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Lessons From Innoson Vs GTBank Case Part 2 - Business - Nairaland

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Lessons From Innoson Vs GTBank Case Part 2 by Codedruns001(f): 10:43am On Dec 20, 2017
Codedruns001:
Priceless Lessons For Young And Upcoming Nigerian Entrepreneurs.

1. Embrace Honesty: make honesty part of your business policy in your dealings with Government, your bank, customers, suppliers and even business partners. It will become your best defense in turbulent times.

2. Have Faith In Judiciary: the judiciary is the last hope of the common man. If you are standing on the foundation of truth, no matter how hard your opponent fights to defeat you, the truth through judiciary will prevail.

3. When Right, Don’t Be Afraid To Fight For Your Right: no one, not even the Government should be too big to confront when fighting for your right. That’s why you should never undermine the next lesson.

4. Have A Sound Solicitor: business is warfare; there’s constant battle in the marketplace for brand visibility and loyalty, and there’s battle off the marketplace when disagreements arises between your company and other parties. This is why always enlisting the services of a sound solicitor that will defend you in court is a business necessity.

5. Always Demand For Written Documents: the world of business is full of countless promises and failures, so never accept any agreement verbally. Always demand for written documents to back up any claim, agreement, arrangement or contract. They are strong evidences in the court of law that will vindicate you when trouble arises.

Excess charges are unlawful, illegal and fraudulent and it is a crime

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.

Both parties agreed to invite an independent auditing firm that will be agreed by both parties, At the end, Multiwings Consulting Firm of Auditors was invited to properly audit Innoson Nigeria Ltd current account no 0043753636 domiciled with Nnewi Branch of GTB. The auditing covers a period from March 2004 to December 2011.

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Re: Lessons From Innoson Vs GTBank Case Part 2 by Codedruns001(f): 10:45am On Dec 20, 2017
In the month of September 2012, GTB wrote to Innoson that from their personal audit report, the excess bank charges was Five Hundred and Fifty-Nine Million, Three Hundred and Seventy-Four Thousand, Seventy-Two Naira, Nine Kobo (N559,374,072.29k). Innoson agreed to their version and decided to accept payment from it in the spirit of amicable resolution.

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Re: Lessons From Innoson Vs GTBank Case Part 2 by Codedruns001(f): 10:45am On Dec 20, 2017
Innoson also requested that the said agreed amount of N559, 374,072.09k be paid with a 22% interest rate because he had been repaying all his debt with GTB at 22% rate. GTB refused and said the best they can repay is at 7%. This led to another disagreement between Innoson and GTB.

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Re: Lessons From Innoson Vs GTBank Case Part 2 by Codedruns001(f): 10:46am On Dec 20, 2017
As a result, Innoson commenced suit No: FHC/AWK/CS/2012 against GTB at the Federal High Court, Awka and obtained judgment 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 N6 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 Registral of the Court. GTB is yet to obey this judgment; however it went to the Supreme Court. The matter is yet to be resolved at the Supreme Court. Today that judgment debt is about N8 Billion.

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Re: Lessons From Innoson Vs GTBank Case Part 2 by Codedruns001(f): 10:46am On Dec 20, 2017
GTB, having seen that the Judgment debts Innoson had against them is too much for them to bear and instead of calling Innoson to seek an out-of-court negotiation, they decided to initiate a trump-up charge against Innoson with an allegation of falsification of shipping documents and representing them as genuine in order to force Innoson negotiate with it from a position of weakness.

Excess charges are unlawful, illegal and fraudulent and it is a crime

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Re: Lessons From Innoson Vs GTBank Case Part 2 by Codedruns001(f): 10:47am On Dec 20, 2017
For over 5 years that GTB had admitted it debited unlawfully excess charges from Innoson’s account; Innoson is yet to get his money from GTB

The reason why GTB have failed to pay their indebtedness to Innoson is still unclear.

Earlier on, the Federal High Court and Court of Appeal division in Ibadan had ordered GTB to pay the N2.4Billion belonging to Custom to Innoson. GTB is yet to obey this court judgment.

