Heritage Bank PLC Withdraws Committal Proceedings Filed Against WemaBank

Heritage Bank Plc. obtained judgement against Ondo State Government sometime in February 2016 in the Ondo State High Court, Akure. The judgement was subsequently registered at the Federal High Court Lagos in 2019. In a bid to enforce the judgement, Heritage Bank initiated garnishee proceedings at the Federal High Court Lagos against several parties, including  Wema Bank Plc.  believed to be in custody of monies belonging to the Ondo State Government. At this proceeding, the Bank declared the funds of Ondo State Government with it, while Ondo State Government filed a Preliminary Objection to the jurisdiction of the Federal High Court which the Court ruled against.

 

Thereafter, the garnishee order was made absolute against the bank. Immediately after the Order was made absolute, Ondo State served the bank with a Notice of Appeal and a Motion for Stay of Execution pending the outcome of the Appeal. Based on the Appeal and the application for stay, Wema Bank had to exercise caution in the release of the garnishee sum. Subsequently, Heritage Bank filed a Committal Proceeding against Wema Bank, asking the directors of Wema Bank to appear before the Court to explain why the bank had not released Ondo State’s funds in satisfaction of the judgment in favour of Heritage bank.

 

Hence, the news and publications in the media. Currently, we wish to inform members of the public that the matter has been resolved by the parties and the committal proceeding against Wema Bank has been withdrawn.

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Heritage Bank will increase wallet of business transactions with Lagos State Govt - George-Taylor
Akinola George-Taylor, Managing Director of Heritage Bank Plc, and his Team, paid courtesy visit yesterday to the Governor of Lagos, Babajide Olusola Sanwo-Olu, at the State House, Alausa yesterday.

The Managing Director of Heritage Bank, Akinola George-Taylor has disclosed that the bank would continue to increase the wallet of its business transactions with Lagos state government.  

He gave this assurance yesterday when he led a team of the bank on a courtesy visit to the Governor, Babajide Sanwo-Olu at the government house, Alausa, Ikeja.

George-Taylor commended Sanwo-Olu’s administration, whilst aligning with the great works in Lagos State.

“We are here to introduce ourselves as the new management of the Heritage Bank and being that we have had a relationship with the state (Lagos) for a number of years now, we felt it was necessary to come and present ourselves to the Governor; to say thanks for the business that we enjoyed with the government and that we align and commend the great work he is doing for Lagos State.

“And of course, as bankers, we want to try and increase our own size of the wallet of the business that we do with the government and to extend our best wishes to him and his government. It was a courtesy call to say thank you and wish him well in the next coming elections,” he said.

Speaking earlier, the Governor, Sanwo-Olu said his administration was poised to do more as it continued to play its roles in providing an enabling environment, improving the ease of doing business and being forward-looking in its dealings with financial institutions.

The governor also said that his administration will continue to ensure a mutually beneficial relationship with financial institutions in the State.

He said: “Lagos is the Centre of Excellence and the commercial, economic nerve centre, so we cannot but ensure that we have a very forward-looking mutually beneficial relationship with all of our financial institutions and of course, Heritage Bank is not an exception.

“I want to implore you and your team to be intentional and think something fresh; think something different that can indeed stimulate us. You can rest assured that we know how important it is to spread our businesses and to ensure that everybody gets a part of it knowing that you and your staff will also have a corporate responsibility on the Personal Income Tax component. It is expected that we will continue to play our roles and play our parts.”

Governor Sanwo-Olu congratulated the Managing Director and his new team on the huge and great responsibilities that shareholders and other stakeholders in Heritage Bank have reposed in them,” he said.