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Lessons From Innoson Vs GTBank Case Part 2 - Business (3) - Nairaland

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Innoson Vs Gtbank: 40 Key Points From Gtbank's Version Of What Caused Dispute / Innoson Vs Gtbank: 30 Key Points To Know About Their Dispute / Innoson Vs GTBank: EFCC Arrests Innocent Chukwuma In Enugu (Photos) (2) (3) (4)

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Re: Lessons From Innoson Vs GTBank Case Part 2 by Nobody: 2:09pm On Dec 20, 2017
exlinkleads:
question is, why was he arrested


I also happen to know that FG is not stupid.


Why was he arrested since all the facts available to the media till today supports him
Good question that no one is answering.

2 Likes

Re: Lessons From Innoson Vs GTBank Case Part 2 by Nobody: 2:11pm On Dec 20, 2017
jidemoh:
Nigerians better be monitoring the cases @ the supreme court. If Innoson should win, GTbank is history and billions of depositors' fund will be trapped.
Which other bank man fit go now?
try Zenith bank kwanu grin

Re: Lessons From Innoson Vs GTBank Case Part 2 by nkechiasogwa(f): 2:11pm On Dec 20, 2017
Very interesting story. What an eye opener. I will abandon my account with GTB after withdrawing all my money immediately. I never knew GTBank is a total fraud. Everyone who has an account with GTBank should better go and withdraw it now. Otherwise they will use your money to repay 8billion naira judgement debt to Innoson, after that they will fold up. Innoson will definitely win again at the Supreme Court. GTBank is finished. It is what their greed brought upon them. Yet instead showing remorse and settling peacefully out of court with Innoson, they deployed EFCC to arrest an innocent man without any warrant or prior information. Infact God punish GTBank real good for such wickedness on Innoson.

8 Likes 2 Shares

Re: Lessons From Innoson Vs GTBank Case Part 2 by MikkieEl: 2:12pm On Dec 20, 2017
junkiesneverdie:
Taking a Loan from a Nigerian Banks is the worst Mistake anyone will ever Make...


E.g Etisalat.

2 Likes

Re: Lessons From Innoson Vs GTBank Case Part 2 by MizMyColi(f): 2:12pm On Dec 20, 2017
LoJ:

try Zenith bank kwanu grin

cheesy
Re: Lessons From Innoson Vs GTBank Case Part 2 by Harrynight(m): 2:13pm On Dec 20, 2017
150k was transfered from my account to an unknown account and 2years running GTBank still cant trace nor do anything....


#BoycottGtbank!

4 Likes

Re: Lessons From Innoson Vs GTBank Case Part 2 by Nobody: 2:13pm On Dec 20, 2017
MizMyColi:


cheesy
I could not resist answering the guy. grin grin
Re: Lessons From Innoson Vs GTBank Case Part 2 by exlinkleads(f): 2:16pm On Dec 20, 2017
ImpressionsNG:
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.

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I don't think his/her writ is premature. He/She drew his/her conclusions and assertions on already decided cases.

1. Is a fact that GTBank and Innoson agreed to an audit of his account and is a fact that the auditors found out that GTB charged Innoson in the excess of N700m though the agreed it was going to pay in excess of N500m.

2. Is a fact that GTBank is supposed to payback the money with 22% interest according to the law and is also a fact that they refused and pleaded to pay with 7% interest. which Innoson refused.... Is a fact that GTBank are criminals and they know what they are doing.

3. Is a fact that both judgement in High Court Anambra State and Appeal Court Anambra Stated ordered GTBank to pay innoson his money and they refused.

4. Is also a fact that Ibadan high court and appeal court ordered GTBank to pay Innoson back his money with 22% interest and they also refused.

You tell me, why did u say is premature to draw conclusions because as far as am convened, the only thing GTBank will hope for in this case is mediations for leniency .

2 Likes

Re: Lessons From Innoson Vs GTBank Case Part 2 by erico2k2(m): 2:16pm On Dec 20, 2017
Xisnin:


Their will be no panic withdraw, neither will GT pay a blackmail ransom.
Innoson may think he is winning the media war but he will learn his lessons
in time.
In your own opinion you think the demands made by Innoson is wrong ? ?
And the banks deducting unspeakable amount is right ? ?

