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John Ekpa: GTB Should Comply With Court Judgement, Pay Innoson Or Risk Takeover - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / John Ekpa: GTB Should Comply With Court Judgement, Pay Innoson Or Risk Takeover (19854 Views)

Innoson Asked Gtb To Convert The Debt To Shares In Order To Risk Takeover / Why the Supreme Court Ruling Between Innoson And GTB should worry you / Supreme Court Orders Gtbank To Pay Innoson Boss N12bn In 14 Days (2) (3) (4)

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John Ekpa: GTB Should Comply With Court Judgement, Pay Innoson Or Risk Takeover by hynodo: 9:52am On Dec 03, 2021
A recent publication by Nairametrics.com on November 22nd, 2021 came with a headline- Why Innoson can’t takeover GT Bank written by Analyst Nairametrics. The publication seems to be a rejoinder from a Statement made by Innoson in a chat with a selection of media and financial reporters at his home in Nnewi where he stated that he may takeover GTB and manage it well. This remark was widely published across different news medium.

However, in what seems like a rejoinder published by Nairametrics with a headline- Why Innoson can’t takeover GT Bank. It assumed the followings analysis;

· “Assuming the claims as depicted by Innocent Chukwuma does crystallize, all GTB will need to do is enter a payment plan for the loan which will allow it to repay its profits over a protracted period’.

· “It could also call on its existing shareholders to embark on a rights issue or public offer or even seek external funding to raise money to repay the loan”.

· “Judgment debts are also carried out with the interest of the public at the center of decision-making. GTB is a quoted company with over 327k shareholders of the bank. We don’t see how investments of thousands of people will be eroded on the back of a judgment debt”.

· “The Central Bank will as expected have the ultimate say on who owns the bank. CBN approves ownership of banks especially for takeovers and it is unlikely that the apex bank will allow judgment debts to determine who owns a bank or not. Worst case, the CBN will bail out the bank and retain shareholdings rather than hand it over to Mr. Innoson if it doesn’t want to”.

Why it is not my intention to join words with some analysts on the view that Innoson cannot take over GTB, I want to state categorically clear that Innoson is running out of patience where he is waiting for GTB/GTHCO to come up with a payment plan to offset its judgment debt of over N33B.

Recall that GTB had earlier deposed to an affidavit in the court that its banking operation will be seriously and adversely affected, and also its capital base eroded if it complies with the order of the court. Therefore if GTB feels that its banking operation will be seriously and adversely affected, and also its capital base eroded if it complies with the order of the court, then GTB should as a matter of utmost urgency convert the said sum into shares and allot same to Innoson Nigeria Ltd.

Failure to do so will leave Innoson with no option than to proceed to court to obtain an order of the court to convert its judgment debt into GTB/GTHCO shares and when this happen, Innoson Nig Ltd will control the highest equity shares of the bank leaving him with no option to take over the bank.

I am aware that the current highest equity shareholder of GTB is First Sentier Investors (UK) IM Ltd with an equity share units of 369,651,392 valued at around N10 Billion. If the GTB judgment debt now at over N33B is converted into shares, Innoson Nig Ltd will have an equity value of over 1 Billion Naira making him the largest shareholder of the bank.

Therefore it is in the best interest of GTB/GTHCO to urgently comply with the decision of the Supreme Court dismissing its appeal and affirming the concurrent judgment of Court of Appeal, Ibadan division and Federal High Court Ibadan which ordered GTB by way of Garnishee Order Absolute to pay Innoson Nigeria Ltd its judgment debt or hence Innoson will have no option to commence serious move to take over the bank.

https://www.newstudor.com/john-ekpa-comply-with-the-supreme-court-judgment-and-pay-innoson-or-risk-take-over/

21 Likes 2 Shares

Re: John Ekpa: GTB Should Comply With Court Judgement, Pay Innoson Or Risk Takeover by FarahAideed: 10:09am On Dec 03, 2021
GT has already changed it's name and holding structure in anticipation of cheating Innoson

30 Likes 2 Shares

Re: John Ekpa: GTB Should Comply With Court Judgement, Pay Innoson Or Risk Takeover by complexBoss12: 10:13am On Dec 03, 2021
very useless bank, with worse online transaction experience I have had. if you send money, they will charge you, if you receive money, they will charge you, if you don't do any transactions at all, they will charge.

127 Likes 3 Shares

Re: John Ekpa: GTB Should Comply With Court Judgement, Pay Innoson Or Risk Takeover by Amspecial: 10:30am On Dec 03, 2021
grin
Re: John Ekpa: GTB Should Comply With Court Judgement, Pay Innoson Or Risk Takeover by gambia(m): 10:31am On Dec 03, 2021
Una case no dey end.

