• 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
    • NAHCON

      Renewed Hope in Hajj Operations: NAHCON Records Milestone Achievements Under Tinubu…

      Mohammed Idris Malagi, Honorable Minister of Information and National Orientation

      FG Reaffirms Non-Interference in ICPC, EFCC Operations

      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

  • Fact-Check
  • Economy
    • FG, States, LGs Share N2.225trn Revenue for August – FAAC

      Nigeria Customs Aligns with Finance Ministry over 4% FOB Policy Review

      Members Board of Directors of Dangote Refinery

      Dangote Refinery Deploys 4,000 CNG Trucks, Promises 24,000 Jobs as Fuel…

      Renewed Hope in Central Banking

      Book Review: Renewed Hope in Central Banking – A Blueprint for…

      NAHCON

      Renewed Hope in Hajj Operations: NAHCON Records Milestone Achievements Under Tinubu…

  • National
    • FG, States, LGs Share N2.225trn Revenue for August – FAAC

      Tinubu Lifts State of Emergency in Rivers, Reinstates Fubara, Legislators

      Crowned Prince Salman of Saudi Arabia

      Saudi Frees Nigerian Pilgrims Framed by Drug Syndicate

      President Bola Ahmed Tinubu and Minister of Women Affairs Imaan Sulaiman-Ibrahim presenting a cheque to women

      Renewed Hope Agenda: Group Passes Vote Of Confidence On Tinubu’s Minister,…

      A Group of Terrorists/Bandits

      Nigeria Fights Back Against Banditry and Insecurity By Senator Iroegbu

    • Government
      • FG, States, LGs Share N2.225trn Revenue for August – FAAC

        ICPC Secures Six-Year Jail Term for Sokoto River Basin Director

        Chairman NAHCON Professor Abdullahi Saleh Usman meets with Katsina State Governor Dikko Radda

        NAHCON Boss Meets Katsina Governor, Pushes for Early 2026 Hajj Payments,…

        MURIC to Alaafin: No Law Grants You Power to Appoint Chief…

        President Bola Ahmed Tinubu and Minister of Women Affairs Imaan Sulaiman-Ibrahim presenting a cheque to women

        Renewed Hope Agenda: Group Passes Vote Of Confidence On Tinubu’s Minister,…

  • Security
    • ICPC Secures Six-Year Jail Term for Sokoto River Basin Director

      Police Officer

      Kaduna Police Arrest Two Suspects Over Illegal Possession of Firearms

      Nigeria’s Minister of Defence, Mohammed Badaru Abubakar,meets with Security Leaders in Beijing

      Badaru Joins Global Leaders at Beijing Forum on Peace, Security

      Crowned Prince Salman of Saudi Arabia

      Saudi Frees Nigerian Pilgrims Framed by Drug Syndicate

      Military Troops in Action

      Troops Ambush Bandits in Plateau, Neutralise One 

  • Features
    • A Group of Terrorists/Bandits

      Nigeria Fights Back Against Banditry and Insecurity By Senator Iroegbu

      A Group of Terrorists/Bandits

      Nigeria Fights Back Against Banditry and Insecurity

      Engr. Suleiman Bolakale Kawu Agaka

      Engr. Kawu: A Heroic Homecoming for a Man of the People…

      Prof Isa Pantami, former Minister of Communication and Digital Economy

      Gombe Tech Training: Pantami’s Call for a Paradigm Shift By Muhd…

      Healing Nigeria: A Chronicle of Health Reforms

      Book Review: Is This the Cure? A Look into Healing Nigeria…

  • State
    • ICPC Secures Six-Year Jail Term for Sokoto River Basin Director

      Chairman NAHCON Professor Abdullahi Saleh Usman meets with Katsina State Governor Dikko Radda

      NAHCON Boss Meets Katsina Governor, Pushes for Early 2026 Hajj Payments,…

      Police Officer

      Kaduna Police Arrest Two Suspects Over Illegal Possession of Firearms

      Crowned Prince Salman of Saudi Arabia

      Saudi Frees Nigerian Pilgrims Framed by Drug Syndicate

      MURIC to Alaafin: No Law Grants You Power to Appoint Chief…

  • Event
    • Chairman NAHCON Professor Abdullahi Saleh Usman meets with Katsina State Governor Dikko Radda