4 Likes 1 Share

Re: Lessons From Innoson Vs GTBank Case Part 2 by Promiseisaac(m): 2:17pm On Dec 20, 2017
The Kind Complain I Dey Always Hear About Gtbank And Eco Bank No Be Here. #bewareofGTB

6 Likes 2 Shares

Re: Lessons From Innoson Vs GTBank Case Part 2 by Harrynight(m): 2:18pm On Dec 20, 2017
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5 Likes 1 Share

Re: Lessons From Innoson Vs GTBank Case Part 2 by otunbakolawole(m): 2:19pm On Dec 20, 2017
My God shall supply ALL my needs according to his riches in glory by Christ Jesus. Philippians 4:19.

I believe that scripture now! Earlier this year i got a loan approval from GTB for 60million naira for a quarry project that was 75% to completion (even by their own findings). Let just say, i learnt the hard way not to trust bankers. My madam warned me about taking the loan, i didn't hear. When i saw all their kurukere moves and the potholes they have dug for themselves, i liquidated the loan without delay, completed the project at the appointed time.

I wish i was as bold as INNOSON. I also want to implore Nigerians, if you can afford it, buy innoson vehicle. May God lift him higher over this challenge

8 Likes 1 Share

Re: Lessons From Innoson Vs GTBank Case Part 2 by henrixx(m): 2:24pm On Dec 20, 2017
lazygal:




Avoid banks my dear ..all the people you quote have investors people who gave them money to turn around .
Rather collect from friends ,look for angel investors but avoid banks at all costs.. I would rather approach a middle east bank and get loan on no interest than ever collect from Nigerian banks no matter how good their terms are
all the big men in Nigeria take loans from nigerian banks. It is only advisable to small business people not to take loans from banks
Re: Lessons From Innoson Vs GTBank Case Part 2 by lonelydora: 2:26pm On Dec 20, 2017
400billionman:
lipsrsealed

Number 6. Do not take loans from a Wayo bank. GeePee bank is the only Nigerian bank I have never entered. I just don't remember they exist so 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 comfortable

Or StanbicIbtc

2 Likes

Re: Lessons From Innoson Vs GTBank Case Part 2 by Xisnin(m): 2:26pm On Dec 20, 2017
Gilbertase:
his grouse isnt the interest rate perse, it was that he was lured with the promise he would get more funds than what First bank could offer, and they ended up reneging on that promise. So he ended up loosing both ways..didnt get more funds and now has to pay a higher interest rate on the same funds first bank already gave him at 18%

My point still stands they he has no agreement with GTBank,
It is not uncommon for overzealous marketers to promise what
their banks cannot deliver, he will be wasting his legal fees.
Re: Lessons From Innoson Vs GTBank Case Part 2 by henrixx(m): 2:27pm On Dec 20, 2017
Harrynight:
150k was transfered from my account to an unknown account and 2years running GTBank still cant trace nor do anything....


#BoycottGtbank!
Kai see lie.
Re: Lessons From Innoson Vs GTBank Case Part 2 by Maydfourth: 2:32pm On Dec 20, 2017
GTB na thief.

2 Likes

Re: Lessons From Innoson Vs GTBank Case Part 2 by Claumy2(m): 2:32pm On Dec 20, 2017
GTB shall surely go down.

#close_your_GTB_account..

2 Likes

Re: Lessons From Innoson Vs GTBank Case Part 2 by Xisnin(m): 2:33pm On Dec 20, 2017
Goddys:
You seem to have a low comprehension. He was not mindful of making the increase in the rate of loan as a subject of litigation but the charges deducted as a result thereof
You are the one with poor comprehension.
It is bank that set charges, if a customer isn't comfortable with a bank charges,
he must negotiate before using the banks service.
Re: Lessons From Innoson Vs GTBank Case Part 2 by Xisnin(m): 2:34pm On Dec 20, 2017
erico2k2:

In your own opinion you think the demands made by Innoson is wrong ? ?
And the banks deducting unspeakable amount is right ? ?

GTB already conceded that there were deduction errors but the greedy
innoson wants a 22% interest rate and a 400 billion naira damages on
a 500 million dispute.
Re: Lessons From Innoson Vs GTBank Case Part 2 by Harrynight(m): 2:35pm On Dec 20, 2017
henrixx:
Kai see lie.

u will rmber dis comment wen ur a victim
Re: Lessons From Innoson Vs GTBank Case Part 2 by 400billionman: 2:35pm On Dec 20, 2017
lonelydora:


Or StanbicIbtc

You read my mind. A Stanbit staff assumes he is wiser than his customer. Open savings, they ignore you and open current, 3 days to generate acct number.

