Poor Heritage Bank. Two things here: (1) Andy Uba is a big man and he got respect which is enshrined in Nigeria’s Att-Constitution as a big man (2) the bank made the loan without the usual collateral which small people usually have to provide. Yes, if they have secured the loans with a collateral, they would have moved to recover their exposure.
But the biggest risk is this: some people could actually lose their jobs. Those days in the bank, we used to read that some men and women were proceeding on “leave”. Dig deeper, they have been mandated with one instruction: if you do not recover this loan, do not come back to this bank.
People, until Nigeria begins to do banking with data over pure personalities, everyone will remain a victim except the personalities! Wait for a few more months, AMCON will “buy” the loans, nationalizing loss even as we continue to “privatize” success! Of course, Heritage Bank could be sued for this video under banking privacy charter.
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My prayers to the staff – they need help because they will likely pay for the mistakes of executive directors, executive management and the Board who actually approved this loan!
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