‘Innovative tech, processes turn phase of banking’

Mr. Ifie Sekibo, the Managing Director and Chief Executive Officer of Heritage Bank Limited, recently nicknamed the “turn-around maestro” because of his revolutionised banking strategy, is an alumnus of the University of Science and Technology, Port Harcourt, Harvard Business School and holds the Owner-President Management certificate from HBS Boston, with varied work experiences including the Group Managing Director of International Energy Insurance. In this interview with CHIJIOKE NELSON, he highlights the roles of people-oriented leadership and innovation in a competitive banking environment.

What life experience of philosophy has informed the assessed doggedness, intuitiveness and successes in business strategy?

People are the success of any business. In getting to where I am today, I didn’t do it alone, I worked with different tenacious teams to achieve goals and I believe in rewarding excellence. I understand success is not me alone doing well, it is also measured by how well the people surrounding you are doing, it is measured by how the people you work with are doing, and it is measured on how well the people you work for are doing. My success is my people’s success and my people’s success is my success that’s my ideology.

My tools for success are people and good processes, but most importantly people, because people drive the processes. I believe that success is largely hinged on “people” who have been able to key into my vision and making it a common goal; those who have invested their time, efforts, ideas and energy-armed with good system processes and with lasting support from partnerships built over time.

Now that you have emerged Heritage Bank to a position of strength, what further plans do you have to consolidate size?
The plans for Heritage Bank are unfolding. Indeed, it is a gradual process. Of course, with the acquisition of Enterprise Bank Limited, it is now bigger and better bank. One of our major strategies is to work with our partners to grow their businesses and take them to the stock market. We have taken the business of developing Small and Medium Enterprises seriously. To achieve this as a service organization in the business of banking, we must be in the stock market ourselves. This is our direction.

How would you describe the role of leadership in entrepreneurship and customer satisfaction?

As a leader who has met and worked with people of different values, opinions, attitudes, beliefs, cultural backgrounds, work habits, goals, ambitions and dreams-an incredible diversity of human resources, it is very necessary, though sometimes difficult, for a diplomatic leader, to form them into high-performing teams. But nobody wins by being autocratic hence diplomacy is the key. That way, you are set to tackle issues that arise from being an entrepreneur.
Heritage Banks philosophy is to create, preserve and transfer wealth across generations. We are in the business to provide service per excellence and to grow with our customers.

We are here to help our customers to create wealth, assist our partners to preserve their wealth and guide them in transferring it to the next generation. We achieve this with tailor made affordable products, at competitive costs and high interest yields, among others for our partners. For example, our zero Commission on Turnover, which we started almost immediately we commenced operations.

The banking sector is getting more competitive. What value propositions differentiate you from others and how would you sustain?
Innovative service! To us, innovation isn’t only about creating something new, it is also about taking something that exists and transforming it into something bigger and better. As a new entrant to banking sector, our advantage is that we are starting from where our competition has stopped, while being able to avoid all the mistakes they made along the way. Having imbibed a culture of continuous innovation, I’m confident of Heritage Bank’s ability to adapt to envisaged customer and industry changes.
The development of agriculture sector as a diversification tool has long been canvassed and acclaimed by government.

What do you think the government should do to be taken seriously?
T
he Nigerian Government has done a lot for the agriculture sector with several initiatives. For example, the Nigerian Incentive-Based Risk Sharing System for Agricultural Lending, a new innovative mechanism targeted at de-risking lending to the agricultural sector; and Growth Enhancement Support Scheme, which represents a policy and pragmatic shift within the existing Fertilizer Market Stabilization Programme.

There is also the Staples Crops Processing Zone, establishment of commodity marketing corporations around each of the agricultural commodities and let’s not forget the central bank’s single digit loans, which also caters for small holder farmers in the agriculture sector. I believe all the government needs to do more is simply to communicate effectively, because so many are still not aware.

What deliberate action would you proffer to actualise the evolution of new breed of leaders and thought processes?

The nature of every ecosystem is change. Everything that works within an ecosystem must evolve and this include rules, best practices, business models, mind-sets and the leaders themselves who drive the ecosystem. The rapid-fire changing world of the 21st century presents new challenges and new opportunities as well, for leadership. The ideas, concepts, and attitudes that once drove the nation to success need to be updated. To be an authentic, inspiring leader, the young people of today must dramatically increase their chances of success as they meet head-on with modern society’s issues by cultivating new insights and perspectives.

How would you inspire budding entrepreneurs to remain on the path consistency?

History has shown that formal education isn’t a harbinger of success or prosperity. However, a prepared mind merits success, but again time and opportunity happens to us all. We should note that success is for mere humans who were courageous enough not to give up regardless of the failures and/ or obstacles, which may have come their way. Like my favourite saying goes: “Opportunities dances with those already on the dance floor”. Never stop dancing!