The majority shareholder of the now-defunct Heritage Bank, Alhaji Seidu Agongo, has asserted that his bank could have reshaped Ghana’s banking sector with unrivaled competition.
“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,” he stated.
In an interview on TV3’s Business Focus, the business mogul and philanthropist recounted his experience with Heritage Bank and the challenges that led to its collapse.
He lamented that the Bank of Ghana’s (BoG) actions derailed his vision of establishing a Ghanaian bank capable of competing on the global stage.
“Look at Nigerian banks—they are almost everywhere. Can you name a Ghanaian bank operating outside Ghana? I wanted to change that. I assembled a strong board, including ex-BoG Governor Alex Ashiagbor, Dr. Kwesi Botchwey, and Benson Nutsukpui. Would they be part of a fraudulent bank?” he questioned.
Mr. Agongo also took issue with the justification used by the Bank of Ghana to revoke Heritage Bank’s license, particularly the claim that he was “not fit and proper” to own a bank.
He questioned why he was initially asked to merge with other banks if he was supposedly unqualified.
“If I wasn’t fit and proper, why did they ask me to merge with other banks—the same ones allegedly not fit and proper? Where is the consistency?” he asked.
He argued that the central bank had already conducted thorough due diligence before granting him a banking license, making their later decision contradictory.
“BoG has a forensic unit that checks everything before issuing a banking license. So how do I suddenly become unfit and improper within a year?” Mr. Agongo challenged.
Mr. Agongo maintains that his bank’s closure was politically motivated rather than based on sound regulatory grounds.
He questioned the fairness of shutting down a private institution employing Ghanaians simply because its owner had an ongoing court case.
“You collapse a private institution employing Ghanaians because the owner has a case in court? Does that sound fair?” he asked.
He further disclosed that at one point, he feared imprisonment due to the pressure and accusations against him.
“There came a time when even relatives and people I trusted told me I was going to jail,” he revealed.
However, following the Attorney General’s recent decision to drop charges against him, Mr. Agongo believes his ordeal exposes major flaws in Ghana’s regulatory framework and the circumstances that led to the revocation of Heritage Bank’s license.
Despite his grievances, when asked what he would say if he met Addison, Agongo responded, “I’ll thank him so much.”
He argued that the central bank acted under political influence, emphasizing that the BoG is not truly independent despite its mandate.
“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 stated.
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