who turns around the lender after the acquisition of defunct Societe Generale Bank then owned by the Saraki which was later transformed into Heritage Bank.

Already, the bank is shopping for a replacement within the industry and may announce one of the senior executives as acting CEO pending the recruitment of a new CEO.

Sources also said one of the top executives, who currently heads the agric desk has been poached by Sterling Bank and may be leaving the bank ahead of Sekibo.

READ ALSO: Nigeria’s equity market declines 2nd day in a row as Dangote Cement seeks to issue fresh bonds

It was learnt that the top executive has turned down all entreaties to stay back at Heritage Bank given his pivotal role in turning around the lender in recent times.

Efforts to confirm the report from the corporate affairs officials of the bank were futile as both phone calls and messages sent to them were unattended to.

However, our sources said Sekibo will be leaving the bank with huge benefits which may run to hundreds of millions of naira.

The board is said to be working out his exit package and the possibility of Sekibo returning back to the bank as the board chairman a few years after his retirement.

Prior to his teaming up with some group to acquire Societe Generale Bank in 2009, Sekibo led a team that acquired Global Assurance Company Limited, previously under the technical management of the National Insurance Commission and rebranded the insurer to International Energy Insurance, which was later listed on the board of Nigerian Exchange group.

Under his watch, Heritage Bank acquired Enterprise Bank Ltd, to create a bigger institution

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