A House of Representatives committee has threatened to ask the Central Bank of Nigeria (CBN) to take over Heritage Bank’s operations due to suspected federal government debt.

At its meeting on Thursday, the ad hoc committee investigating the status of all seized loots, moveable and immovable assets from 2002 to 2020 stated this.

Adejoro Adeogun, chairman of the committee, stated during the meeting that if the bank does not show next Wednesday, the committee will not hesitate to exercise constitutional powers against it.

“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,” Adeogun said

“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 to them, giving them till Wednesday next week. That is the last time we are going to give them.”

The committee had also threatened to issue a warrant of arrest on the managing director of Polaris Bank for non-appearance to account for over $32 million unremitted funds it owed the Nigerian National Petroleum Corporation (NNPC).