We Have Sealed 7 Branches Of Gtbank To Recover Debt – Innoson by ozoigbondu: 2:07pm
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

Kastonkastroll:
This innoson of a guy is a mountain climbing chimpanzee. So GTbank will go bankrupt because of your chicken-change? Mumu there are various loopholes in every law that are exploited before whatever agreement or judgement that is given by a court is reached. He doesn't seem to understand this simple thing.

Continue crying to the media that you want to takeover one of Africa's biggest bank, e go shock you like electricity.

SpaceTour:
Why are you afonjas always talking rubbish. He has started shutting down GTB already. He has shut down about 15 as at today. Stop deceiving yourself. Next week they will shutdown their headquarters lol

Kastonkastroll:
Which branches of GTbank is he shutting down? Even the monthly return of GTbank will buy innoson and y'all flattinos and change will still remain. What's innoson as a fake cars manufacturing company worth? Lol and he wants to takeover GTbank.. I laugh in Swahili

Kastonkastroll:
This innoson of a guy is a mountain climbing chimpanzee. So GTbank will go bankrupt because of your chicken-change? Mumu there are various loopholes in every law that are exploited before whatever agreement or judgement that is given by a court is reached. He doesn't seem to understand this simple thing.

Continue crying to the media that you want to takeover one of Africa's biggest bank, e go shock you like electricity.

Warship:



Na your type deceived GTBank enter gbese

SpaceTour:



You dey mind am. Lol

Kastonkastroll:
Which branches of GTbank is he shutting down? Even the monthly return of GTbank will buy innoson and y'all flattinos and change will still remain. What's innoson as a fake cars manufacturing company worth? Lol and he wants to takeover GTbank.. I laugh in Swahili

Hedonisst:


Seems you have lots of mucus in your brain. Why not pay the money and let us all hear word?

Kastonkastroll:
Why should GTbank pay when they
can access every loophole that will enable them not to pay. Then what will be the use of good lawyers then? If innoson is broke, he should be opened about it,
and stop trying to use some ridiculous court judgment to ripe GTbank off. Thief!!!

SpaceTour:
Lol. It is very obvious you didn't read the report. Please read the report. Innoson is now the owner of GTB by 50%. Deal with it afonja

Kastonkastroll:
Is that what you read on biafra-times. Wake up from your sleep guy, the cock is already crowing. I swear you ipods usually comment like the half-baked literates that you are.

Why haven't you asked yourself why the court that delivered the judgement is not mounting any pressure on GTbank to pay innoson the 8billion. You think GTbank are fools abi?

Hedonisst:


Exploit loopholes in a straightforward Supreme Court judgment? Are you alright? Would they take the matter to Sango or Obatala shrine for interpretation?

What's left now is execution, and Innoson is diligently doing that by sealing up the bank's branches! If the yeye bank is not fast about paying the 'mere' N8.8b plus accruing interest, he would assume ownership of the properties, and then do whatever he likes with them to recoup his money! If there were "loopholes" to exploit, would gtb allow Innoson to seal its branches, you afonja ahuohia?

SpaceTour:
You are just a dumb kid. Court has given the judgment and it is being implemented by way of shutting down GTB branches, so which other pressure do you want? Don't you know that this shut down is doing even worse damage to the GTB because customers will start withdrawing their money and moving to other banks. At the end GTB will still pay the 9b.

Kastonkastroll:
I won't be surprised if you are one dumb undergraduate still sweating with handouts in school because your comments is giving you up.
What is the writ of Fifa that innoson claimed he had acquired from the court? Mumu, you think is that easy to takeover a multi-billion dollars corporation? Innoson can't even takeover the GTbank branch in nnewi.

SpaceTour:
Lol..this one don kolo, dey there to cry while Innoson is busy closing down GTB branches. This one at Headbridge Onitsha was shut down yesterday. More to go, keep crying

Kastonkastroll:
You mean illegal execution abi wetin? I thought the lying innoson said he got a writ of Fifa to takeover GTbank. Lol so why is he still struggling to takeover a single branch of GTbank in anambra ? A single branch of GTbank will be valued at 15billion or even more at GTbank discrete. Make he touch any of GTbank's properties make he see. Innoson doesn't know anything but he will be taught a lesson he will never forget.

Lol, the debt of just 2billion suddenly developed an accrued interest of 6billion overnight and innoson thinks GTbank will just give him 8billion just like that. See iboman sense