Court order heritage bank to seize Hip TV CEO collateral property to reclaim 180million naira debt

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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.

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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.

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