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Court orders Seizure of Hip TV CEO Properties over N180million debt to Heritage Bank

Court Orders Heritage Bank To Seize Hip TV CEO, Ayo Animashaun’s Collateral Property to Reclaim Over N180million Debt

The Federal High Court, Ikoyi Division, last week, issued an order to Heritage Bank to seize the property of Smooth Promotions Limited, Owners of HIP TV, following their failure to pay back a loan sum of over 180 Million Naira.

The property which is situated at No. 4 Ogundana Street, Off Allen Avenue, Ikeja was reportedly provided as collateral by Ayo Animashaun, and has been taken possession of by the bank.

Going by the court injunction published on Thisday Newspapers, Heritage Bank is expected to take over all properties provided as collateral, assets, including production materials belonging to Ayo Animashaun’s company, Smooth Promotions Ltd.

The asset which has been seized in execution of the court order, has authorised a Solicitor and Insolvency Practitioner, Mr. Gani-Gidado Abubakar, as the Receiver/Manager of Smooth Promotions Limited pending the determination of the orders of Court in Suit No: FHC/L/CS/362/19.

Meanwhile, indications from Animashaun’s social media page claims his rift with the bank has been ongoing for two years and as a result he would be suing Heritage Bank. He is however yet to provide more details on this.

View this post on Instagram

So I wanted you to hear it directly from me: I have just instructed my lawyers Kemi Pinheiro LP, to file a suit at the federal high court in Lagos, against Heritage Bank. I have spent over two years doing all I can to resolve this as quietly as possible, But I am now left with no choice but to use every available legal means to protect my reputation, secure my business, and get the redress and compensation I deserve. Heritage bank has consistently lied to us, defrauded us, and they’re now attempting to twist the facts to make us look like the bad guys. I have spent the past 25 years of my life building a name and business; and we have been nothing but responsible corporate citizens. I know many entrepreneurs complain about Nigerian banks and how they do nothing but try to kill us. But this particular bank picked the wrong candidate. I will not rest until I get justice and I just want to thank everyone who’s called me; and plead that you please understand that I may not be able to comment about the matter after this post, as the matter will now be in court. I will provide further update as soon as I am allowed to

A post shared by Ayo Animashaun (@ayoanimashaun) on

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