Heritage bank’s bad debt has attracted attention of highest bank of Nigeria, Central Bank of Nigeria.

According to multiple reports, the House of Representatives has threatened to direct the Central Bank of Nigeria (CBN) to take over the ownership of Heritage Bank of Nigeria over a debt owed to the federal government of Nigeria.

House of Representatives has threatened to direct the Central Bank of Nigeria (CBN) to take over the ownership of Heritage Bank of Nigeria over a debt owed to the federal government of Nigeria, EaglesPath Online reports.

The undisclosed sum according to Lawmakers, Heritage bank owes more money than its entire share capital put together.

The Chairman of the Ad hoc Committee on Assessment and Status of All Recovered Loots, Moveable and Immoveable Assets from 2002 to 2020 by agencies of the federal government for effective and efficient management and utilisation, Hon. Adejoro Adeogun, issued the threat at the resumed hearing.

Adeogun was visibly angry at the absence of the management of Heritage Bank and said the bank will not be allowed to continue to play games with the National Assembly.

“I need to send this message to Heritage Bank that we are not comedians here and we are not joking here. 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”, he said and directed clerk of the panel to write the bank with an ultimatum to appear next Wednesday.