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Re: Lessons From Innoson Vs GTBank Case Part 2 by Codedruns001(f): 10:48am On Dec 20, 2017
Irrespective of all the persecution Innoson got from GTB, he still persevered; he still fought his dream of establishing the first Vehicle Manufacturing company in Nigeria which today is a Pride to our Nation.

Innoson represents a hope and a guide to upcoming and young entrepreneurs who hopes to make a difference in our Nation. As a result, we are using this medium to bring this issue of illegal GTB charges to the attention of Nigerians in general and entrepreneurs in particular. #BewareofGTB

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Re: Lessons From Innoson Vs GTBank Case Part 2 by naijareferee: 10:48am On Dec 20, 2017
lipsrsealed

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Re: Lessons From Innoson Vs GTBank Case Part 2 by Codedruns001(f): 10:49am On Dec 20, 2017
What Young And Upcoming Entrepreneurs Should Learn From It.

1. Monitor your money: don’t overlook any bank charges on your company accounts. Always demand that they explain the basis of every bank charges deducted from your account.

2. Get an Accountant/Auditor: they will help you uncover any fraudulent activities from your bank on your account.

3. Demand full disclosure upfront: when taking a loan from your bank or any bank, demand to know all bank charges upfront before accepting the money. Be ready to raise alarm if any sudden and hidden charges start occurring.

4. Demand all terms and conditions be stated in writing: any one can deny verbal agreements including your banker. So always demand for a written document for every terms and conditions or agreements reached with your banker.

5. Demand full payment with 22% interest: in the incident that you catch your bank stealing from you illegally through fraudulent bank charges, by law they are mandated to pay back all the money in 2 weeks with 22% interest. And if they fail to do so within 2 weeks, the law further mandates them to pay back all the money with 100% interest after the first 2 weeks elapses.

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Re: Lessons From Innoson Vs GTBank Case Part 2 by RAFIC(m): 10:53am On Dec 20, 2017
The Gtb and Innosson fight is a messy one that would impact investor security and confidence in the country.

Nigerians are so stupid they quickly turned this into a tribal war, making the igbos seem like cry babies and the government seem like witch hunters. This has nothing to do with government or tribalism, but is an unfortunate part of business.

However, the government will do well to look into this without siding any wrong party. Their job is to enforce the law and the EFCC should avoid being used as a tool in a business tussle. The government should arrest this issue quickly to assure potential investors that their investment will be safe and secure, without the possibility of banks reneging on agreements, flouting court orders and using the EFCC as a weapon. The world is watching!

lalasticlala pls come and enlighten the gullible folks out there...

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Re: Lessons From Innoson Vs GTBank Case Part 2 by bloodmoneyspita: 10:56am On Dec 20, 2017
lastly avoid GTB

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Re: Lessons From Innoson Vs GTBank Case Part 2 by Goke7: 11:30am On Dec 20, 2017
RAFIC:
The Gtb and Innosson fight is a messy one that would impact investor security and confidence in the country.

Nigerians are so stupid they quickly turned this into a tribal war, making the igbos seem like cry babies and the government seem like witch hunters. This has nothing to do with government or tribalism, but is an unfortunate part of business.

However, the government will do well to look into this without siding any wrong party. Their job is to enforce the law and the EFCC should avoid being used as a tool in a business tussle. The government should arrest this issue quickly to assure potential investors that their investment will be safe and secure, without the possibility of banks reneging on agreements, flouting court orders and using the EFCC as a weapon. The world is watching!

lalasticlala pls come and enlighten the gullible folks out there...

@the bolded, you were doing good until you got here, the same Nigerians you want and desire their understanding of all the points you are have been listing are the ones you are calling stupid. At times you just make your points and allow people to make their judgement but throwing jabs at them will even begin to make one think whether you are truly sincere.

And the same govt you also want their intervention, you have already labelled witch-hunters. So who exactly do you want to intervene? UN or World bank. Let's learn to always articulate our pints without emotions. Things do bad in business just as you have rightly said. Finally let's all hope that the parties to this feud will find a way out. I don't think a huge investment like Innoson can go down the drain like that.