2 Likes

Re: Lessons From Innoson Vs GTBank Case Part 2 by Richardabbey(m): 2:36pm On Dec 20, 2017
franudi:
Afonja is dead already.
U Are Stupid For Dat Comment ,

Iya E angry
Re: Lessons From Innoson Vs GTBank Case Part 2 by allcomage: 2:40pm On Dec 20, 2017
golddust6000:
#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

This is very shocking to hear. This is very unethical for gtb to steal from customers and went to court when cought .I will close my account with them before Christmas period.

2 Likes

Re: Lessons From Innoson Vs GTBank Case Part 2 by erico2k2(m): 2:41pm On Dec 20, 2017
Xisnin:


GTB already conceded that there were deduction errors but the greedy
innoson wants a 22% interest rate and a 400 billion naira damages on
a 500 million dispute.
He is right to demand that cos you have to repay him at the same rate his loan is being charged .
Look it's very clear . If loan repayments are charged at 22%it simply means the overcharged or illegal deduction was collected @ 22%it's simple maths . I see nothing wrong there . The only money open for negotiation would have been the damage money . Which they could do out of court quietly .
GTB have bad advisers this will dent thier image plus you only need to look to the UK how the PPI claims came to be . Very soon everyone who had one time within the past 10 years had an loans with GTB will chk to see of they where over charged and if found out then GTB are on a long thing .

6 Likes 4 Shares

Re: Lessons From Innoson Vs GTBank Case Part 2 by lazygal: 2:41pm On Dec 20, 2017
henrixx:
all the big men in Nigeria take loans from nigerian banks. It is only advisable to small business people not to take loans from banks


They first attained a certain level before accessing the loans ...when u get to a certain Kevel the banks will even beg you to take loans some of the top mngt of the bank also have personal stakes in that business you think its just loans banks give ?
You needtogo behind the politics of all banks in Nigeria you will gave an idea ob the dirty games being played .I can sight many examples of how banks have gond ahead to take away deals from their customers including names of the banks bit that's not neccesary


For me if one can avoid loans from banks it might seem sweet bit trust me ,its poisonous
Re: Lessons From Innoson Vs GTBank Case Part 2 by ofonike: 2:42pm On Dec 20, 2017
I just received a refund of excess charge from gtb on my account when i applied for token since feb. 2016.
Re: Lessons From Innoson Vs GTBank Case Part 2 by E99E(m): 2:42pm On Dec 20, 2017
Gilbertase:
his grouse isnt the interest rate perse, it was that he was lured with the promise he would get more funds than what First bank could offer, and they ended up reneging on that promise. So he ended up loosing both ways..didnt get more funds and now has to pay a higher interest rate on the same funds first bank already gave him at 18%

Thank you brother.

1 Like

Re: Lessons From Innoson Vs GTBank Case Part 2 by lazygal: 2:42pm On Dec 20, 2017
erico2k2:

He is right to demand that cos you have to repay him at the same rate his loan is being charged .
Look it's very clear . If loan repayments are charged at 22%it simply means the overcharged or illegal deduction was collected @ 22%it's simple maths . I see nothing wrong there . The only money open for negotiation would have been the damage money . Which they could do out of court quietly .
GTB have bad advisers this will dent thier image plus you only need to look to the UK how the PPI claims came to be . Very soon everyone who had one time within the past 10 years had an loans with GTB will chk to see of they where over charged and if found out then GTB are on a long thing .


On point ..I actually feel the government should weight in on this. Innoson is not a road side manufacturer

4 Likes

Re: Lessons From Innoson Vs GTBank Case Part 2 by afamaustin(m): 2:43pm On Dec 20, 2017
Innocent is now a billionneer in dollars. Let say dollanier

2 Likes

Re: Lessons From Innoson Vs GTBank Case Part 2 by erico2k2(m): 2:47pm On Dec 20, 2017
lazygal:



On point ..I actually feel the government should weight in on this. Innoson is not a road side manufacturer
They should and very quickly . Cos if I guess right the Man already finished paying his Loan .

2 Likes

Re: Lessons From Innoson Vs GTBank Case Part 2 by erico2k2(m): 2:48pm On Dec 20, 2017
ofonike:
I just received a refund of excess charge from gtb on my account when i applied for token since feb. 2016.
Evidence ? ?

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