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Why HipTV, Heritage Bank Are Fighting

It was gathered that Smooth Promotions is asking the court to reverse over N185 million in alleged interest rates over and above the agreed interest rate and other entries inputted into its account as at February 2017. These charges were revealed by an independent audit of the company’s accounts stretching back to 2013.

According to the court papers, the company says it lost in excess of N533,927,562 owing to the failure and refusal of Heritage Bank to insure its property against risk like fire, and or provide information to Smooth Promotions as to insurance on its property following a fire incident on November 6, 2017, despite debiting Smooth Promotions for the insurance premium.

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The case, filed by Kemi Pinheiro LP, alleges that Heritage Bank fraudulently deducted insurance premium from Smooth Promotions’ account without remitting the money to the insurance company; charged interests that were not agreed; and a forensic audit found that almost N200 million worth of charges were not correct.