Court shuts down Heritage Bank as financial institution faces dire straits

The challenges facing Heritage Bank, led by Akinola George-Taylor, have deepened with a recent court ruling mandating the bank’s immediate closure. The bank, which once enjoyed a robust banking operation, has found itself embroiled in a struggle for survival since the ascent of George Taylor to leadership.

Customers’ mounting concerns over the distressed bank have taken a new twist, as Honourable Justice (Dr.) I.J. Essien has directed the Inspector General of Police, Olukayode Egbetokun, through a court order, to ensure police security for the Court’s Sheriffs in executing the directive to shut down Heritage Bank’s operations without delay.

This course of action follows a garnishee order judgment in a lawsuit numbered MCN/MKD/07m/202, filed by Shehu Mudi. The National Industrial Court, seated in Makurdi, Benue State’s capital, has mandated the immediate closure of Heritage Bank Limited. This action comes after the bank failed to remit an amount exceeding N710 million to Shehu Mudi and 656 other entities.

The court maintains its stance that Heritage Bank’s branches must remain closed until full compliance is achieved with the directives outlined in the garnishee order.

Amidst mounting concerns from the bank’s customers, citing operational glitches and the inability to access funds for withdrawals across various branches, this development takes center stage.

Justice Essien underscored that Heritage Bank, as the garnishee entity, has become an obstacle to the due process of justice. The judge recalled multiple orders issued by both the National Industrial Court and the Court of Appeal. These orders specifically directed the bank to remit the judgment amount within three days, but the bank has failed to heed the court’s mandates.

Justice Essien emphasized that Heritage Bank’s failure to comply with the court’s orders has led to its role as an obstruction to justice. The court’s ruling reiterated the bank’s obligation to pay the judgment sum as well as accrued interest, in line with the court’s prior rulings.

The ordeal of Heritage Bank continues under the leadership of Chief Executive Akinola George Taylor. The bank finds itself enmeshed in a tumultuous atmosphere, including an alleged boardroom crisis resulting in the dismissal of staff perceived as loyalists to his predecessor, Ifie Sekibo.