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Debt: Reps threatens to takeover bank

The House of Representatives has threatened to ask the Central Bank of Nigeria to take over the ownership of Heritage Bank of Nigeria for owing the Federal Government more money than its entire share capital.

The threat was made by its ad hoc committee on the assessment and status of all recovered loots (movable and Immovable assets) from 2002 to 2020 by agencies of the Federal Government for effective efficient management and utilisation.

The committee also threatened to issue an arrest warrant on the Managing Director of Polaris Bank for failing to appear before it to explain why the bank had not remitted over thirty two million dollars owed to the Nigerian National Petroleum Corporation.

The Chairman of the committee, Adejoro Adeogun, issued the threats at an investigative hearing in Abuja.

Adeogun said, “If Heritage Bank is owing Nigeria more than its share capital, we will not hesitate to ask the National Assembly to write to CBN to take over Heritage Bank.

“They cannot be owing more than their share capital, sit on it and feel too big to respond to invitations from the National Assembly. Clark, you have to write them, giving them till Wednesday next week. That is the last time we are going to give them.”

The committee, however, turned back all representatives of the banks as well as the Accountant General of the Federation, saying they lacked the capacity to answer the questions from the committee, giving them till Wednesday next week to appear.

Reporting by Ibrahim Shehu, editing by, Daniel Adejo