• Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
    • Government
  • Security
  • Features
  • State
  • Event
    • PR Nigeria Award
  • E-Paper
Search
  • Home
  • About
  • Adverts
  • Contact
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
PRNIGERIA PRNigeria News
PRNIGERIA PRNIGERIA
  • Home
  • Anti-Corruption
    • ICPC Secures Conviction of Rector for Running Unaccredited Degree Programmes

      Engr Abba Babagana Dalori

      Engr Dalori Forfeits Galaxy Hospital, Petrol Station, Properties & Cash

      Chinese nationals jailed in Lagos

      Court Jails Nine Chinese Nationals for Cybercrime in Lagos

      ASUU

      Tackle Corruption, Institutional Decay – ASUU Charges FG

      EFCC Arraigns Bauchi Accountant General Over N8bn Fraud as Court Sentences…

  • Fact-Check
  • Economy
    • Customs Partners US Mission to Prevent Expanded Visa Ban

      Nigeria Customs Partners China on Smarter Ports, Officer Training, Reforms

      Comptroller General Nigerian Customs Bashir Adewale

      Customs Moves Against 223 Importers in N379bn Permit Breach

      Bashir Adewale Adeniyi Customs Boss

      How Customs is Tightening Borders to Stop Illicit Cash Flows –…

      Customs boss, CGC Bashir Adewale Adeniyi with NAFDAC DG Professor Moji Adeyeye

      Codeine, Tramadol Worth ₦20.5bn Seized as Customs-NAFDAC Cooperation Deepens

  • National
    • Army Commander keeps 100 students in school

      Army Commander’s Compassion Keeps 100 Students in School in Zamfara

      Sam Obi Sponsors 500 students

      Sam Obi Sponsors 500 Students in Evergreen, SimplifiedIQ’s Education Program

      CG Customs Bashir Adewale Adeniyi

      NIPR Hails customs Boss’ Tenure Extension as Evidence of Transformational Leadership

      Comptroller General Customs Bashir Adewale and his staffs with the representatives of the European Union, the German Embassy

      Customs Unveils Renewable Energy Handbook, Strengthens EU-Germany-GIZ Partnership

      University of Maiduguri

      UNIMAID Mass Comm becomes Faculty of Communication and Media Studies

    • Government
      • Northern leaders at Arewa Summit

        Northern Leaders Urge Action on Almajiri Crisis, Equitable Resources at Arewa…

        Saidu Ahmed Alkali,

        Kaduna-Kano Light Rail Underway as FG Targets ₦70bn Investment

        Beyond Hoes and Sticks: The Power of Education for Peace in…

        National Blood Service Agency

        FG Pledges Stronger Support for Blood Services, Seeks Scalable Interventions from…

        Tinubu’s Government Unveils Multi-Sectoral Initiatives to Boost Northern Region’s Development

  • Security
    • Nigerian Navy

      Navy to Establish  Base in Kebbi to Tackle Inland Waterway Crimes

      Army Commander keeps 100 students in school

      Army Commander’s Compassion Keeps 100 Students in School in Zamfara

      Chief of the Air Staff (CAS), Air Marshal Hasan Abubakar, receiving the land document from Governor Pastor Umo Bassey Eno in Akwa Ibom

      Akwa Ibom Boosts National Security with Land Donation for Nigerian Air…

      Military Troops in Action

      Army Troops, DSS Nab Arms Trafficker in Taraba, Recover Ammunition, Cash

      Inspector-General of Police Kayode Adeolu Egbetokun

      IG Reaffirms Commitment to Tackling Oil Theft, Upholding Human Rights

  • Features
    • Okello Oculi

      Okello Oculi: A Pan-Africanist Asteroid Burns out Forever By Is’haq Modibbo…

      Leon Usigbe

      Death, you can’t be Proud of this By Abdulrahman Abdulraheem 

      Tinubu’s Plateau Gambit – Yilwatda, 2027, and the Return of the…

      Ozumi and a recipient of a wheelchair

      Wheels of Hope: How a Simple Gift is Reshaping Lives at…

      Late Ex-President Muhammadu Buhari and Mansur Liman

      “Buhari: A Blunt, Honest Leader Who Laughed at His Own Predicament”

  • State
    • court Judiciary

      Lawyer Sues Housing Ministry, FHA Over Alleged Property Redesign

      Army Commander keeps 100 students in school

      Army Commander’s Compassion Keeps 100 Students in School in Zamfara

      Chief of the Air Staff (CAS), Air Marshal Hasan Abubakar, receiving the land document from Governor Pastor Umo Bassey Eno in Akwa Ibom

      Akwa Ibom Boosts National Security with Land Donation for Nigerian Air…

      Nigerian Army

      Army Denies Allegations of Misconduct in Imo Community

      Military Troops in Action

      Troops Repel Bandit Attacks in Katsina, Plateau, Recover Rustled Cattle, Sustain…

  • Event
    • court Judiciary

      Lawyer Sues Housing Ministry, FHA Over Alleged Property Redesign

      Sam Obi Sponsors 500 students

      Sam Obi Sponsors 500 Students in Evergreen, SimplifiedIQ’s Education Program

      Comptroller General Customs Bashir Adewale and his staffs with the representatives of the European Union, the German Embassy

      Customs Unveils Renewable Energy Handbook, Strengthens EU-Germany-GIZ Partnership

      University of Maiduguri

      UNIMAID Mass Comm becomes Faculty of Communication and Media Studies

      CG Customs Bashir Adewale Adeniyi

      Tinubu’s Extension of Customs CG Bashir Adeniyi’s Tenure Draws Widespread Praise…

    • PR Nigeria Award
  • E-Paper
Home Anti-Corruption Court, CBN Asked to Wind Up Heritage Bank Over Insolvency, Distress
  • Anti-Corruption
  • Economy

Court, CBN Asked to Wind Up Heritage Bank Over Insolvency, Distress

By
Prnigeria
-
March 1, 2017
CBN
CBN

CBN
CBN

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 wind up 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.

