Heritage Bank
Corporate brand
UnclaimedA Nigerian commercial bank that operated under a national banking license until its license was revoked in June 2024.
Last updated August 31, 2026
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Overview
Heritage Bank was a Nigerian financial-services institution that operated under the Heritage Bank brand and held a national banking license from the Central Bank of Nigeria. Its business covered retail banking, corporate banking, internet and electronic banking, investment banking, and asset-management services. The bank was headquartered on Ahmadu Bello Way in Victoria Island, Lagos, and developed a nationwide presence through branches, automated banking centers, and automated teller machines. The institution's origins were connected to Societe Generale Bank (Nigeria), which was established in the late 1970s by Olusola Saraki. The Central Bank of Nigeria closed Societe Generale in January 2006 after the bank failed to meet revised minimum-capital requirements for national banks. Societe Generale challenged the closure in court, and the Central Bank subsequently re-issued its license in December 2012, initially on a regional-bank basis. After the license was acquired by new investors, the institution was rebranded as Heritage Banking Company Limited and began operating under the Heritage name on 4 March 2013. Heritage later expanded through the acquisition of Enterprise Bank Limited. In October 2014, its investment arm, Heritage Investment Services Limited, met the requirements set by the Asset Management Corporation of Nigeria and the Central Bank of Nigeria to acquire all shares in Enterprise Bank. The transaction was formally transferred by AMCON on 27 January 2015. Enterprise Bank brought a substantial branch network and customer base, strengthening Heritage's national footprint. The bank offered conventional consumer and business financial products, including deposits, lending, payment and electronic-banking services, corporate banking, investment banking, and asset management. Reference material describes a network of 127 branches, 202 automated banking centers, and more than 350 ATMs across Nigeria, although the applicable date for those figures is not specified in the available material. Heritage Bank's operating life ended in 2024. On 3 June 2024, the Central Bank of Nigeria revoked the bank's banking license, citing non-compliance with applicable operating practices. The Nigeria Deposit Insurance Corporation was appointed as liquidator under Section 12(2) of the Banks and Other Financial Institutions Act 2020. The revocation made Heritage Bank a defunct Nigerian banking brand. The supplied website belongs to an unrelated Australian institution with the same name and should not be treated as Heritage Bank (Nigeria)'s official website.
History
Heritage Bank's history is rooted in Societe Generale Bank (Nigeria), a Nigerian institution established in the late 1970s by Olusola Saraki. The bank operated for several decades before encountering a regulatory capital problem. In January 2006, the Central Bank of Nigeria closed Societe Generale after it failed to satisfy revised minimum-capital requirements applicable to national banks. Societe Generale contested the action through the courts. The regulatory position changed in December 2012, when the Central Bank re-issued the bank's license, although the authorization was initially granted on a regional-bank basis. New investors acquired the license through IEI Investments Limited, associated with IEI Plc. Following the acquisition and the satisfaction of applicable requirements, the institution was renamed Heritage Banking Company Limited. It commenced operations under the Heritage Bank name on 4 March 2013. Reference material states that the new institution returned all money belonging to existing Societe Generale account holders. Heritage pursued expansion beyond its inherited banking platform. In October 2014, Heritage Investment Services Limited, the investment arm of Heritage Banking Company Limited, fulfilled requirements set by the Asset Management Corporation of Nigeria and the Central Bank of Nigeria to acquire Enterprise Bank Limited. Enterprise Bank was a nationalized financial-services institution with more than 160 branches and reported assets of approximately US$1.6 billion at the time described in the reference material. Heritage was selected as the winning bidder from a field of 24 Nigerian and international companies. AMCON completed the transfer of Enterprise Bank ownership to Heritage on 27 January 2015. The acquisition supported Heritage's development as a nationwide bank. Its reported network included 127 branches, 202 automated banking centers, and more than 350 ATMs across Nigeria and the Federal Capital Territory. The bank's business scope included retail and corporate banking, online banking, investment banking, and asset management. It therefore operated as a diversified commercial bank rather than as a narrowly focused deposit or lending institution. The bank's final phase was determined by regulatory action. On 3 June 2024, the Central Bank of Nigeria revoked Heritage Bank's operating license, stating that the institution had failed to comply with operating best practices. The Nigeria Deposit Insurance Corporation was appointed as liquidator under Section 12(2) of the Banks and Other Financial Institutions Act 2020. Following the license revocation, Heritage Bank ceased to operate as a licensed Nigerian bank. The Australian website supplied with the input is associated with a different bank using the same name and is not evidence about the Nigerian entity.
