Smooth Promotions, a Lagos-based media company whose properties
include Hip Hop World, an exclusively music entertainment magazine; the hit
entertainment channel Hip TV and the most prestigious music awards in
Nigeria, The Headies, has filed a suit at the Federal High Court, in Lagos
against Heritage Bank, alleging that
the bank has breached all acceptable
professional conduct with respect to a transaction that has been the subject of
a protracted disagreement.
Smooth promotions is owned by the connected friend of many Ayo
Animashaun.
Smooth Promotions is asking the court to reverse over N185
million in interest rates over and above the agreed interest rate and other
unwholesome, spurious, unjustifiable, and illegal 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.
According to the court papers, the company says it lost in
excess of N533,927,562 owing to the failure and refusal of Heritage Bank
to insure its
property against risk like fire, and or provide information to Smooth
Promotions as to insurance on its property 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.
Smooth Promotions' Executive Director, Adeseun Kolawole-Oyeneye
says the company will pursue all available legal means to seek redress; despite
the apparent attempt by Heritage Bank to intimidate and spin the facts in this
matter.
"We have gone to the courts, and we believe the justice
system will intervene to make sure another honest responsible Nigerian company
does not fall prey to a mafia financial institution," she said
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