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Lessons From Innoson Vs GTBank Case Part 2 - Business (4) - 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 vertueptime: 2:52pm On Dec 20, 2017
bloodmoneyspita:
lastly avoid GTB

I wont mind if we start a protest to end d bank by boycotting it
Re: Lessons From Innoson Vs GTBank Case Part 2 by Xisnin(m): 2:52pm 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 .

When normal customers are overcharged, they complain.
Inoson in an attempt to reap where he didn't sow maintained
silence until he met his target of projected interest rate.

It is illogical to talk about 22% when he is not a bank or lender who had
an interest rate agreement with his supposed customer(GTBank).
GTB charges 22% on loans, greedy inoson cannot charge 22% on a disputed deduction.
Re: Lessons From Innoson Vs GTBank Case Part 2 by vertueptime: 2:53pm On Dec 20, 2017
yeyerolling:
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

Its immaterial to the case at hand, i pray gtb goes down and broke

1 Like

Re: Lessons From Innoson Vs GTBank Case Part 2 by Xisnin(m): 2:54pm On Dec 20, 2017
vertueptime:


I wont mind if we start a protest to end d bank by boycotting it
Please start the protest immediately but don't expect others who are busy
with their jobs to join you in such madness.
Re: Lessons From Innoson Vs GTBank Case Part 2 by heysquare(m): 2:55pm On Dec 20, 2017
its most of d banks in nigeria r doing dat illegal deduction in our accounts just dat many of us didn't notice it. UBA did it to me and I complained nothing was done they gave me stupid excuse. d issue of innoson shudnt be triballised or politicised we shud all stand by him to get justice

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Re: Lessons From Innoson Vs GTBank Case Part 2 by Bizibi(m): 3:01pm On Dec 20, 2017
Codedruns dey use style dey market the ashawo site on this thread

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Re: Lessons From Innoson Vs GTBank Case Part 2 by gwinaB(m): 3:19pm 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

There must be something else between both parties that we are not privy to
Re: Lessons From Innoson Vs GTBank Case Part 2 by ikorodureporta: 3:19pm On Dec 20, 2017
How about glo and other telcos that have been stealing money from our account. How do we handle them?
Re: Lessons From Innoson Vs GTBank Case Part 2 by MrGerald(m): 3:28pm 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.

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.

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There's nothing like the case is still pending, why they didn't obey the first and second court order, plus the one at Ibadan?

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Re: Lessons From Innoson Vs GTBank Case Part 2 by maasoap(m): 3:29pm On Dec 20, 2017
Ezeakanobi:
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
Ignorance at its peak! And people like this one would be claiming to be an educated individual. Have you seen people lose their money in all the banks that had financial problems in recent times? AMCON.
Re: Lessons From Innoson Vs GTBank Case Part 2 by lereinter(m): 3:31pm On Dec 20, 2017
gtb the bank is synonymous with munipulating peoples deposit
if u ve fixed acct with them men dont trust the statement they monthly give u
Re: Lessons From Innoson Vs GTBank Case Part 2 by DaPhoenix10: 3:38pm On Dec 20, 2017
Who is lalasticlala? undecided
Re: Lessons From Innoson Vs GTBank Case Part 2 by paulynpen(m): 3:40pm On Dec 20, 2017
Xisnin:
Innoson must really be desperate as to hire a runs girl service for image laundering and blackmail.
Whenever a party cries to the media instead of the court, it is because they have no case.

EFCC tried many people in the media but fail to secure their convictions but it is the
other way round in this case where EFCC remain silent while innoson fights in the media.
I really get confused when I see people like you on nairaland. Is it that you don't understand English? Or you are just simply simpleton? So the court cases sighted above are not court? Haba! Brother try and pretend that nothing is wrong with you and if you continue to practice it you will become OK.

2 Likes

Re: Lessons From Innoson Vs GTBank Case Part 2 by Xisnin(m): 3:43pm On Dec 20, 2017
paulynpen:

I really get confused when I see people like you on nairaland. Is it that you don't understand English? Or you are just simply simpleton? So the court cases sighted above are not court? Haba! Brother try and pretend that nothing is wrong with you and if you continue to practice it you will become OK.

Stop being a fool.
It is a shame that Innoson couldn't hire a proper media person but a runs girl
to launder his image and blackmail GTB.

I know it is not your fault that my post was beyond your reasoning capacity.
Re: Lessons From Innoson Vs GTBank Case Part 2 by Almyteekd(m): 3:49pm On Dec 20, 2017
Innoson just open your own bank rest jare!!
Re: Lessons From Innoson Vs GTBank Case Part 2 by SKYQUEST(m): 3:51pm On Dec 20, 2017
Where did my deazr GT bank get it wrong?
Re: Lessons From Innoson Vs GTBank Case Part 2 by vertueptime: 3:59pm On Dec 20, 2017
Xisnin:

Please start the protest immediately but don't expect others who are busy
with their jobs to join you in such madness.


See this guy? People are talking about fighting for their rights ur talking about madness, perhaps its d madness that is making u talk like this
Re: Lessons From Innoson Vs GTBank Case Part 2 by Xisnin(m): 4:01pm On Dec 20, 2017
vertueptime:



See this guy? People are talking about fighting for their rights ur talking about madness, perhaps its d madness that is making u talk like this
Shut up. What stupid right are you fighting for.
Re: Lessons From Innoson Vs GTBank Case Part 2 by paulynpen(m): 4:02pm On Dec 20, 2017
Xisnin:


Stop being a fool.
It is a shame that Innoson couldn't hire a proper media person but a runs girl
to launder his image and blackmail GTB.

