Trocadero Sues CBN Over ₦20bn Heritage Bank Investment

Trocadero Properties & Investments has filed a suit at the Federal High Court in Lagos seeking the return of ₦20 billion it advanced for Heritage Bank’s planned recapitalisation. The firm says it paid ₦15 billion into a CBN-designated escrow account and a further ₦5 billion directly to the bank after Heritage Bank invited fresh capital to shore up its solvency. The investment was to secure new shares once the recapitalisation closed. On June 3, 2024, the CBN revoked Heritage Bank’s licence and placed it in liquidation under the NDIC, halting the capital raise. Trocadero argues it never received shares and demands its funds back with 21% interest plus costs. The CBN has filed a preliminary objection, claiming Trocadero lacks standing and that any recovery suit belongs before the bank’s liquidator. The matter is adjourned to July 13, 2026, for further hearing.

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