INNOSON’S DISPUTE WITH GTB: The Facts of the Matter

EXCESS AND UNLAWFUL CHARGES
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.

JUDGMENT DEBT OF OVER N2.4 BILLION
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.

CONSIGNMENT OF GOODS AND BILLS OF LADING
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 INVESTIGATION
EFCC discovered in conjunction with NDIC that reconciled and or audited Innoson’s account with GTB that GTB imposed excess and unlawful charges in the sum of N560 Million in Innoson’s account with it and was demanding Innoson to pay same to it as its legitimate earnings.

Also, EFCC discovered that GTB had a register wherein it entered the particulars/details of all the Bills of lading it endorsed over to Innoson and that GTB’s staff signed the register for the release of the Bills of lading to Innoson’s staff who also signed his collection/receipt of the Bills of lading from GTB in the register. Consequently, EFCC asked GTB to produce the register but till date GTB failed and refused to produce the register.

INVESTIGATION BY THE POLICE
The Police also investigated the issue of the endorsement of the Bills of lading. However, during an interview between GTB and Innoson’s representatives before the former Inspector General of Police, M.D. Abubakar, the then Inspector General of Police also discovered that there was such register. Upon the discovery, the former Inspector General of Police asked GTB to produce the register but GTB responded that the register was burnt by fire. With this answer, the former Inspector General of Police cautioned GTB over frivolous allegation and asked Innoson’s representatives to go.

SUIT AGAINST THE POLICE AND EFCC
Innoson sued EFCC and the Police to enforce its fundamental human right and that of its staff that it alleged was breached in the course of the investigation; and for an order of the court that all the documents that were subject to forensic investigation be sent to independent investigation, viz – FBI and or Scotland yard for analysis – since GTB was corrupting/influencing the forensic analysis of the documents by the Police.


FACILITIES FROM GTB
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.

GTB’S SUIT AGAINST INNOSON
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.

GTB’s CLAIM OF NON ENDORSEMENT OF BILLS OF LADING
The claim is a ruse aimed at GTB not honouring the various judgment debts of over N10 Billion it owes Innoson. In all the cases, GTB was represented by eminent lawyers.

QUESTIONS

1. Despite GTB’s claim that Innoson is indebted to it in the sum of N2.4 Billion and cleared the goods without its endorsing the Bills of lading to it, why is GTB losing all the cases to Innoson?

2. The N560 Million excess charges which GTB imposed and debited Innoson’s account with it, is it depositors’ fund?

3. The compound interest which GTB was charging on the excess charge of N560 Million which resulted in the judgment debt of over N4.7 Billion in suit No: FHC/AWK/CS/139/2012 is it the depositors’ fund?

4. Why is GTB refusing to produce its register where it entered the details of all the Bills of Lading it endorsed over to and released to Innoson and which register its staff and Innoson’s staff signed?

5. Why did GTB pay the customs duties necessary for clearing of the goods evidenced by the Bills of Lading?

6. Why did GTB receive from Innoson and send to CBN exchange control copies evidencing the clearing of the goods represented by the Bills of Lading by Innoson?

FINALLY
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.

Source: INNOSON

Every day is fr the thief buh 0ne day is fr d 0wner....

It will soon end.

. Oh my GTB, Why