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Re: Lessons From Innoson Vs GTBank Case Part 2 by Ezeakanobi: 12:56pm On Dec 20, 2017
The most important lesson is that you should go and withdraw your money from gtb to avoid any embracement and stories that touch

The Court are ruling in favour of innonson and by the time they finish paying their debt gtb finances and reputation will be inside toilet

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Re: Lessons From Innoson Vs GTBank Case Part 2 by simplemach(m): 12:57pm On Dec 20, 2017
Hmm
Re: Lessons From Innoson Vs GTBank Case Part 2 by PrickGetSize(m): 12:57pm On Dec 20, 2017
How many times are you guys going to parade this same story on frontpage
Re: Lessons From Innoson Vs GTBank Case Part 2 by 400billionman: 12:58pm On Dec 20, 2017
lipsrsealed

Number 6. Do not take loans from a Wayo bank. GeePee bank is the only Nigerian bank I have never entered. I have never done one transaction there inspite of the numerous awards they keep giving themselves every year. As a businessman, use your Foresight, Eye sight and Hindsight to avoid embarrassment.

If no be First bank, UBA or Zenith, I no do.

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Re: Lessons From Innoson Vs GTBank Case Part 2 by ImpressionsNG: 12:58pm On Dec 20, 2017
Quite premature to be talking about lessons when we don't even have the full facts of the matter. The case is still pending, and there are no outcomes yet. So we can't get the full lessons just yet.

The only thing we can be sure of is that this must be a highly stressful period for the businessman. And this is a big problem not only for him but for virtually all of us that have to struggle for a living in the chaotic environment that Nigeria is.

Thankfully, there is a fantastic natural solution to not only stress, but also anxiety disorders of all kinds. The miraculous herb called kava... It can relax your mind, boost your productivity, and keep your blood pressure low in spite of whatever wahala you might be going through. Learn more about it.......

http://www.impressions.ng/power-of-kava-natural-cure-anxiety/

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Re: Lessons From Innoson Vs GTBank Case Part 2 by DaBillionnaire: 12:59pm On Dec 20, 2017
GTbank don enter one chance.


btw where is NwaAmaikpe. lipsrsealed

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Re: Lessons From Innoson Vs GTBank Case Part 2 by Koolking(m): 12:59pm On Dec 20, 2017
I am deeply disappointed with GTBank on this Innoson case. I just hope Innoson teach them a lesson. Who knows how many of such treatments to other customers of theirs they have got away with.

Their legal team is nothing but fraud.


Nigerian banks need to be checkmated for their excesses. They lack corporate and ethical cultures.

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Re: Lessons From Innoson Vs GTBank Case Part 2 by oluwaseungbenga: 1:00pm On Dec 20, 2017
humm, pls wats nw d final verdit at supreme court
Re: Lessons From Innoson Vs GTBank Case Part 2 by Nobody: 1:01pm On Dec 20, 2017
Taking a Loan from a Nigerian Banks is the worst Mistake anyone will ever Make...

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Re: Lessons From Innoson Vs GTBank Case Part 2 by Richardabbey(m): 1:02pm On Dec 20, 2017
BIAFRA vs AFONJA owned bank
Biafra Will Die angry

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Re: Lessons From Innoson Vs GTBank Case Part 2 by horsepower101: 1:02pm On Dec 20, 2017
Nigerians don't care about facts. It's unfortunately the bitter truth.

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Re: Lessons From Innoson Vs GTBank Case Part 2 by sureheaven(m): 1:03pm On Dec 20, 2017
I've gat nothing to comment because when innocent and gtb dey do their deal I no dey there. So good luck to the winner .

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Re: Lessons From Innoson Vs GTBank Case Part 2 by Nobody: 1:03pm On Dec 20, 2017
gtb side of the story nko. to avoid paying the unlawful charges GTB went to dig up dirt on innoson. dude imported tins with falsified customs documents grin

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Re: Lessons From Innoson Vs GTBank Case Part 2 by kudosamass(m): 1:03pm On Dec 20, 2017
GTB is on a speed lane to self destruct. As a Bank, this is the most unwise method to settle this type matter. Many companies will certainly think twice before any serious engagement with GTB, even if the Bank is right. The reputation of the Bank will continue to nosedive as long as this case lingers.

