Innoson Nigeria Limited, manufacturers of Innoson motors, has moved to ‘take over’ Guaranty Trust Bank (GTB) following a Supreme Court judgement over the bank’s N8.7 billion indebtedness to the company.

This was disclosed in a statement issued by Cornel Osigwe, Head of Corporate Communications of Innoson Motors.

The statement which was posted on the company's official social media pages, was obtained by Igbere TV Friday afternoon.

Osigwe disclosed that the company had obtained a writ of FiFa from a Federal High Court in Anambra against GTB to effect the judgment earlier given by a Federal High Court in Ibadan and upheld by the Supreme Court.

A writ of FiFa is a leave of court to execute a judgment obtained by a creditor in a legal action for debt or damages by levying same on the property of the debtor. What this means is that Innoson has obtained the legal right to seize and take over any property belonging to GTB they find sufficient to defray the sum owed the company.

Igbere TV recalls that in 2014, a Federal High Court sitting in Ibadan had ordered GTB to pay N2.4bn to Innoson with 22 percent interest per annum.

However, Igbere TV gathered that GTB appealed the decision at both the Appeal and Supreme Courts, instead of obeying the orders.

According to Innosson’s statement, the Supreme Court on February 27, 2019, dismissed the bank's appeal and upheld the decision of both the Federal High Court and the Court of Appeal.

The Judgment debt of N2.4bn, Igbere TV gathered, has an accrued interest of about N6,717,909,849.96 as at today - which results to about N8.8bn in total.

Full Statement,

“The Chairman of Innoson Group, Chief Dr Innocent Chukwuma, OFR has through a Writ of FiFa taken over Guaranty Trust Bank PLC for and on behalf 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 of Nigeria dismissed GTB’s appeal - 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% 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 an ruling delivered by Honourable Olabode Rhodes-Vivour JSC on Wednesday, February 27th2019, 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. 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.”

SOURCE: http://igberetvnews.com/602037/breaking-innoson-takes-over-gtbank-as-supreme-court-dismisses-appeal/

Cc: Lalasticlala, Mynd44, Dominique

See GTBank See Gobe...
Hope it won't affect customers' money? na to find another good bank sure pass