- 2024
Operating license revoked
[1]The Central Bank of Nigeria revoked Heritage Bank's license on 3 June, and the Nigeria Deposit Insurance Corporation became liquidator.
- 2015
Enterprise Bank transferred to Heritage
[1]AMCON formally transferred Enterprise Bank ownership to Heritage Bank on 27 January.
- 2014
Enterprise Bank acquisition approved
[1]Heritage Investment Services Limited met AMCON and Central Bank requirements to acquire all shares in Enterprise Bank Limited.
- 2013
Heritage begins operations
[1]The institution opened under the Heritage Banking Company Limited name on 4 March 2013.
- 2012
Banking license re-issued
[1]The Central Bank re-issued the predecessor bank's license in December, initially as a regional-bank authorization.
- 2006
Societe Generale closed by the Central Bank
[1]The Central Bank of Nigeria closed Societe Generale after it failed to meet revised minimum-capital requirements for a national bank.
Societe Generale Bank (Nigeria) established
[1]The institution's predecessor was founded in the late 1970s by Olusola Saraki.
Products and positioning
A Nigerian full-service commercial bank serving retail customers, businesses, and institutional clients through branch, electronic, investment-banking, and asset-management channels.
Consumer banking
Retail banking
Heritage Bank provided consumer-facing banking services, including deposit and transaction relationships, access to payment channels, and other everyday financial services. Its retail proposition was delivered through physical branches, automated banking centers, ATMs, and electronic channels.
Business banking
Corporate banking
The bank served companies and other organizations through corporate banking services. The available references identify corporate banking as one of its principal business lines, although they do not provide a detailed product catalogue or sector breakdown.
Digital banking
Online and electronic banking
Heritage offered internet and electronic banking alongside its branch network. These channels formed part of the bank's broader payments and account-access infrastructure, which also included automated banking centers and ATMs.
Institutional financial services
Investment banking and asset management
Investment banking and asset management were listed among Heritage Bank's financial-services activities. The bank also used Heritage Investment Services Limited as its investment arm in the Enterprise Bank acquisition process.
Controversies
2024
Operating license revoked
The Central Bank of Nigeria revoked Heritage Bank's operating license on 3 June 2024, citing failure to comply with operating best practices. The Nigeria Deposit Insurance Corporation was appointed as liquidator under Section 12(2) of the Banks and Other Financial Institutions Act 2020.
Brand decisions
2024
Revoke banking license and begin liquidationOtherBackground
The Central Bank of Nigeria determined that Heritage Bank had failed to comply with applicable operating best practices.
Action taken
The Central Bank revoked the bank's operating license on 3 June 2024 and appointed the Nigeria Deposit Insurance Corporation as liquidator.
Aftermath
Heritage Bank ceased operating as a licensed Nigerian bank and entered liquidation.
2014
Acquire Enterprise Bank LimitedM&ABackground
Enterprise Bank was a nationalized financial-services provider, and AMCON sought a buyer through a competitive acquisition process.
Action taken
Heritage Investment Services Limited won the process and acquired all Enterprise Bank shares after satisfying AMCON and Central Bank requirements.
Aftermath
AMCON formally transferred Enterprise Bank ownership to Heritage on 27 January 2015, adding Enterprise's branch network and operations to Heritage's platform.
Reported acquisition consideration. US$340 million (NGN 56.1 billion) (2014 acquisition)
2013
Rebrand the re-issued banking institution as Heritage BankStrategyBackground
After the Central Bank re-issued the predecessor institution's license in December 2012 and new ownership acquired it, the bank needed to operate under a new identity.
Action taken
The institution was renamed Heritage Banking Company Limited and began business under the Heritage name on 4 March 2013.
Aftermath
The rebranded institution operated as a Nigerian commercial bank and later expanded through the acquisition of Enterprise Bank.
Recent events
Reported
Heritage Financial appoints two directors[2]
Heritage Financial Corporation announced the appointments of Trevor Dryer and Gail Giacobbe to its board, effective January 1, 2022. Both were also appointed to the board of its wholly owned subsidiary, Heritage Bank.
- Unconfirmed
Heritage Bank upgrades HB Padie mobile app to version 2.0[3]
Heritage Bank upgraded and relaunched its HB Padie mobile application as HB Padie 2.0, adding features including account and card management, account opening, digital payments and spending monitoring.
Sources3 sources
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