Nigeria’s first indigenous automobile manufacturer, Innoson Motors Nigeria Limited, has slammed a N30 billion suit against Guarantee Trust Bank, GTB, as a result of damages the company suffered following an ex parte order of Martha Injunction, which GTB applied and obtained, freezing Innoson’s accounts in all the banks in Nigeria.

However, on June 10, Justice Saliu Saidu of the Federal High Court, Lagos, in a considered ruling set aside the ex parte order of September 1, 2014 and the writ of summons as well. The running legal battle between Innoson and GTB started when Innoson challenged the action of Nigerian Customs Service for auctioning its goods.

In a Garnishee Order Absolute, the court had ordered GTB to pay Innoson N2,048,737,443.67 from Customs account. Rather than comply with the Garnishee Order Absolute of the court, GTB on February 6, 2015 appealed the judgment, but the Court of Appeal in Appeal no. CA/1/258/2011 affirmed the judgment of the Federal High Court and ordered GTB to pay the judgment debt of N2,048,737,443.67 to Innoson.

GTB, instead, appealed to the Supreme Court against the Court of Appeal’s decision. In another suit, Innoson sued GTB for imposing excess and unlawful charges on the company’s account with the bank amounting to N559 million. The trial court gave a N4.7 billion judgment in favour of Innoson.

GTB subsequently appealed the judgment of the Awka High Court, but the Court of Appeal, Enugu Division, upheld the judgment and ordered GTB to pay the judgment debt, which stood at over N5.7 billion, into an interest-yielding account in the name of the Chief Regi-strar of the Court of Appeal. However, GTB has appealed to the Supreme Court.

All information is extracted http://www.vanguardngr.com/2015/06/innoson-slams-n30-billion-suit-on-gtbank/

I no say dis news go hit front page na him make me buy land here

F.T.C no be come chop oh I jos day fell fly

i pray today what ever ur desire as u LIKE dis MY POST OLUWA WILL LOcate you

Really that is a very Aladdin Aladdin, Gtb Aladdined , that's why they are Aladdined

And this is a typical example of how Nigeria always kill indigenous companies/ideas/businesses. why will you aunction off their products?

lawanson44: It is a well known fact that the top guns in the Customs are mostly from the Nothing-ers and South West-ners (Hausa and Yoruba).
It is in a bid to frustrate the Igbos. They did it to Ibeto Cement by bringing in Dangote into the scene but unfortunately, they don't have the expertise to produce vehicles so they decide to seize and auction Innosons wares in a bid to frustrate him.
GTB must pay the fine slammed on them by the Courts.
Useless Bank
Useless Customs
Useless Abokiiis
Useless Tiger-Claw faced monkeys!
Long live Innoson!
Long live Anambra!!
Long live Ndigbo!!!
Oya... "Suffistikated" Haterz, start ranting

I'm one of those "Tiger-Claw faced monkeys" and this is not the way to go mr, we are all in this together.

Hmmm, . Speechless

This is quite disheartening

G.T.B

....I hate that bank

Nigeria is a lawless country



Anyway ... Rules are made to be broken

...............

qqq

Make I go withdraw all.my money o

30 what?

Same thing they did to HITV to kill it

Make I sharpaly book space for here

This is sad.

Building an ARMY of FREEDOM FIGHTERS.... care to join?

Too bad......GTB go learn

ibkgab001:
Why

Zed

who owns gtb sef? dont tell me na yellowbars o........... enemies of progress.

hehe.. yawa don gas

amanze15:
Make I go withdraw all.my money o

Hehehe. Ok but how much do you have there?

amanze15:
Make I go withdraw all.my money o

The Sooner The Beta

Small money... My bank can pay!

This country of mine sha.

This is why there is no competition in the Digital satellite market.

Na bank them go use wreck you.

Why hasn't GTBank frozen the accounts of their debtors?

Imagine what they are putting this young company through. If they move their manufacturing to neighbouring country with better bank structure and rule of law now, we go shout.