HipTV Drags Heritage Bank To Court


CEO Of Smooths Promotion and Media Entrepreneur Ayo Animashaun, who is the owner of Nigerian Foremost entertainment and lifestyle cable TV station HipTv has dragged Heritage Bank to a federal high court in Lagos over the case of alleged fraud and seizure of HipTv Properties.


Heritage Bank has been reported to have on the 30th March 2019 taken over some properties belonging to Smooth Productions and then appointed one Mr. Gani-Gigado Abubakar, a solicitor and insolvency practitioner, as a manager/receiver of the company. This takeover is due to an alleged indebtedness to the ban on the side of the media company.

Mr.Ayo Animashaun who dislodged the claim in a post on his Instagram page has accused the bank of fraud and that he would not rest until he gets Justice because Heritage Bank is now trying to twist facts to make them appear as the bad guys.

He shared : 

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

Although Smooth Promotions is asking the court for a  reverse of N185 million alleged interest rates and follow the initially agreed interest rate and other entries inputted into its account as at February 2017. These charges were revealed by an independent audit of the company’s accounts stretching back to 2013.

HipTv is said to be in loss excessing of N533,927,562 owing to the failure and refusal of Heritage Bank to insure its property against risk, especially that of fire, following a fire incident on November 6, 2017, despite debiting Smooth Promotions for the insurance premium.

The case, filed by Kemi Pinheiro LP, alleges that Heritage Bank fraudulently deducted insurance premium from Smooth Promotions’ account without remitting the money to the insurance company; charged interests that were not agreed; and a forensic audit found that almost N200 million worth of charges were not correct, reports.

Smooth Promotions’ Executive Director, Adeseun Kolawole-Oyeneye says the company will pursue all available legal means to seek redress.