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GTBank Shuts down HiTV over 9Billion Naira Loan
« on: November 27, 2011, 03:30 AM »
One of Nigeria's locally owned Satellite TV networks HiTV withnessed a take over On Monday when a team of mobile police officers and two civilians; a lawyer and astaff of the Guaranty Trust Bank (GTBank)stormed the premises of HiTV.
A source who works for HiTV said: “They gave everyone in the building five minutes to pick up only their belongings and exit the building.”

When HiTV staff members enquired as to why they were being told to vacate their office premises,
the GTBank team replied: "We don't owe you an explanation as to why we are locking the place." Staff of TVC who were present in the building were also asked to exit and afterwards the entrance to
the HiTV building was shut.

Further investigations reveal that Gtbank has put HITV in to recievership for its failure to pay or liquidate about 9 billion naira loan the bank granted it. What this means is that the receivership manager will take over the affair of hitv to sell the asset either in bit or all as it deam fit.
We hope it is sold in full to a worthy Local Buyer who will continue the Good work HiTV has done and not let DSTV be the only Giant in the market.