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BREAKING: N8.7bn Debt: Innoson Motors Moves To Take Over Gtbank - Business - Nairaland

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Breaking: #8.7bn Debt: Innoson Motors Moves To Take Over Gtbank / Police Fire Tear Gas At Innoson Motors Workers, GTB Moves To Shut Down Factory / Ex-union Bank MD, Funke Osibodu’s Husband, Company In Trouble Over N8.7bn Debt (2) (3) (4)

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BREAKING: N8.7bn Debt: Innoson Motors Moves To Take Over Gtbank by kelvinUchiha(m): 5:17pm On Mar 29, 2019
Innoson Nigeria Limited, Nigeria’s indigenous vehicle production company, has instituted a move to take over Guaranteed Trust Bank, GTB, following a ruling by the Supreme Court over the bank’s N8.7 billion indebtedness to the company.
The company’s chairman, Chief Dr Innocent Chukwuma, made the move through a “Writ of FiFa taken over Guaranty Trust Bank PLC for and on half of Innoson Nigeria Ltd” as a result of the Bank’s indebtedness to Innoson Nigeria Ltd.

In a landmark decision on February 27th 2019, the Supreme Court had dismissed GTB’s appeal marked SC. 694/2014- against the judgment of Court of Appeal, Ibadan Division.
The Court of Appeal, Ibadan division had in its decision of 6th February 2014 dismissed GTB’s appeal against the Federal High Court, Ibadan Division.

Thus, the Court of Appeal affirmed the judgment of the Federal High Court, Ibadan Division which ordered GTB by way of Garnishee order absolute – to pay N2.4 Billion to Innoson with a 22 per cent interest, per annum, on the judgment sum until the final liquidation of the judgment debt.

Rather than obey the judgment of the Court of Appeal, GTB approached the Supreme Court to challenge the Court of Appeal’s decision.

However, in a ruling delivered by Honourable Olabode Rhodes-Vivour JSC on Wednesday, “the Lord Justices of the Supreme Court (JSC) dismissed GTB’s appeal and thus affirmed the concurrent judgment of both the Court of Appeal and the Federal High Court, Ibadan Division which ordered GTB by way of Garnishee order absolute – to pay N2.4 Billion to Innoson with a 22% interest, per annum, on the judgment until the final liquidation of the judgment.”

A statement by the Innoson group’s Head of Corporate Communications, Cornel Osigwe disclosed that “The Judgment debt of N2.4B has an accrued interest as at today of about N6,717,909,849.96 which results to about N8.8 Billion.

“Based on the Supreme Court’s decision of 27th February 2019 the counsel to Innoson, Prof McCarthy Mbadugha ESQ, had approached the Federal High Court, Awka Division for leave to enforce the judgment having obtained Certificates of Judgment from the Ibadan Division of the Federal High Court.
“Having obtained the requisite leave, the Federal High Court issued the necessary process for levying execution – the Writ of Fifa.”


https://www.google.com/amp/dailypost.ng/2019/03/29/breaking-n8-7bn-debt-innoson-motors-moves-take-gtbank/amp/

9 Likes 1 Share

Re: BREAKING: N8.7bn Debt: Innoson Motors Moves To Take Over Gtbank by Mutemenot(m): 5:22pm On Mar 29, 2019
So innoson don buy bank be that cheesy.

116 Likes 1 Share

Re: BREAKING: N8.7bn Debt: Innoson Motors Moves To Take Over Gtbank by hopeforcharles(m): 5:22pm On Mar 29, 2019
Wow
Re: BREAKING: N8.7bn Debt: Innoson Motors Moves To Take Over Gtbank by valarinz: 5:26pm On Mar 29, 2019
Can we pls have comments free of sentiments and tribalism.

