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 Mareva
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.

GTB

Gtb one chance. Na for their customers body dem go recover am. Time to stop banking with them before they start illegal deductions from my account

I hope this doesn't bring the bank to its knees

If una get mony for that bank go withdraw am oh!! Dem go soon use una mony pay...... But e be like this bank like court case wella..... Is it a Nigerian owned of foreign owned bank

GT Bank 419 bank in the country.
If not for inconveniences I would stop receiving my salary through them.

GTB should simply pay up and maintain it's integrity, rather than unnecessarily dragging the matter after two courts have ruled against it.

In politics every publicity is good, but in Banking some publicity can be damaging. If primordial sentiment is infused into this matter, trust me, there will be a massive bank run cutting through the industry. Several banks may not survive it.

GTB better lose some to win some!


A word to the wise...