I know it is not your fault that my post was beyond your reasoning capacity.
Hahaha. You are really sick. I thought I was wrong on my judgment
Just look for where to take care of yourself. Rational people are talking of fraud in banks all you see is the girl or boy they hired. Ah so sorry

1 Like

Re: Lessons From Innoson Vs GTBank Case Part 2 by Xisnin(m): 4:04pm On Dec 20, 2017
paulynpen:

Hahaha. You are really sick. I thought I was wrong on my judgment
Just look for where to take care of yourself. Rational people are talking of fraud in banks all you see is the girl or boy they hired. Ah so sorry

Shut up you slowpoke.
Always move on when you can't comprehend a post.
Re: Lessons From Innoson Vs GTBank Case Part 2 by paulynpen(m): 4:06pm On Dec 20, 2017
Xisnin:


Stop being a fool.
It is a shame that Innoson couldn't hire a proper media person but a runs girl
to launder his image and blackmail GTB.

I know it is not your fault that my post was beyond your reasoning capacity.
Oh I just observed that someone else also talk of the same thing about you. So its a confirm case of psychological problem? Pele! Try to follow the normal prescription

1 Like

Re: Lessons From Innoson Vs GTBank Case Part 2 by Xisnin(m): 4:07pm On Dec 20, 2017
paulynpen:

Oh I just observed that someone else also talk of the same thing about you. So its a confirm case of psychological problem? Pele! Try to follow the normal prescription

This is last reply you will get you fool.
Re: Lessons From Innoson Vs GTBank Case Part 2 by latsy: 4:11pm On Dec 20, 2017
paulynpen:

I really get confused when I see people like you on nairaland. Is it that you don't understand English? Or you are just simply simpleton? So the court cases sighted above are not court? Haba! Brother try and pretend that nothing is wrong with you and if you continue to practice it you will become OK.

I read and understood the post, I guess bigotry and sentiments
has blinded you from seeing the sense in it.
Re: Lessons From Innoson Vs GTBank Case Part 2 by openmine(m): 4:26pm On Dec 20, 2017
Gtb is always fond of that...
This year #5k left my account wit no explanation whatsoever from them.....i have tried on my own to retrieve that money from them but all to no avail....there are other excess charges GTB took from my account that i can not explain here!
I have made up my mind....by next year,its going to be either zenith or UBA!
GTB may have some innovative people there but their fraudulent nature is too obvious!

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Re: Lessons From Innoson Vs GTBank Case Part 2 by Curry30: 4:31pm On Dec 20, 2017
All these licensed criminals parading themselves as financial institutions (banks).

It is clear Innnoson is guilty of trusting them, and GTBastards are guilty of overcharging him.

FELA get vault for kalakuta, me too go build vault for my house shikena.

Shege GTB
Re: Lessons From Innoson Vs GTBank Case Part 2 by paulynpen(m): 4:37pm On Dec 20, 2017
latsy:


I read and understood the post, I guess bigotry and sentiments
has blinded you from seeing the sense in it.
Hahaha. Your reprobate mind may lead you to damnation. You should have employed this advance mind in positive economy you will be OK. But no. You have chosen a lewed way of life creating several account on nairaland for what purpose? As I said earlier, pretend as if you are OK and continue practicing it and you will actually be OK. After all practice they say make perfect
Don't expect to read from me anymore
Re: Lessons From Innoson Vs GTBank Case Part 2 by Revolva(m): 4:45pm On Dec 20, 2017
@Codedruns001

wow so u r into runs promotion wow...enough oloshos....damm
Re: Lessons From Innoson Vs GTBank Case Part 2 by Mboi2: 5:05pm On Dec 20, 2017
Xisnin:


Stop being a fool.
It is a shame that Innoson couldn't hire a proper media person but a runs girl
to launder his image and blackmail GTB.

I know it is not your fault that my post was beyond your reasoning capacity.
Oga your post makes no sense. Someone made a post with verifiable facts and figures, you're countering the post with personal opinion and sentiments for reasons best known to you, even insulting someone you know nothing about and you think you're making sense?

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Re: Lessons From Innoson Vs GTBank Case Part 2 by hush15: 5:49pm On Dec 20, 2017
Ezeakanobi:
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

Forget, that Bank has the money. Do you have any idea how much they post as profit? It’s not like they going to pay the money one time off but in trenches. If the case is as Innoson puts it, then GTB should have just settled out of court but because of the feeling of being too big to pay such monies, they rather use their might to see how to overwhelm innoson.

This just shows how banks ride customers in this country. We have no idea how the defraud us consumers and because the have the power and money, who has the capacity to take them. Multiple charges for services not rendered. It’s because Innoson has the means equally is the reason we hear. He has what it takes to fight back so far.

That’s whatsup
Re: Lessons From Innoson Vs GTBank Case Part 2 by odaniel1(m): 6:01pm On Dec 20, 2017
Is it me or is anyone seeing the good work of the Judiciary in delivering the appropriate verdict deserving of Innoson? Yet this case is in a bigger boil than ever because someone somewhere keeps reassuring GTB they'll 'come out' of it. Well, wrong! I'm grateful to be among the generation that witnessed the advent of 'social media in Nigeria's political landscape' and how it has truly given a 'voice' more powerful than every other type of media.
The Black one signing out, Peace!

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Re: Lessons From Innoson Vs GTBank Case Part 2 by separator: 6:38pm On Dec 20, 2017
Codedruns001:
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.
Lesson learned
But Why is the 2 billion asked to be paid back to innoson from custom account in Gtbank and not by Gtbank itself ? There is more to the story and i guess that what brought in EFCC
Re: Lessons From Innoson Vs GTBank Case Part 2 by hopilo: 7:08pm On Dec 20, 2017
GTBank and loan facility is filled with intrigues that you need to open your eye.
Breakdown of my repayment plan has been difficult for them to give me since l got loan from them.
And l feel they are over deducting from my account.

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