Mature minds should share their views pls

103 Likes 1 Share

Re: BREAKING: N8.7bn Debt: Innoson Motors Moves To Take Over Gtbank by tugrow(m): 5:31pm On Mar 29, 2019
chai
Re: BREAKING: N8.7bn Debt: Innoson Motors Moves To Take Over Gtbank by Baawaa(m): 5:39pm On Mar 29, 2019
GTB has entered one chance

29 Likes 1 Share

Re: BREAKING: N8.7bn Debt: Innoson Motors Moves To Take Over Gtbank by DWJOBScom(m): 5:42pm On Mar 29, 2019
On a more serious note, why will a whole GTB allow this case to get to this level. But at the same time, what do i know?

The Judge pay N2.4 Billion to Innoson with a 22% interest, per annum, on the judgment until the final liquidation of the judgment. The Judgment debt of N2.4B has an accrued interest as at today of about N6,717,909,849.96 which results to about N8.8 Billion

44 Likes 1 Share

Re: BREAKING: N8.7bn Debt: Innoson Motors Moves To Take Over Gtbank by Kanixt: 5:43pm On Mar 29, 2019
it serves gtbank well. you don't have enough money why go on slapping someone else's wife

90 Likes 1 Share

Re: BREAKING: N8.7bn Debt: Innoson Motors Moves To Take Over Gtbank by valarinz: 5:44pm On Mar 29, 2019
Baawaa:
Supreme court will do the final judgement

What final judgement again, no be them rule in favour of innoson to warrant the takeover move?

104 Likes 2 Shares

Re: BREAKING: N8.7bn Debt: Innoson Motors Moves To Take Over Gtbank by OneCorner: 5:44pm On Mar 29, 2019
Ndi afonja in trouble.
You don’t mess with anyone with Jewish blood

72 Likes 4 Shares

Re: BREAKING: N8.7bn Debt: Innoson Motors Moves To Take Over Gtbank by DWJOBScom(m): 5:50pm On Mar 29, 2019
OneCorner:
Ndi afonja in trouble.
You don’t mess with anyone with Jewish blood

This unity of this country is very important to everyone to allow anyone make insulting tribal statements.

Please stop

182 Likes 9 Shares

Re: BREAKING: N8.7bn Debt: Innoson Motors Moves To Take Over Gtbank by invectives(m): 5:56pm On Mar 29, 2019
Like for Gtb share for Innoson

17 Likes 177 Shares

Re: BREAKING: N8.7bn Debt: Innoson Motors Moves To Take Over Gtbank by mushystuff: 5:59pm On Mar 29, 2019
Hehehe
Re: BREAKING: N8.7bn Debt: Innoson Motors Moves To Take Over Gtbank by Pekele007: 7:17pm On Mar 29, 2019
Interesting, Mynd44 where are you?


You were running your mouth the other day. How market? grin

5 Likes

Re: BREAKING: N8.7bn Debt: Innoson Motors Moves To Take Over Gtbank by BabaIbo: 10:11pm On Mar 29, 2019
See GTBank See Gobe...
Hope it won't affect customers' money? na to find another good bank sure pass

15 Likes

Re: BREAKING: N8.7bn Debt: Innoson Motors Moves To Take Over Gtbank by kalvoken(m): 10:37pm On Mar 29, 2019
This one will bend the bank o.

Thank goodness, I haven't opened an account with gtb as I planned.

14 Likes

Re: BREAKING: N8.7bn Debt: Innoson Motors Moves To Take Over Gtbank by kalvoken(m): 10:45pm On Mar 29, 2019
angry

you will never see this people below, on this kind of a topic.

32 Likes 3 Shares

Re: BREAKING: N8.7bn Debt: Innoson Motors Moves To Take Over Gtbank by echobazz(m): 11:37pm On Mar 29, 2019
Innoson boss will be like......

61 Likes 4 Shares

Re: BREAKING: N8.7bn Debt: Innoson Motors Moves To Take Over Gtbank by Opiosko: 11:37pm On Mar 29, 2019
Lemme rush and invest small 5 million for Innoson.

