Heritage Bank takes over Ayo Animshaun’s Smooth Promotions

Heritage Bank takes over Ayo Animshaun’s Smooth Promotions

Only a few days ago, Ayo Animashaun, founder of Smooth Promotions, operators of HipTV, revealed that he has dragged Heritage bank to court for defraud

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Only a few days ago, Ayo Animashaun, founder of Smooth Promotions, operators of HipTV, revealed that he has dragged Heritage bank to court for defrauding him. Ayo Animashaun via his social media platform hinted that he is suing Heritage bank through his attorney, Kemi Pinheiro LP, but refused to go into details.

But yesterday, on the orders of Federal High Court Ikoyi Division, Heritage Bank took over the property of Smooth Promotions Limited at No. 4 Ogundana Street, off Allen Avenue, Ikeja; Lagos following its inability to pay back a bank loan worth hundreds of millions.

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

A visit to the premises of the aforementioned property showed that the bank has taken possession of the property under the court order. Also, a source who is familiar with the case disclosed that as the obligor, Animashaun who is indebted to Heritage bank, to the tune of N185 million, was unable to offset his debt even after all effort to have him service the debt proved abortive over a long period of time, prompting the bank to secure a court injunction from a Federal High Court in Ikoyi.

The court injunction published in Thisday Newspapers, empowers Heritage bank to take over all properties, assets including production materials belonging to Ayo Animashaun’s Smooth Promotions.
“NOTICE is hereby given that all the properties comprising of but not limited to plants and machineries belonging to SMOOTH PROMOTIONS LIMITED and falling within the ambit of the receivership have been taken over and are now in firm possession of the Receiver/Manager,” the publication stated.

Whilst, the publication further noted that banks, financial institutions, companies, general interested members of the public, debtors and creditors have been directed that all deposits, cash and other assets currently held should be held until the issuance of further instructions and pay directly to the Receiver/Manager respectively.