For now, it is very clear to all that the Bank is desperate to avoid this payment so as not to go bankrupt. Should the Supreme Court uphold the decision of the Appeal Court, the general public might go into panic withdrawals which may likely collapse the Bank finally.

Whichever way this matter ends, the Bank will be the looser because of the negative public awareness created by the case which the Bank invited on itself. From what I am reading online, some guys are already withdrawing their money to avoid story. The Bank must as a matter of urgency review its Legal Department.
I wish them luck shaaaa!

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Re: Lessons From Innoson Vs GTBank Case Part 2 by masterP042(m): 1:03pm On Dec 20, 2017
Bloggers go hit Xmas awoof on top innoson matter..
I'm tired of this news, part 1, part 2; Mtcheew next is part 3.. angry
Re: Lessons From Innoson Vs GTBank Case Part 2 by sisisioge: 1:03pm On Dec 20, 2017
GTB don bark the wrong tree...them don catch them. Watch how other companies flee from them small small. They are kuku happy having their banking hall flooded with small small change holders...big ups to Zenith Bank, the transparent corporate bank.

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Re: Lessons From Innoson Vs GTBank Case Part 2 by golddust6000(m): 1:04pm On Dec 20, 2017
#Innoson group Vs GTBank :
30 Key Points you need to know about their dispute

1 - At all Material time , Innoson Nigeria Ltd operates a Current Account with GTBank .

2 - Innoson obtained , and had repaid same , a loan of N1.3billion from GTB Which was secured with a legal mortgage of its properties valued at more than N1.4billion .

3 - Innoson discovered that GTBank imposed excess and unlawful charges in its Current account .

4 Innoson Group Complained to GTBank on his discovery of access charges on his account .

5 - Both parties ( Innoson and GTBank ) agreed to invite an independent auditing firm that will be agreed by both parties .

*6*- At the end , MULTI-WINGS Consulting Firm of Auditors was invited to properly audit Innoson Nigeria Ltd Current account No 0043753636 domiciled with Nnewi Branch of GTBank . The audit covers a period from March 2004 to Dec 2011 .

7 - After the account was audited , it was discovered that GTBank has been illegally deducting excess bank charges on its overdraft facility to the Innoson to the tune of seven hundred and Eighty-Six Million, Two Hundred and Five Thousand , Nine Hundred and Fifty-Five Naira , Ninety Nine kobo ( N786,205,955.99).

8 - GTBank was shocked at the audit report when the report was forwarded to it .They replied in their letter to Innoson on 20th January , 2012 that it will investigate the issue raised and will get back to Innoson on the Conclusion of its investigation .

9 - In the month of September 2012 , GTBank wrote to Innoson that from their personal audit report , the excess bank charges was Five Hundred and Fifty-Nine Million , three Hundred and Seventy-Two naira ,Nine kobo ( N 559.3Million).

10 - Innoson agreed to their version and decided to accept payment from it in the spirit of amicable resolution.

*11*- Innoson also requested that the said agreed amount of N559.3million be paid with a 22% interest rate because Innoson had been repaying all his loan with GTBank at 22% interest rate.

12 - GTBank refused and said that the best they can repay excess and illegal deduction is at 7% interest rate . This led to another disagreement between Innoson and GTBank .

13 - As a result , in 2012 , Innoson sued GTBank at Federal High Court Awka with Suit No : FHC/Awk/Cs/2012 .

14 - Federal High Court, Awka delivered Judgement in favour of Innoson in excess of N4.7billion against GTBank.

Delivering Judgement in suit no : FHC /Awk/ CS / 139/2012 , the FHC awarded N4.7billion to Innoson Motors against GTBank .
The court also ordered GTBank to pay 22 % (percent ) interest on the Judgement debt until all the payment had been made to Innoson .

15 - In 2013 , GTBank appealed against the judgement to the Court of Appeal, Enugu Division, appoxite appeal No: CA/E/288/2013 .

16 - The Court of Appeal , Enugu in a Considered ruling ordered GTBank to pay the Judgement debt of N6billion 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 .

17 - In its various affidavits, particularly at the Court of Appeal in suit no : CA/E/288/2013 , GTBank deposed that if it pays the outstanding Judgement debt of N6billion , much less the N8.5billion , it could go bankrupt and be out of business .

