I’d have given Ghana’s banking industry unbeatable competition – Seidu Agongo

Alhaji Seidu Agongo, the majority shareholder of the defunct Heritage Bank, has expressed confidence that his bank could have transformed Ghana’s banking industry with unmatched 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,” Seidu Agongo asserted.

The businessman and philanthropist detailed his experience with Heritage Bank and the challenges that led to its collapse in an interview with TV3’s Business Focus.

Agongo lamented that the central bank’s actions crushed his dream of building a Ghanaian bank that could compete internationally.

“Look at Nigerian banks - they are almost everywhere. Can you count any Ghanaian bank outside Ghana? I wanted to change that. I put together a strong board, including ex-BoG Governor Alex Ashiagbor, Dr. Kwesi Botchwey, and Benson Nutsukpui. Would they be part of a fraudulent bank?”

Despite facing what he described as politically motivated persecution, he remains convinced of the bank’s potential.

A major point of contention for Agongo is the justification the Bank of Ghana (BoG) used to revoke Heritage Bank’s license. He questioned why he was initially asked to merge with other banks if he was deemed “not fit and proper.”

“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?” Alhaji Agongo queried.

He criticized the BoG’s decision, arguing that they had already conducted thorough due diligence before granting him a banking license.

“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 questioned.

His frustration stems from the Central Bank’s actions, which he claims were politically motivated rather than based on sound regulatory grounds.

Despite his grievances, Agongo made a surprising remark regarding former Bank of Ghana 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 believes the Central Bank acted under political influence, arguing that in reality, the BoG is not independent despite being mandated to be so.

“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.

Agongo maintains that there was a larger scheme to target and weaken him. He questioned why the bank was shut down simply because of an ongoing court case against him, despite the absence of any conviction.

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

Seidu Agongo disclosed that at one point, he feared being jailed 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 shared candidly.

However, following the Attorney General’s recent decision to discontinue charges against him, Seidu Agongo believes his ordeal highlights the inconsistencies in the regulatory framework that led to the revocation of Heritage Bank’s license.