Alhaji Seidu Agongo, the majority shareholder of the defunct Heritage Bank, has broken his silence, expressing unwavering confidence that his bank would have reshaped Ghana’s banking industry with unparalleled competition had it not been shut down.
In a candid interview with TV3’s *Business Focus*, Agongo lamented the collapse of what he described as a visionary project, attributing its downfall to political interference and regulatory inconsistencies.
“Heritage Bank would have given the entire banking industry in Ghana competition they could never match,” Agongo declared. “Our success was in the planning, not just what you saw. If you had visited any of our branches, you would have understood the depth of our vision.”
Agongo, a prominent businessman and philanthropist, revealed his ambition to build a Ghanaian bank capable of competing on the international stage. He pointed to the dominance of Nigerian banks across Africa as a benchmark, questioning why Ghanaian banks have failed to achieve similar global reach. “Look at Nigerian banks—they are almost everywhere. Can you count any Ghanaian bank outside Ghana? I wanted to change that,” he said.
To realize this vision, Agongo assembled a high-profile board, including former Bank of Ghana Governor Alex Ashiagbor, renowned economist Dr. Kwesi Botchwey, and seasoned banker Benson Nutsukpui. “Would these distinguished individuals be part of a fraudulent bank?” he asked rhetorically, challenging the narrative that Heritage Bank was mismanaged.
A Question of Consistency
One of Agongo’s most pointed criticisms was directed at the Bank of Ghana’s (BoG) handling of the situation. He questioned the central bank’s decision to revoke Heritage Bank’s license, particularly after initially encouraging him to merge with other banks. “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.
Agongo argued that the BoG had conducted thorough due diligence before granting Heritage Bank its license, making its subsequent actions appear contradictory. “The BoG has a forensic unit that checks everything before giving a banking license. So how do I suddenly become unfit and improper within a year?” he wondered aloud.
Political Influence and Regulatory Independence
Agongo did not mince words when discussing the role of political influence in the bank’s collapse. He suggested that the BoG, despite its mandate to operate independently, acted under political pressure. “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 explained.
Despite his grievances, Agongo made a surprising remark about former BoG Governor Dr. Ernest Addison. When asked what he would say if he met Addison face-to-face, Agongo responded, “I’ll thank him so much.” He clarified that his gratitude was not for the bank’s collapse but for the lessons learned from the ordeal.
Targeted Persecution
Agongo believes he was deliberately targeted, citing the ongoing court case against him as a key factor in the bank’s shutdown. “You collapse a private institution employing Ghanaians because the owner has a case in court? Does that sound fair?” he asked. He revealed that the pressure had been so intense that he feared imprisonment at one point. “There came a time when even relatives and people I trusted told me I was going to jail,” he shared.
However, with the recent discontinuation of charges against him by the Attorney General, Agongo sees his experience as a cautionary tale about the dangers of regulatory inconsistency and political interference. “They were asked to nail me,” he said, suggesting a coordinated effort to undermine him and his business.
Agongo’s reflections underscore a deep sense of loss—not just for himself but for Ghana’s banking sector. He remains convinced that Heritage Bank, with its strong governance and innovative approach, could have set a new standard for banking in Ghana and beyond.
“I wanted to create something that would make Ghana proud,” he said. “But instead, we were cut down before we could truly take off.”
As Ghana’s banking industry continues to evolve, the story of Heritage Bank serves as a stark reminder of the delicate balance between regulation, politics, and the vision of entrepreneurs like Seidu Agongo. Whether his dream could have been realized remains a question mark, but his determination to challenge the status quo leaves an indelible mark on the nation’s financial landscape.
Agongo’s revelations highlight the broader challenges facing Ghana’s banking sector, where regulatory decisions often appear inconsistent and politically influenced. While the collapse of Heritage Bank was part of a broader cleanup exercise aimed at stabilizing the industry, questions linger about whether the process was fair and transparent. Agongo’s story is a call for greater accountability and independence in regulatory frameworks to foster a more competitive and resilient banking sector.