1 Like

Re: John Ekpa: GTB Should Comply With Court Judgement, Pay Innoson Or Risk Takeover by Mbbscentric(m): 10:31am On Dec 03, 2021
Legal battle

I will pick the side of innoson. Almost all Nigerian banks are useless. They milk the poor masses, unsolicited debits, poor network, and bad customer care services.

76 Likes

Re: John Ekpa: GTB Should Comply With Court Judgement, Pay Innoson Or Risk Takeover by FalseProphet1(m): 10:31am On Dec 03, 2021
I see innoson taking over gtbank, I see massive job loss cos most workers will be retrenched, I see them doing promo this December telling customers to deposit money and win an innoson car.

I see hungry Nigerians depositing every penny they have and starving themselves so that they can win the car and resell it in order to survive.

I see gtbank discontinuing the promo after people have done compulsory 7 days dry fasting to save money just to win their car.

I see people calling them out on social media.

I see innoson boss opening an airline company to rival air peace.

This I have seen.

55 Likes 3 Shares

Re: John Ekpa: GTB Should Comply With Court Judgement, Pay Innoson Or Risk Takeover by ForeThinker: 10:31am On Dec 03, 2021
GTB should invest in crypto and pay him off with the profits attained

2 Likes 1 Share

Re: John Ekpa: GTB Should Comply With Court Judgement, Pay Innoson Or Risk Takeover by Carthman(m): 10:31am On Dec 03, 2021
Make GT bank no cast o abeg

8 Likes

Re: John Ekpa: GTB Should Comply With Court Judgement, Pay Innoson Or Risk Takeover by izzy4shizzy(m): 10:32am On Dec 03, 2021
This bank has lost its values, I remember when I first started banking with them, very excellent service, but now.

Total rubbish, would close my account very soon self

52 Likes 1 Share

Re: John Ekpa: GTB Should Comply With Court Judgement, Pay Innoson Or Risk Takeover by ABANGWABOI(m): 10:32am On Dec 03, 2021
Inno wait make I remove my money for that bank Fess ooo..
Abegg..

49 Likes

Re: John Ekpa: GTB Should Comply With Court Judgement, Pay Innoson Or Risk Takeover by Headlaw(m): 10:32am On Dec 03, 2021
K

1 Like

Re: John Ekpa: GTB Should Comply With Court Judgement, Pay Innoson Or Risk Takeover by Yankiss(m): 10:32am On Dec 03, 2021
Hmmm. GTB is on a spot. They should react swiftly or lose creditors in panic withdrawals following uncertainty.

21 Likes 1 Share

Re: John Ekpa: GTB Should Comply With Court Judgement, Pay Innoson Or Risk Takeover by Cantonese: 10:32am On Dec 03, 2021
Ha.

This is of great concern and also a lesson to all. Someone lends you money to do business and that same lender turns around to owe you, within the same transaction.

GTBank the lender in this case turned around to owe Innoson and now on the edge of losing their bank to the same organization they loaned money to import goods many years ago.

I think officials of GTbank mismanaged this issue completely. Even with the aid of EFCC, they lost. If this matter is resolved amicably, the board MUST be sacked.

One thought also strikes my mind knowing the Nigeria where we are. Is it not possible that there is a connivance somewhere to secure victory for Innoson and then the players concerned go behind the back to get their cut of a fallen GTbank?

20 Likes 1 Share

Re: John Ekpa: GTB Should Comply With Court Judgement, Pay Innoson Or Risk Takeover by sofiscatedmoron: 10:32am On Dec 03, 2021
Gtb or Gtco

1 Like 1 Share

Re: John Ekpa: GTB Should Comply With Court Judgement, Pay Innoson Or Risk Takeover by money121(m): 10:33am On Dec 03, 2021
Ok
Re: John Ekpa: GTB Should Comply With Court Judgement, Pay Innoson Or Risk Takeover by Tellwhat: 10:34am On Dec 03, 2021
complexBoss12:
very useless bank, with worse online transaction experience I have had. if you send money, they will charge you, if you receive money, they will charge you, if you don't do any transactions at all, they will charge.
I swear horrible bank. And to think they had so much potentials initially

27 Likes

Re: John Ekpa: GTB Should Comply With Court Judgement, Pay Innoson Or Risk Takeover by yomalex(m): 10:34am On Dec 03, 2021
Okay
Re: John Ekpa: GTB Should Comply With Court Judgement, Pay Innoson Or Risk Takeover by Macsjebs: 10:35am On Dec 03, 2021
shocked
Re: John Ekpa: GTB Should Comply With Court Judgement, Pay Innoson Or Risk Takeover by SmartPolician: 10:37am On Dec 03, 2021
Innoson had a good relationship with Olutayo Aderinokun, which, according to the automaker, made the bank site its branch in Nnewi.

