The Federal High Court in Abuja and the Central Bank of Nigeria (CBN) have been asked to wind up and revoke the operational licence of the Heritage Bank over an alleged state of financial insolvency of the financial institution.

The court and CBN were asked to invoke the provisions of section 408, 409 and 410 of the Companies and Allied Matters Act 1990 to liquidate the bank because of its alleged inability to meet up with demands of its customers due to its distressed status.

An Abuja based company, Geonel Integrated Services Limited in a petition filed against the bank at the Federal High Court alleged that Heritage bank has been showing signs of distress and insolvency in the recent times and may cause colossal economic damages to Nigerians unless it is shut down on court order.

In the petition filed by the security outfit, it claimed that it maintains four separate accounts with Nos. 1300083902, 6200100931, 6000105125 and 3200121515 as well as a fixed deposit account at the Abuja branch of the bank.

Petitioner owned by a foreign investor, Mr. Wolfgang Reinl, an Australian Security Experts claimed it has N1,811,555,258 and another $85,859 in the accounts and that the huge sums have been trapped in the bank due to its inability to meet up with its expected obligations.

In the petition filed by Mr. Mazi Afam Osigwe, an Abuja based lawyer, the company alleged that it had made several applications through cheques to transact withdrawal business but that the bank had failed and neglected to honour the cheques.

Petitioner alleged that in January last year, a Judge of the court, Binta Murtala Nyako granted the Economic and Financial Crimes Commission (EFCC) an order to freeze the accounts for a period of six months to carry out some investigations.

It claimed that the order granted EFCC expired on July 24, 2016 and that the same Justice Binta Murtala Nyako confirmed expiration of the order in her ruling delivered on November 16, 2016.

As a result of the inability of the bank to honour its obligations, the petitioner claimed that it has been actively instigating the EFCC to secure a fresh order to stop it from accessing or operating the accounts so as to cover up its distressed status.

The petitioner presented several newspaper reports that the bank is financially distressed and the denial of its management to the contrary.

It, however, said that in spite of the public denial of the distress, the bank has been unable to honour several financial obligations to customers rushing to withdraw their money to escape unpleasant economic effects.

It, therefore, urged the court to declare the bank distressed, insolvent and to hold that the bank is indebted to it to the tune of N1.8b and another $85,859.

Petitioner also applied for an order of the court to wind up the bank and another order compelling the CBN to withdraw or revoke the banking licence of the bank.

Meanwhile, no date has yet been fixed for hearing of the petition.

Cc: lalasticlala, Seun, Mynd44

http://dailypost.ng/2017/03/01/heritage-bank-shut-company-tells-court-cbn/

Petitioner alleged that in January last year, a Judge of the court, Binta Murtala Nyako granted the Economic and Financial Crimes Commission (EFCC) an order to freeze the accounts for a period of six months to carry out some investigations.

It claimed that the order granted EFCC expired on July 24, 2016 and that the same Justice Binta Murtala Nyako confirmed expiration of the order in her ruling delivered on November 16, 2016.

your account is still under investigation please.

Buhari wan kill us

Wait let me call Saraki ---former governor of Kwara State

"It, therefore, urged the court to declare the bank distressed, insolvent and to hold that the bank is indebted to it to the tune of N1.8b and another $85,859."

- Important notice, if they withdraw this amount, the bank would not be able to pay its directors and shareholders any dividend for the next 5 years. So Muritala Nyako should just do the needful

Now where is lalasticlala sef? Heritage Bank go soon close by 4:30pm today oh.

Ah, its already 4:54pm and Lalasticlala is just doing the needful

There is nothing bukola saraki dey in charge that will not run down, except his pocket.

Keneking:
Wait let me call Saraki ---former governor of Kwara State

wetin concern Saraki here now? Is he the owner of the bank?

imam07:
There is nothing bukola saraki dey in charge that will not run down, except his pocket.

saraki?

CROWNWEALTH019:
Buhari wan kill us

yam eater. Am sure you dont read. The account is under investigation by EFCC

DONSMITH123:


wetin concern Saraki here now? Is he the owner of the bank?

Can you ask google dot com about the owners and investors, chair of board of trustees of HB?

Keneking:


Can you ask google dot com about the owners and investors, chair of board of trustees of HB?

Hmmm

hope its not gonna be the case of Societe Generale Bank of Nigeria then owned by the late patriarch of the Saraki Family

lalasticlala

DONSMITH123:


Hmmm

hope its not gonna be the case of Societe Generale Bank of Nigeria then owned by the late patriarch of the Saraki Family

It is same scenario playing out. Unfortunately, he is part of CHANGE and there is no where to hide
Useless politican

Keneking:

It is same scenario playing out. Unfortunately, he is part of CHANGE and there is no where to hid
Useless politican

funny

CROWNWEALTH019:
Buhari wan kill us

Shut up plss. mtchewww!

CROWNWEALTH019:
Buhari wan kill us

Read the story again. This time, slowly.

Thank you.

CROWNWEALTH019:
Buhari wan kill us

yeye

i love this

Keneking:
Wait let me call Saraki ---former governor of Kwara State

"It, therefore, urged the court to declare the bank distressed, insolvent and to hold that the bank is indebted to it to the tune of N1.8b and another $85,859."

- Important notice, if they withdraw this amount, the bank would not be able to pay its directors and shareholders any dividend for the next 5 years. So Muritala Nyako should just do the needful

Now where is lalasticlala sef? Heritage Bank go soon close by 4:30pm today oh.

clown

Ceema1:
Shut up plss. mtchewww!

if u be woman

The bank is already in the mortuary. You can't find a penny in their ATMs

CROWNWEALTH019:
Buhari wan kill us

You mean you and your family?

Mm

Hmmmm. What an irony.
Distressed, yet they still have funds to sponsor Big Brother Naija.
Or am I missing something?

A police officer is marking the assignment of two of his children. He marked the senior child's work and flogged him. He turned to the junior child, open his notebook and without saying a word, he went away. The older child ask the younger one, you that know nothing, why papa didn't flog you? The younger one replied: I put 200 in my notebook! You forgot that papa is a police man.

Subhaanallah! This doesn't prove anything Geonel account is sti under investigation due to their involvement in the Dasuki arms deal saga. Even Fir Bank wo pay them if they request because it will mean obstructing a legal process.

Heritage Bank is still strong, only going through what all other banks are facing due to economic downturn.

Last month was the first time in my life seeing HB putting up a marketing advert. Heard they do pay their staff well tho.