Ghanaian businessman and majority shareholder of the now-defunct Heritage Bank, Seidu Agongo, has reiterated his innocence regarding the charges that led to the revocation of the bank's license.

The Bank of Ghana, in its decision to conduct a clean-up exercise in the banking sector, cited several reasons for revoking Heritage Bank’s license in 2019, including concerns about the source of its capital and governance issues.

The apex bank also stated that the bank’s owner, Seidu Agongo, did not meet its prescribed fit-and-proper-persons criteria.

Reacting to these claims for the first time in the media, Agongo described the move as unfortunate, stating that he was unfairly targeted and remains saddened by the bank’s closure.

He insists that he did nothing wrong to warrant the revocation of his operating license.

“I don’t hold grudges over things that have already happened… but I don’t know what I did wrong,” Seidu Agongo said in a yet-to-be-aired interview on Accra-based TV3’s Business Focus.

“If I’m not fit-and-proper, why were you asking me to merge with other banks? The same bank that was supposedly not fit and proper, why were you asking us to merge with others?” he questioned the Bank of Ghana.

When asked further about his role in the collapse of Heritage Bank, in which he held close to a 70% stake, Agongo expressed deep disappointment over the Central Bank’s decision to revoke his banking license.

He argued that it was unfair for the Central Bank to shut down his bank despite having put in place the necessary personnel, astute board members, and a proper structure to run its operations.

The Bank of Ghana officially revoked Heritage Bank’s license in 2019 as part of its financial sector clean-up, citing concerns related to the source of its capital and governance issues.

Seidu Agongo, who had been facing trial over the bank’s collapse, was recently cleared by the State after the Attorney-General’s office announced that his prosecution had been discontinued.

See the video below:

Majority Shareholder of the defunct Heritage Bank, Seidu Agongo says he is innocent of the charges that were levelled against him

In a yet to be aired interview on TV3 Business Focus , Mr Agongo said he felt saddened by the decision of the Central Bank in revoking his license. pic.twitter.com/LUTcgwkASq

— Paa kwesi Asare (@realpkasare) February 7, 2025