I believe that the two got into some deals as business pals against the bank policy. Unfortunately, Mr. Tayo died and Segun Agbaje refused to continue with the financial deal.

For the GTB to be dragging its feet about paying this judgement debt, there's more to this story. This will probably go down as the most controversial case in Nigeria's history. cheesy

PS: This is an assumption.

19 Likes 1 Share

Re: John Ekpa: GTB Should Comply With Court Judgement, Pay Innoson Or Risk Takeover by Lunex(m): 10:37am On Dec 03, 2021
What the writer said is quite true, the bank should just find a formula in paying this man. it may take few years but it's worth it.
His fight is like the fight of every other customer who they've one way or the other defrauded even with the smallest amount.
Imagine owing this same bank this amount and see what will happen to your business in few hours...SMH

43 Likes 2 Shares

Re: John Ekpa: GTB Should Comply With Court Judgement, Pay Innoson Or Risk Takeover by Military0001: 10:37am On Dec 03, 2021
H
Re: John Ekpa: GTB Should Comply With Court Judgement, Pay Innoson Or Risk Takeover by Blitz888(m): 10:37am On Dec 03, 2021
Good one..

How to take over a bank..

Never joke with an Nnewi man!

32 Likes

Re: John Ekpa: GTB Should Comply With Court Judgement, Pay Innoson Or Risk Takeover by Nothingserious: 10:37am On Dec 03, 2021
I used to think this was a joke ooo.
Why is the matter gaining momentum like this?

Please anyone who is well versed on this issue should tell us the true position of things.

GTB is one the systemically important banks in Nigeria.

5 Likes 1 Share

Re: John Ekpa: GTB Should Comply With Court Judgement, Pay Innoson Or Risk Takeover by lessonotes(f): 10:39am On Dec 03, 2021
izzy4shizzy:
This bank has lost its values, I remember when I first started banking with them, very excellent service, but now.

Total rubbish, would close my account very soon self

If you all are complaining of GTB, then which Bank do you want to go to?

Most Banks don't delay 1 minute when they hear Garnishee order, but this one choke GTB for neck

15 Likes

Re: John Ekpa: GTB Should Comply With Court Judgement, Pay Innoson Or Risk Takeover by one4GOD(f): 10:39am On Dec 03, 2021
ABANGWABOI:
Inno wait make I remove my money for that bank Fess ooo..
Abegg..
how much.... grin grin

6 Likes

Re: John Ekpa: GTB Should Comply With Court Judgement, Pay Innoson Or Risk Takeover by Chibudollar: 10:40am On Dec 03, 2021
Gt should play 2 odds so they can pay back grin

26 Likes

Re: John Ekpa: GTB Should Comply With Court Judgement, Pay Innoson Or Risk Takeover by Sundrus: 10:40am On Dec 03, 2021
lessonotes:


If you all are complaining of GTB, then which Bank do you want to go to?
standard chartered bank cool

8 Likes

Re: John Ekpa: GTB Should Comply With Court Judgement, Pay Innoson Or Risk Takeover by Mopolchi: 10:40am On Dec 03, 2021
Yeye dey smell

1 Like

Re: John Ekpa: GTB Should Comply With Court Judgement, Pay Innoson Or Risk Takeover by Chigorkizz(m): 10:41am On Dec 03, 2021
Oboy
Re: John Ekpa: GTB Should Comply With Court Judgement, Pay Innoson Or Risk Takeover by Sheriman(m): 10:41am On Dec 03, 2021
I swear ra God GTBank done fucking broke!! I think this is one of the reasons why one of their Bank staff called me some weeks ago to asked me some questions on why did I abandoned my GTB account for so long. She said she wanted to know if GT has done anything wrong to me to have made me abandoned their bank for so long. She was even begging me to visit one of their branch that they will reactivate it for me.
I just replied her that I will do that very soon. She keeps thanking me like what day Bleep!!
I was just surprised!!

21 Likes

Re: John Ekpa: GTB Should Comply With Court Judgement, Pay Innoson Or Risk Takeover by TalkTalkTwins(m): 10:42am On Dec 03, 2021
Ok

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