Heritage Bank Enmeshed in Hip TV Take-Over Imbroglio

Heritage Bank Enmeshed in Hip TV Take-Over Imbroglio

Just weeks after Innoson motors got a landmark judgment against GTBank, it appears another Nigerian bank is behaving badly, and about to be called to order by a federal high court in Lagos.

After a failed mischievous attempt to take over Smooth Promotions’ Hip TV business days ago, and despite having been called to order by the courts, Heritage Bank is now spreading fake news, claiming it has taken over the media company, whereas eyewitnesses confirm that it is business as usual at Hip TV and all their associated businesses.

According to court papers leaked online two days ago, heritage bank, which has been embattled for some time, is being sued by Smooth Promotions (owned by Ayo Animashaun ) for almost a billion Naira.

The case was filed by Kemi Pinheiro LP (SAN) at a Lagos federal high court, alleging that Heritage Bank fraudulently deducted insurance premiums from Smooth Promotions account without remitting the money to the insurance company; charged interests that were not agreed; and a forensic audit found that almost N200m worth of charges was not correct.

According to the court papers, the company says it lost in excess of N533,927,562 owing to the failure and refusal of Heritage Bank to insure its property against risks like fire, and provide information to Smooth promotions as to insurance on its property following a fire incident on November 6, 2017 despite debiting Smooth Promotions of the insurance premium. .

In the past one year, heritage bank has been in the news for behaving badly, including having its managing director Ifiesimama Sikibo arraigned for alleged fraud in March 2018. Likewise, in 2017, the EFCC investigated the bank and its MD for an N13bn fraud over funds belonging to the Oyo State government.

This incident appears to validate the increasingly pervasive notion among Nigerians that indeed there are mafia financial institutions out to destroy honest and responsible businesses.

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