Innoson motors Nigeria Limited has said it has sealed seven branches of Guaranty Trust Bank, GTB to recover it’s N8.8 billion.
The spoke person for Innoson Motors, Cornell Osigwe who spoke to Daily Trust in Nnewi on Saturday said the company had sealed seven of GTB bank branches.

The branches are: one in Nnewi, two in Onitsha, two in Awka and two in Enugu and would move to seal the GTB Head office next week.


According to him, Innoson will seal more of GTB bank branches nationwide to recover the N8.8 billions owed to the motor company.

“We will seal more of their properties to recover our money and from next week, we shall move to GTB head office to enforce the judgement of courts. We will sell those properties to get our money back”, he said.

Recalled that in a statement, on Friday, Innoson said it has obtained a court order to take control of GTB over indebtedness of N8.8 billion.

However, GTB bank has refuted the claim saying that the judgment was against the account of the Nigerian Customs and Excise Board domiciled with GTBank, and not against GTBank as an entity.

Cornel Osigwe had in a statement said the company has obtained a writ of Fi fa from the Federal High Court sitting in Awka, Anambra State, against Guaranty Trust Bank( GTB) to take over the bank’s properties.

According to him, the judgement was to implement the judgment given by Supreme of Nigeria earlier.

He said in the statement, that the judgement given by the Federal High Court, Ibadan was upheld by the Supreme Court of Nigeria.

According to Osigwe, Innoson Chairman, Innocent Chukwuma, has been mandated by federal high court sitting in Awka, Anambra state to “take over” the bank after the supreme court dismissed GTB’s appeal against the judgement of the appeal court in Ibadan.

The statement reads in part: “The Chairman of Innoson Group, Chief Dr. Innocent Chukwuma, OFR hast through a Writ of Fi Fa 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,”

The statement further added that“In a landmark decision on February 27th 2019, the Supreme Court of Nigeria had dismissed GTB’s appeal in a suit number 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 thee 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 N2.4billion to Innoson with a 22 percenti interest per annum, on the judgments until the final liquidation of the debt.

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

The company also said that in a ruling delivered by Supreme Court,Justice Olabode Rhodes-Vivour dismissed GTB’s appeal and affirmed the concurrent judgment of both the Court of Appeal and the Federal High Court, Ibadan Division.

According to the ruling, court had, ordered GTB by to pay N2.4 billion to Innoson with a 22 percent interest, per annum, on the judgment until the final liquidation of the judgment.

“The Judgment debt of N2.4bn has accrued an interest of about N6,717,909,849.96 today, 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, 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,” it said.

The Guaranty Trust Bank refuting the news that a Federal High Court in Awka Anambra State has granted Innoson Nigeria Limited leave to take over the bank’s properties said that the judgment allegedly, is a judgment against the account of the Nigerian Customs and Excise Board domiciled with GTBank and not against GTBank as an entity.

“GTBank as a law-abiding corporate citizen is taking all necessary legal steps to address this situation and ensure that no illegal or fraudulent execution is carried out”it stated.

https://www.dailytrust.com.ng/we-have-sealed-7-branches-of-gtb-bank-to-recover-debt-innoson.html

This is how Innoson will walk when going into the GT Bank HQ on Monday to seal and sell it

ww

yellowbars will start hating now.

Lol..some people are having internal hemorrhage already.. they've all turned to financial analysts overnight.. they said Gtbank is too rich, but the shameless rich bank,is finding it hard to Dole out what they call chicken change..

Innoson is about to turn Gtbank to garage..

And yes continue to delay, Innoson's interest increases..

[quote author=yerokunphilips post=77119547][/quote]
Yes Lol!!

loveth360:
yellowbars will start hating now.

from ur statement we can deduce dat ur are too matured for this thread..!! Pls avoid thread like this in the future..!

They should seal and sell everything till they get their billions back.

When GTB MD sights oga Innoson from afar coming with his sealing squad

Trouble dey ooooohh

Karma na b+tch walai
the table has turn

Gtbank, the more you delay, the more the interest keep increasing as compound interest

Meanwhile if you have money in GBank, do the needful before had l known sets in. I can read handwriting on the wall

GTB don enter gbeke , you don shortchange people for long ,now you don buy market wey pass you . GOD BLESS THE JUDGE THAT SAVE INNOSON FROM THIS TASK MASTER .

osinbanjo, come and save your people o!

That is going to cripple the bank. Innoson give GT Bank so time.

