The last is yet to be heard in
what is now clearly a deepening face-off between
two of Nigeria’s leading big
businesses – Innoson Motors
and Guarantee Trust bank.

In the latest development,
the motor maker is insisting
that the bank had lost its
string of appeals all the way
from the lower courts up to
the supreme court, where the ruling was made between
Innoson Motors and Guarantee Trust Bank without reference to third parties.

The management of Innoson
Motors has refuted claims
contained in a press statement purpotedly released by Guarantee Trust Bank in which the bank claimed that no judgment had been delivered
empowering the motor
manufacturer to take over
the bank.

GTBank’s claim is that the
said judgment was against
the account of the Nigerian
Customs Service board
domiciled with the bank as
an entity and not the bank itself.

But Innoson motors says such
an interpretation was short
of the whole truth, insisting
that according to the Garnishee order absolute, issued by the Federal High Court in Ibadan, the bank was specifically ordered to pay Innoson Nigeria Ltd, the judgment sum of N2.4 Billion with a 22% interest, per annum, on the judgment sum until the final liquidation of the judgment..

It added that G T Bank had
appealed the Federal High
Court’s decision, up to the
Supreme Court and lost.

Innoson’s claim is that from
the Supreme Court’s decision,
the case was between GTB
and Innoson Nigeria Ltd without naming any other
party.

A garnishee is a third party,
who is instructed under legal
notice, to surrender money to
settle a debt or claim.

In a garnishee proceeding
once an order of garnishee
nisi is made, the garnishee is
required by law to set the
amount involved aside and
will not allow the judgment debtor to withdraw from it;
and if the order is made absolute, the garnishee pays
the money to the judgment
creditor and incurs no liability
for doing that but if the order is not made absolute the
garnishee returns the money
to the judgment debtor.

In the case in question, the
order was made absolute on
29th July 2011 but Innoson
claims that GTB held unto the
money from that time and is
using for its business.

A statement issued by
Innoson Group and signed by
its Head of Corporate
Communications, Cornel
Osigwe reads: “It follows that
by the time the order was made absolute it was no
more the judgment debtor’s
money but rather that of
Innoson Nigeria Ltd who is
the judgment creditor; if a
garnishee refuses to comply with the order, then, it
becomes a judgment debtor,
as GTB has become in the
present case, against whom
execution of the order will
issue. Therefore, there is no merit or force in the GTB’s
press statement.”

Innoson insists that the
Garnishee order absolute was
against GTB and no one else;
adding that only the bank
and no one else should
comply with the order.

https://tvcnews.tv/court-judgement-is-against-bank-not-customs-innoson-tells-gtbank/

GTB should protect Her reputation here.

Those criminals should pay Ino his money na. What is it?