Seidu Agongo: Heritage Bank Would Have Redefined Ghana’s Banking Industry

Alhaji Seidu Agongo, the majority shareholder of the defunct Heritage Bank, has expressed confidence that his bank could have transformed Ghana’s banking sector with unmatched competition if it had not been shut down.

“Heritage Bank would have given the entire banking industry in Ghana competition, they could never match. Have you visited any of our branches before? Our success was in the planning, not just what you saw,” Agongo asserted in an interview on TV3’s Business Focus.

The businessman and philanthropist lamented the Bank of Ghana’s (BoG) decision to revoke Heritage Bank’s license, a move he believes crushed his ambition of building a Ghanaian bank capable of competing internationally.

“Look at Nigerian banks – they are almost everywhere. Can you count any Ghanaian bank outside Ghana? I wanted to change that,” he said.

He emphasized that Heritage Bank had assembled a formidable board of directors, including former Bank of Ghana Governor Alex Ashiagbor, economist Dr. Kwesi Botchwey, and legal expert Benson Nutsukpui. “Would they be part of a fraudulent bank?” he asked.

Questioning BoG’s Justification

Agongo also challenged the rationale behind the BoG’s decision to declare him “not fit and proper” to own a bank. He questioned why he was initially encouraged to merge with other banks if he was deemed unqualified.

“If I wasn’t fit and proper, why did they ask me to merge with other banks? The same banks that were allegedly not fit and proper. Where is the consistency?” he asked.

He criticized the Central Bank for what he described as an inconsistent regulatory stance, pointing out that Heritage Bank had passed all necessary due diligence checks before receiving its license.

“BoG has a forensic unit that checks everything before granting a banking license. So how do I suddenly become unfit and improper within a year?” Agongo wondered.

Political Influence in BoG’s Actions?

Despite his frustrations, Agongo made an unexpected statement regarding former BoG Governor Dr. Ernest Addison. When asked what he would say if he met Addison face-to-face, he responded, “I’ll thank him so much.”

He explained that he believes the Central Bank acted under political influence, arguing that true independence for regulatory institutions in Ghana remains questionable.

“Whoever appoints you holds the key to your actions. How do I appoint you and you say you’ll be independent? You’ll do whatever I ask you to do,” he remarked.

“They Were Asked to Nail Me”

Agongo also claimed there was a deliberate attempt to weaken him financially and politically. He questioned why Heritage Bank was shut down simply because of an ongoing court case against him, despite no conviction.

“You collapse a private institution employing Ghanaians because the owner has a case in court? Does that sound fair?” he asked.

He further revealed that he once feared imprisonment due to the pressure surrounding his case.

“There came a time when even relatives and people I trusted told me I was going to jail,” he disclosed.

However, following the Attorney General’s recent decision to discontinue charges against him, Agongo believes his ordeal underscores deep flaws in Ghana’s regulatory framework and financial sector governance.

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