Sealing the head office for 3 hours will collapse the bank. Our sophisticated brothers that were cheering GT Bank, have finally cheered them to their grave like they did to Akpabio.

Congrat to Ndi Igbo for always standing up for your own. You stood massively with your brother like you have always done. I don't want to imagine what would have happened to Innoson if Ndi Igbo in generally had not stood with him.

GT Bank is my favourite, they have been good to me and I have been using them since my JSS 3, that was "many many" years ago but I closed it and moved to Access Bank. I equally moved my Agency's account to Access Bank leaving the other 2 with UBA and Diamond and no more GT Bank for salary payments.

Union Bank used to be our family traditional banker, I was the first that rebelled and open an account with GT Bank and I made sure many of my friends and family moved to GT Bank, but when they started their madness, I made sure everyone that is remotely connected to me moved their account.

When it comes to ethnic solidarity, there is no sentiment. You don't know the joy we get standing with our brothers, I think our sophisticated brothers should learn this also. If Nnamdi Kanu is Yoruba, he would be dead by now.

If Kemi Adeosun is Igbo, we will never allow anyone to blackmail her into resigning. If she must leave, then Buhari have to fire her himself.

SW media tried that with Ihejirika, Stella Oduah, we match them madness for madness. When SW wrote a petition asking Yale University to withdraw the Doctorate honorary they gave to Ngozi Okonjo, we wrote a counter petition and today, she is still standing strong.

They tried to blackmail Peter Obi, we stood strong with him, they arrested Abaribe, we no gree and today he is working free.

ChristianNorth:
That is going to cripple the bank. Innoson give GT Bank so time.

Cripple ke, but Nairaland financial analysts like stola,ejima gifty..are all saying Gtbank is filthy rich,and she can't be crippled.

StOla

Investors will start running soon. I pity bank, they can't escape this except some fg power finance them

stephleena:

Cripple ke, but Nairaland financial analysts like stola,ejima gifty..are all saying Gtbank is filthy rich,and she can't be crippled.

they don't have sense. Most business run on Dept and gt bank can't dish out such amount in such period of time.

Most people don't understand how banks calculate profit and assets.
Gtbank was only hoping to use political connections to intimidate Innosson they knew from the start that they had no case.
Well, innosson won't take over the bank either... They will settle on periodic payments bcoz such amount can't be paid off at once... No establishment will pay 8b and not be affected.
And no Gtbank is not rich in liquidity... Just assets

zeromeridian:
Gtbank, the more you delay, the more the interest keep increasing as compound interest

Meanwhile if you have money in GBank, do the needful before had l known sets in. I can read handwriting on the wall

so true if innoson was wicked, he won't bother selling anything, he just needs to wait for some years and the debt will turn to trillions

Gtb should ask innoson what it wants and give it to him. By next week, investors (especially small time investors) will start selling off their shares.
NB
ednut1 please come and read.

fykes:
Most people don't understand how banks calculate profit and assets.
Gtbank was only hoping to use political connections to intimidate Innosson they knew from the start that they had no case.
Well, innosson won't take over the bank either... They will settle on periodic payments bcoz such amount can't be paid off at once... No establishment will pay 8b and not be affected.
And no Gtbank is not rich in liquidity... Just assets

thank you bro for this, there are some money you'll think dangote can pay at once but in fact he will be difficult for him, business is run by Dept.

Gt bank is now at the mercy of innoson

stephleena:

Cripple ke, but Nairaland financial analysts like stola,ejima gifty..are all saying Gtbank is filthy rich,and she can't be crippled.

They can pay, but it will cost them.

Stola come and drag yourself to the mud again. Blowing grammar doesn't equate to having sense

Hmmmm.. I might withdraw all my money from GTb by Monday. GTB stubborness caused this.

Judiciary truly is d last hope of d common man

Great way to start.

Next is sack of BoD and notify CBN accordingly.

Innoson should show them some action.

Nonsense SW bank

fykes:
Most people don't understand how banks calculate profit and assets.
Gtbank was only hoping to use political connections to intimidate Innosson they knew from the start that they had no case.
Well, innosson won't take over the bank either... They will settle on periodic payments bcoz such amount can't be paid off at once... No establishment will pay 8b and not be affected.
And no Gtbank is not rich in liquidity... Just assets

No. Nothing like settling on periodic payments. Either gtb pay up or they can settle with shares which I believe is innoson target.
The judgment was over a month ago. So watch out for next week and panic selling at the stock market.