      NAHCON Boss Meets Katsina Governor, Pushes for Early 2026 Hajj Payments,…

      Flier for the programs that happened for the elderly by members of BUKAA FCT

      BUKAA FCT Appreciates Sponsors after Aerobics, Football Exercises

      Prof. Abubakar Mu’azu

      UNIMAID appoints Prof. Mu’azu as Pioneer Dean, Faculty of Communication

      NIPR President Ike Neliaku

      NIPR Inducts 422 New Members, Urges Commitment to National Unity

      Baze University Management visits TETFUND, Showcases Tech-Driven Growth, National Impact

    • 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:

  • FG, States, LGs Share N2.225trn Revenue for August – FAAC
  • ICPC Secures Six-Year Jail Term for Sokoto River Basin Director
  • NAHCON Boss Meets Katsina Governor, Pushes for Early 2026 Hajj Payments, Promises Easier Exercise

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

FG, States, LGs Share N2.225trn Revenue for August – FAAC

Nigeria Customs Aligns with Finance Ministry over 4% FOB Policy Review

Members Board of Directors of Dangote Refinery

Dangote Refinery Deploys 4,000 CNG Trucks, Promises 24,000 Jobs as Fuel Queues End

Renewed Hope in Central Banking

Book Review: Renewed Hope in Central Banking – A Blueprint for Nigeria’s Economic Future By Khadijah Lawan Muhammad

NAHCON

Renewed Hope in Hajj Operations: NAHCON Records Milestone Achievements Under Tinubu Administration

NUPENG

NUPENG Suspends Strike After Truce With FG, Labour, Oil Stakeholders

Customs, Defence Bureau Unveil Airboat for Smuggling War

Customs Begins Live Operations of Automated Excise Register System

Still on the “National Single Window” Project By Abdulsalam Mahmud

Minister of Finance Wale Edun and the Comptroller General of Customs Bashir Adeniyi decorating OP Olaniyan

Customs Generates N3.7trn in H1 2025 as FG Targets Enhanced Private Sector Growth

Mohammed Idris Malagi, Honorable Minister of Information and National Orientation

FG Reaffirms Non-Interference in ICPC, EFCC Operations

Customs Gets 4 New Deputy Comptrollers-General, 12 ACGs, Promotes 3,312 Officers

LEAVE A REPLY Cancel reply

Log in to leave a comment

Recent Posts

  • FG, States, LGs Share N2.225trn Revenue for August – FAAC
  • ICPC Secures Six-Year Jail Term for Sokoto River Basin Director
  • NAHCON Boss Meets Katsina Governor, Pushes for Early 2026 Hajj Payments, Promises Easier Exercise
  • Kaduna Police Arrest Two Suspects Over Illegal Possession of Firearms
  • Tinubu Lifts State of Emergency in Rivers, Reinstates Fubara, Legislators
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
FG, States, LGs Share N2.225trn Revenue for August – FAACICPC Secures Six-Year Jail Term for Sokoto River Basin DirectorNAHCON Boss Meets Katsina Governor, Pushes for Early 2026 Hajj Payments, Promises Easier ExerciseKaduna Police Arrest Two Suspects Over Illegal Possession of FirearmsTinubu Lifts State of Emergency in Rivers, Reinstates Fubara, LegislatorsBadaru Joins Global Leaders at Beijing Forum on Peace, SecuritySaudi Frees Nigerian Pilgrims Framed by Drug SyndicateTroops Ambush Bandits in Plateau, Neutralise One MURIC to Alaafin: No Law Grants You Power to Appoint Chief Imam of OyoRenewed Hope Agenda: Group Passes Vote Of Confidence On Tinubu’s Minister, Imaan Sulaiman-IbrahimNigeria Fights Back Against Banditry and Insecurity By Senator IroegbuNigeria Fights Back Against Banditry and InsecurityNavy Retrains Personnel on Weapon Handling to Boost Operational EfficiencyFirefighters Rescue Nine Victims from Burning 6-Storey Building in LagosPolice Arrest Seven over Death of IBB University Student, Nab Four Robbery Suspects in Suleja
X whatsapp