The man don blow. See moni na, chai! grin

30 Likes 1 Share

Re: BREAKING: N8.7bn Debt: Innoson Motors Moves To Take Over Gtbank by comodo: 12:27am On Mar 30, 2019
kalvoken:
angry
Internet never forgets.. You over charged a man, turn around to say he is still owing. Meanwhile na u dey owe las las.
@Nwamaikpe, are u see what I saw?
Bush meat don catch hunter.

70 Likes 2 Shares

Re: BREAKING: N8.7bn Debt: Innoson Motors Moves To Take Over Gtbank by SmartMen: 12:59am On Mar 30, 2019
OneCorner:
Ndi afonja in trouble.
You don’t mess with anyone with Jewish blood

Shut your latrine mouth if you don't have anything on your brain to speak.

34 Likes 3 Shares

Re: BREAKING: N8.7bn Debt: Innoson Motors Moves To Take Over Gtbank by SmartMen: 1:02am On Mar 30, 2019
kalvoken:
angry
I remember

2 Likes

Re: BREAKING: N8.7bn Debt: Innoson Motors Moves To Take Over Gtbank by eagleeye2: 3:26am On Mar 30, 2019
Ego, and bad corporate governance is what caused this.

8 Likes 2 Shares

Re: BREAKING: N8.7bn Debt: Innoson Motors Moves To Take Over Gtbank by Powerexpert: 4:21am On Mar 30, 2019
There'll probably be a management shake-up if this falls through.

8 Likes

Re: BREAKING: N8.7bn Debt: Innoson Motors Moves To Take Over Gtbank by sirfemoz(m): 5:20am On Mar 30, 2019
Imagine how GTB decided to give innoson free money. A case supposed to have been settled before now. They forgot that Innoson is a rich man that can go any length. Let them go and pay, it's a seed that have germinated.

63 Likes 1 Share

Re: BREAKING: N8.7bn Debt: Innoson Motors Moves To Take Over Gtbank by moscobabs(m): 5:38am On Mar 30, 2019
H
Re: BREAKING: N8.7bn Debt: Innoson Motors Moves To Take Over Gtbank by Osagyefo98: 5:39am On Mar 30, 2019
U guys decided to leave this one


Una for delete am again.

Bigots again.



Am moving over to gtb for proper banking now.

10 Likes

Re: BREAKING: N8.7bn Debt: Innoson Motors Moves To Take Over Gtbank by tiger28: 5:40am On Mar 30, 2019
Here we go AGAIN O! Biafra media has started their untempered jagons o. Bunch of fools! What have they EVER won in the history of Africa

4 Likes 5 Shares

Re: BREAKING: N8.7bn Debt: Innoson Motors Moves To Take Over Gtbank by Amuocha: 5:42am On Mar 30, 2019
Amazing move

6 Likes 1 Share

Re: BREAKING: N8.7bn Debt: Innoson Motors Moves To Take Over Gtbank by ekestic1976: 5:43am On Mar 30, 2019
It's this kind of transaction that kills entrepreneurship in Nigeria. Innoson Motors shouldn't be considered a one-man organisation again, but a Nigerian Company that ought to be supported by all, especially the lending agencies. If a bank could be indebted to a budding Company on this scale, how can it break through the ranks of global vehicle manufacturers? Elsewhere, governments and the banks support institutions like Innoson Motors whenever they seem to default in liquidity. Na wa for us o!

38 Likes

Re: BREAKING: N8.7bn Debt: Innoson Motors Moves To Take Over Gtbank by MrMcJay(m): 5:44am On Mar 30, 2019
Lol
Gtb would pay that money.

But NO bank would ever touch Innoson with a long pole if he asks for a facility.

22 Likes 1 Share

Re: BREAKING: N8.7bn Debt: Innoson Motors Moves To Take Over Gtbank by stonemasonn: 5:44am On Mar 30, 2019
From 2.4 to 8billion. Compound interest of over how many years?
If not that I like GTB, normally I don’t think any bank deserves pity.

Let them pay, at least they’ve contributed to Innoson’s growth.

37 Likes 2 Shares

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