Read Also:

  • Lawyer Sues Housing Ministry, FHA Over Alleged Property Redesign
  • Navy to Establish  Base in Kebbi to Tackle Inland Waterway Crimes
  • Army Commander’s Compassion Keeps 100 Students in School in Zamfara

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 pleaded 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.

By PRNigeria

VISIT OUR OTHER WEBSITES
PRNigeria.com EconomicConfidential.com PRNigeria.com/Hausa/
EmergencyDigest.com PoliticsDigest.ng TechDigest.ng
HealthDigest.ng SpokesPersonsdigest.com TeensDigest.ng
ArewaAgenda.com Hausa.ArewaAgenda.com YAShuaib.com
  • TAGS
  • CBN
  • Court
  • efcc
  • Heritage Bank
Previous articleSen. Umaru Dahiru seeks Tambuwal removal, faults APC primary
Next articleN1.4bn Fraud:Daudu, Jailed Kogi Lawmaker loses Appeal
Prnigeria
Prnigeria
https://prnigeria.com
PRNigeria is the pioneer Press Release Distribution agency in Nigeria. A member of image Merchant Promotions limited, PRNigeria encourages individuals and organisations to be more transparent in their information management. with dedicated Editorial staffs, the PRNigeria ensures that information provided on its platforms are timely, factual and authoritative Read more at: //prnigeria.com/about/
Facebook Twitter

RELATED ARTICLESMORE FROM AUTHOR

Customs Partners US Mission to Prevent Expanded Visa Ban

ICPC Secures Conviction of Rector for Running Unaccredited Degree Programmes

Nigeria Customs Partners China on Smarter Ports, Officer Training, Reforms

Comptroller General Nigerian Customs Bashir Adewale

Customs Moves Against 223 Importers in N379bn Permit Breach

Bashir Adewale Adeniyi Customs Boss

How Customs is Tightening Borders to Stop Illicit Cash Flows – CG Adeniyi 

Customs boss, CGC Bashir Adewale Adeniyi with NAFDAC DG Professor Moji Adeyeye

Codeine, Tramadol Worth ₦20.5bn Seized as Customs-NAFDAC Cooperation Deepens

Acting Controller General of Customs, Nigerian Customs Services, NSC, Ag. CG Bashir Adewale Adeniyi

Adeniyi Inaugurates Lagos School Renovated by Nigeria Customs 

Abdullahi Aliyu Maiwada

Customs’ Maiwada Named Among Nigeria’s 50 Most Influential PR Voices

Engr Abba Babagana Dalori

Engr Dalori Forfeits Galaxy Hospital, Petrol Station, Properties & Cash

Acting Controller General of Customs, Nigerian Customs Services, NSC, Ag. CG Bashir Adewale Adeniyi

Customs Exposes Scam Over Form M Migration to B’Odogwu Platform

CBN

The Facts About Nigeria’s Debts Burden Under Tinubu’s Watch By Zekeri Idakwo Laruba

Ibrahim Yahaya Dandakata of Arewa Economic Forum AEF

AEF Slams CBN’s New BDC Policy, Cites Threat to Northern Economy and National Security

LEAVE A REPLY Cancel reply

Log in to leave a comment

Recent Posts

  • Lawyer Sues Housing Ministry, FHA Over Alleged Property Redesign
  • Navy to Establish  Base in Kebbi to Tackle Inland Waterway Crimes
  • Army Commander’s Compassion Keeps 100 Students in School in Zamfara
  • Sam Obi Sponsors 500 Students in Evergreen, SimplifiedIQ’s Education Program
  • NIPR Hails customs Boss’ Tenure Extension as Evidence of Transformational Leadership
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
Lawyer Sues Housing Ministry, FHA Over Alleged Property RedesignNavy to Establish  Base in Kebbi to Tackle Inland Waterway CrimesArmy Commander's Compassion Keeps 100 Students in School in ZamfaraSam Obi Sponsors 500 Students in Evergreen, SimplifiedIQ's Education ProgramNIPR Hails customs Boss' Tenure Extension as Evidence of Transformational LeadershipAkwa Ibom Boosts National Security with Land Donation for Nigerian Air Force BaseCustoms Unveils Renewable Energy Handbook, Strengthens EU-Germany-GIZ PartnershipUNIMAID Mass Comm becomes Faculty of Communication and Media StudiesTinubu’s Extension of Customs CG Bashir Adeniyi’s Tenure Draws Widespread Praise and ReactionsArmy Troops, DSS Nab Arms Trafficker in Taraba, Recover Ammunition, CashIG Reaffirms Commitment to Tackling Oil Theft, Upholding Human RightsNorthern Leaders Urge Action on Almajiri Crisis, Equitable Resources at Arewa Summit in KadunaArmy Denies Allegations of Misconduct in Imo CommunityTroops Repel Bandit Attacks in Katsina, Plateau, Recover Rustled Cattle, Sustain CasualtiesNavy Destroys 10 Illegal Refineries in Niger Delta
X whatsapp