The National Deposit Insurance Corporation (NDIC) has revealed that both Societe Generale Bank of Nigeria (SGBN) and Savannah Bank are due to resume operations soon, with SGBN resuming under a new business name, Heritage Bank.

Speaking at the ongoing Workshop for Business Editors and Financial Correspondents in Dutse, Jigawa State on Thursday;  NDIC Director of Insurance and Surveillance, Zacheaus Anate, said both banks have concluded arrangements to resume operations, following collaborations with the regulatory authorities.

He said SGBN has obtained a regional banking licence for the take-off of the bank, having met the required 25 billion naira ($158 million) for banking industry operators in the country, while the bank is expected to furnish the regulators  with the profiles of members its board and the shareholding structure in the bank for screening before it begins operation.

Nigeria national newspaper, The Guardian said the International Energy Insurance (IEI), is now the majority stakeholder with 90 percent stake in the new bank, while the Saraki’s family now own 10 per cent stake of SBGN.

SGBN – which is due to resume operation as a regional bank has its license revoked by the Central Bank of Nigeria (CBN) on January 16, 2006 , after it failed to comply with the directive for banks to recapitalise to the tune of 25 billion naira ($158 million). A Federal High Court in Abuja had restored the bank’s licence in 2008.

On the other hand, Savannah bank’s licence was withdrawn by the CBN in 2002 and restored in February 2009 after protracted legal battles.