18 - GTBank went to the Supreme Court .The case is still in the Supreme Court , while the Judgement debt is about N8billion now to be paid to Innoson by GTBank .

#Another Cases:
IBADAN Cases : Innoson /GTBank/Nigerian Custom Service :

19 - Nigerian Customs Service Auctioned Innoson goods .

20 - Innoson challenged the action Nigerian Custom Service for auctioning its goods at Federal High Court , Ibadan .

21 - On July 29 ,2011, In a Garnishee Order Absolute , the Federal High Court sitting in Ibadan ordered GTBank to Pay Innoson #2,048,737,443,67 (#2billion) from Nigerian Customs account in GTBank .

22 - Rather than Comply with the Garnishee Order Absolute of the Court , GTBank on February 6, 2015 appealed the Judgement , but the Court of Appeal in Appeal no. CA/1/258/2011 affirmed the Judgement of the Federal High Court and ordered GTBank to pay the Judgement debt of #2,048,737,443.67 (#2.048billion) to Innoson .

23 - GTBank , instead , appealed to the Supreme Court against the Court of Appeal's decision where GTBank claimed through a motion in suit no : Sc /694/2014, that the Court of Appeal Judgement in Ibadan (CA/I/258/2011) was procured by suspicious means .

24 - On May 12, 2017 , Supreme Court in its wisdom and rightly , dismissed that unfounded and exasperating claim of GTB against Innoson .

25 - As a result , Innoson commenced a N400 billion suit against GTBank , in the suit No: FCT /HC/CV/2448/2017 at the High Court of the Federal Capital Territory, Abuja .

#Another issues

26 - Consequently , in order to save itself from paying the outstanding Judgement debts to Innoson , the GTBbank filed a petition against Innoson alleging forgery which led to the suit No : FHC /L/565C/2015 by Police .

27 - On February 17, 2016 , Police properly and Competently withdraw the charges against Innoson , saying they needed to properly investigate the bank's complaints first and see if they had merits .

28 - On September 1 , 2014 , GTBank secured an ex parte order on Innoson Nigeria Limited, dated September 1, 2014 with suit no FHC/L/CS/1119/2014 , filed before a Federal High Court in Lagos , between GTBank and Innoson Nigeria Limited , issued by *Justice Okon Abang* , ordering that , pending the hearing and the determination of the substantive suit , all Commercial Banks in Nigeria were restrained from accepting in any manner whatsoever to any mandate or instruction presented to them by Innoson Companies or any of its agents or nominees for withdrawal of any sum of money standing to the credit of any account maintained by the company in all the banks.

29 - However , on June 10, 2015 , *Justice Saliu Saidu* of the Federal High Court , Lagos , in a Considered ruling set aside the ex parte order of September 1, 2014 , by Justice Okon Abang and the writ of summon as well .

30 - Innoson then slammed a N30 billion suit on Guaranty Trust Bank for what it had suffered in monetary terms and reputational terms during the months when the accounts of its companies in all Nigerian banks were frozen.
With Innoson winning both cases at the High Court and both cases at the Appeal Court, and GTB appealing, both cases are awaiting the verdict of the Supreme Court. Meanwhile the fresh N30 billion naira suit has just gone to the High Court to start its legal journey.

....

In all , Innoson has won two High Court cases and two Appeal Court cases all against GTBank .

Innoson as at today has Judgement debt over about N10billion based on 22% interest rate against GTBank .

#Questions for EFCC :

(i) Now where is the EFCC coming from in all these ?

(ii) Does EFCC actually understand their duties here ?

(iii) Is EFCC by their action not sabotaging Nigerian economy ?

(iv) If EFCC should to arrest any of the parties , shouldn't GTBank who dubiously deducted Innoson money from his account and have debt of about N8billion to pay Innoson that they should arrest ?

Ikechukwu Emeka Onyia ©️2017

For :Team #FreeInnoson

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Re: Lessons From Innoson Vs GTBank Case Part 2 by Wristler: 1:04pm On Dec 20, 2017
Any other nice bank I can port to?

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Re: Lessons From Innoson Vs GTBank Case Part 2 by jdstunt(m): 1:05pm On Dec 20, 2017
Ok

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