Innoson debunks allegation of indebtedness to GTB

July 02, 2015 at 12:09 Babajide Komolafe

Innoson Nigeria Limited has debunked allegation of indebtedness to Guaranty Trust   Bank Plc (GTB) accusing the bank of subjecting its accounts to excess charges of N560 million.

In a response to a publication in Vanguard on Monday titled “Innoson’s outstanding indebtedness reconfirmed”, Public Relation officer, Mr. Andrew Udeh, said, “GTB is not the only Bank in Nigeria. Innoson has been having dealings with other Banks in Nigeria – 15 of the Banks – and none of them is having any issue with Innoson and its managing director.

He said, “At all material times Innoson Nigeria Ltd operates a current account with GTB. Subsequently, Innoson discovered that GTB imposed excess and unlawful charges in its current account in the sum of N560 Million and was demanding it to pay this to it with the accrued interest thereon. Innoson requested GTB to credit its account with the N560 Million and the accrued interest. GTB refused this request. As a result Innoson commenced suit No: FHC/AWK/CS/139/2012 against GTB at the Federal High Court, Awka and obtained judgement in excess of N4.7 Billion against GTB.

“GTB appealed against the judgment to the Court of Appeal, Enugu Division, appoxite Appeal No: CA/E/288/2013. The Court of Appeal Enugu in a considered ruling ordered GTB to pay the judgment debt of N5.7 Billion inclusive of the accrued interest and any interest that would subsequently accrue thereon into an interest yielding account in the name of the Chief Registrar of the court.

“Nigerian Customs services sold Innoson Nigeria Ltd’s goods by auction. Innoson commenced suit No: FHC/L/CS/603/2006 against customs. Thereat, judgment was rendered in excess of N2.4 Billion in favour of Innoson in the suit against customs. Subsequently, Innoson garnisheed customs’ account with GTB. Through a garnishee order absolute the learned trial judge ordered GTB to pay the judgment debt of over N2.4 Billion to Innoson from customs account with it.

“GTB appealed against this decision to the Court of Appeal, Ibadan Division, vide Appeal No: CA/I/258/2011. However, in a considered judgment of 6th February 2014, the court of Appeal, Ibadan Division dismissed GTB’s appeal, affirmed the decision of the Federal High Court and ordered GTB to pay the judgment debt of over N2.4 Billion to Innoson from customs account with it.

“GTB granted various facilities to Innoson which Innoson secured with a legal mortgage of over N4 Billion and had defrayed them save the illegal, dubious and excess charges which was a subject of law suit in suit No: FHC/AWK/CS/139/2012 at the Federal High Court, Awka for which Innoson has subsisting judgment in excess of N6 Billion in its favour against GTB. In the GTB’s case – suit No: FHC/L/CS/1119/2014 against Innoson at the Federal High Court, Lagos, GTB never claimed or mentioned that Innoson was indebted to it in the sum of N2.4 Billion.

“The suit which GTB filed against Innoson Nigeria Ltd, appoxite suit No: FHC/L/CS/1119/2014 at the Federal High Court, Lagos Division and froze Innoson’s account in all the Banks in Nigeria from 18th September, 2014 until 10th June 2015 was dismissed and the freezing order set aside. As a result Innoson commenced N30 Billion suit against GTB for damages it suffered as a result of the freezing order.

“At all material times, goods imported by Innoson were consigned to GTB under the relevant Bills of lading. GTB endorsed the Bills of lading to Innoson and released same to Innoson. GTB recorded its endorsement and releasing of the Bills of lading to Innoson in its records. To this extent, before GTB released any of the Bills of lading to Innoson, it would first enter the particulars or details of the Bill of lading in a book – register – and then both the GTB officer releasing the Bill of lading and Innoson’s staff collecting the Bill of lading signed the book- the register. GTB released all the Bills of lading to Innoson and they were all dully recorded and signed for in GTB’s record-book.

Again, all the duties paid for the consignments – goods – were paid by GTB. Upon completion of clearing and taking delivery of each consignment, Innoson returned the exchange control copies in relation thereto to GTB for onward transmission to CBN, which GTB transmitted to CBN.

EFCC discovered in conjunction with NDIC that reconciled and or audited Innoson’s account with GTB that GTB imposed excess and unlawful charges.”


www.vanguardngr.com/2015/07/innoson-debunks-allegation-of-indebtedness-to-gtb/