House Of Rep May Ask FG To Take Over Heritage Bank

The house of representative of the federal republic of Nigeria may pressurize the central bank of Nigeria to seize possession of heritage bank plc due to large amount of debt owed to the Nigerian government.

The chairman of the committee presiding over the recovery of looted funds and assets Adejoro Adeogun has explained that the committee may need to initiate constitutional force against heritage bank.

He said “They cannot be owing more than their share capital, sit on it and feel too big to respond to invitations from the national assembly. Clark, you have to write to them, giving them till Wednesday next week. That is the last time we are going to give them.”

The committee has given an ultimatum of one week to key parties in the recovery mission such as the accountant general of the federation, NNPC, Unity, Sterling, Keystone and Fidelity banks.

Another bank being owed by the federal government is Polaris bank. The tier 1 bank in Nigeria has failed to remit $32 million owed to NNPC.

However, head of legal services of Polaris bank said the funds has been paid but the chief financial officer of NNPC has denied this claim.

NNPC said “You can’t keep government funds, and you will be playing games with it. NNPC has written to us that they have not received the remittance. You can’t speak for your bank. If your bank continues with this level of unseriousness, I will issue an arrest warrant against the MD.

“You did not tender any evidence, you wrote letters to NNPC saying that you have directed CBN to make payments. Directing CBN does not mean you have paid the money. 

“We don’t accept this gentleman’s representation, and we are going to adjourn your (Polaris) hearing to Wednesday next week. Get your MD to come. 

“You are owing $32 million; this money is supposed to be remitted to the federation account to fund the 2022 budget and you can’t continue to hold on to the federal government’s money. You have between now and Wednesday next week to appear here with evidence of payment, not instructions to CBN that has not been honored”.