₦airaland Forum

perambulator:
The case is still in court. In any event am I GTB? Wetin concern me? All I said is in the event GTB loses, Innoson can NEVER own GTB for the reasons outlined. You people should act like you have a few brain cells and stop posting like morons.

Supreme court already ruled on the case since 2019.

And the money is still increasing by 22% interest. so, the longer GTB delays payment, the higher their liability.

The money can very well reach 100Bn, 500bn, 1tn or more if GTB delays payment long enough. And depending on how long GTB delays payment (and Innoson waits out), The money can very much surpass GTB's capacity.

Also, he doesn't have to own 100% shares to be considered the owner. Once he's the highest shareholder (which this news implies he'll be if he got ₦33bn worth of shares), he will be referred to as owner.

Jeff Bezos for example, own just 11% of Amazon shares. But he's referred to as "Amazon owner" because he's the largest shareholder.

Terrier99:
Very possible.

Is it possible for AMCON to buy liabilities like NPLs without buying assets?

Think about it

AMCON don't buy liabilities alone, they take over all assets as well as the liabilities.

Maxymilliano:
Why do people forget autopsy in cases like this? Since the school said he fell, hurt his leg and complain of hips pain, an autopsy will reveal what happened to him.

The family should expect just two things, a broken bone and a dislocated hip if that is possible. But if there is any other blunt trauma to his body, they already won the case. Simple.

Correct. Autopsy will reveal what happened to him.

Also, apart from posting it online, they should get the police involved.

No wonder they decided to resurrect the church and pasted his pictures on Billboards recently. They probably seem to know he'll be free and decided to wet the ground before his return.

This isn't worth celebrating sha.

From the post, they were granted bail, and will be released once they meet their bail conditions.

Also, that they were remanded in prison and given stiff Bail conditions doesn't necessarily mean they will be found guilty upon trial completion.

And the 2 boys who molested her son are still walking free, if what I think I understand from her post is in anyway correct.

Instead of coming online to celebrate this, the woman should focus more on getting Justice for her son because what is up there isn't in any way justice.

Also, coming online to post this may ruin her case, because from a previous update, the Judge already ordered her to stop posting online.

DubaiLandLord1:
GTB don transfer all her asset to GTco

Is it possible to transfer only assets without transferring liabilities too?

Terrier99:
Ngwakwe Aka Chukwudi419. You are notorious for your stupidity and inability to grasp legal issues. You always argue like a demented blockhead.

There was no change of name. Here is what happened.
A new legal entity called GTCO was incorporated at the Cac.
Gtbank sold all its assets to Gtco and collected pittance. It is not about the amount, but the symbolism. Offer, acceptance, consideration has passed. So, it's a valid contract.
It is not a mere change of name, it is not a merger or acquisition.
It is fools like you advising Innoson and that's why he is where he is.

Is it possible for GTB to sell all its assets to GTCO without selling it's liabilities?

Nothingserious:
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.

In summary, this is what I can recall from the case:

1. GTB borrowed Innoson money for importation many years ago.

2. GTB over deducted the loan back from Innoson account, and deducted over ₦500m extra.

3. When Innoson audited his account, and saw the over deduction, he called the attention of GTB to it.

4. GTB investigated and agreed there was an over deduction. But the over deducted amount is less than what Innoson said.

5. Innoson agreed with the value GTB said was over deducted (which is less than the value the firm that audited his account pointed out).

6. Innoson asked GTB to pay back with 22% interest, which is the rate he used to pay back his loan with GTB.

7. GTB refused, and said they can only pay with 8% interest.

8. Innoson went to court. He won at the high court, appeal court, and then supreme court in 2019.

9. As the case was dragging in court all this years, the money kept increasing due to the 22% interest.

10. As at when Appeal court passed judgement, it was still around 8 billion Naira.

11. After supreme court pass judgement in 2019, GTB decided to change their name to GTCO and change their structure.

12. Many people believe GTB's Change of name and structure is a move to avoid paying the judgement debt (since the judgement debt is against GTB and not GTCO).

13. Innoson went to court to try to prevent them from changing name and structure, but he probably failed because GTB went ahead to change name and structure.

14. The judgement debt is currently over 33 billion, and increasing due to the 22% interest. GTB haven't shown any willingness to pay.

izzy4shizzy:
This one pain you well well sha.

But then again, I also think the organizers took a page from the book of Nigerian politicians rigging Messi into power,

If you ask me, both Ronaldo and Messi shouldn't have this award.

Even from the rankings, you will notice how bias it was.

How Mendy was ignored because he is African

Mendy was not ignored because he is African.

Donnaruma equally deserved it.

Take for example, Donnaruma won "Player of the Tournament" in the last Euros where Ronaldo, De Bruyne, Lewandowski, Mbappe and many other good players participated. How many times have you seen a keeper win such award?

Also, Mendy didn't win "Best Goal Keeper of the Season in the EPL", Ederson Moraes actually won it. Meanwhile, Donnaruma won the one for Serie A.

In as much as Mendy deserve the award, Donnaruma was equally very much deserving. Stop pushing this agenda of Racism where it doesn't exist.

Kriss216:
Why will they even allow Journalists wey never enter pitch before to decide who's the best?

With this Mendy stats, on what ground was Donnarumma picked ahead of Mendy?

1. Donnaruma won Player of the Tournament in the last Euros.

2. He won the best Goalkeeper award in Serie A (Ederson won EPL's own)

Donnaruma very well deserved it too.

lexy2014:
according to u: "I'm not in the position to tell you what is the best decision", how then did u no that "the organisers made the decision they probably thought was best"?

Probably thought was best.

Keyword: Probably thought.

If u also say "I'm not in the position to tell you what is the best decision", how then u are now saying that d awards were stopped because of covid?

Well, Attached are some screenshots of publications made by different media as far back as July, 2020.

Make of it what you wish, but from the publications, it's was clear the effect of COVID was responsible for their decision.

Lastly based on your claim that because covid disrupted the 2019/2020 football season, how come lewandoski still won FIFA best men's player that season?

FIFA made the decision to give their award (just like France football make the decision not to give their award).

This is similar to EPL/Bundesliga deciding to resume their leagues from where they stopped, while French football federation decided to cancel theirs.

Different strokes for different folks, everyone made their own decisions.

lexy2014:
What has disruption in d football season got to do with d award?

Why did the organisers cancel the event despite that they could have organised it virtually?

When u say: "the organisers made the decision they probably thought was best", what do u mean? What was best?

It has everything to do with it because the award was based on the entire football year.

Also,I'm not in the position to tell you what is the best decision.

Just like some leagues decided to Cancel the entire season, Some decided to resume. Each organisation that have something to do with football all made specific decisions for themselves. And all made decisions they think is best - irrespective of what the decision is.

lexy2014:
An award ceremony isn't a league. An award ceremony is a days event and not a seasons event. An award ceremony can be organised virtually. A league can't be organised virtually. As at d time the award was cancelled, some events were already taking place virtually. The full season of Simon Cowell's America's got talent got on virtually. So the question of covid disrupting an award ceremony doesn't arise

Well, my point is the award was not cancelled because of Lewandowski like you and many other people are making it look like. It was cancelled due to the disruption in the entire footballing season.

Of course, the award could have been organised virtually, but the organisers made the decision they thought best, and it was not because Lewandowski would have won it.

Recall, many Leagues had to decide weather to continue or cancel the league, with some leagues deciding to cancel.

Even the UCL was reduced to 1 game in QF/SF instead of the normal Home and Away games, otherwise, Lewandowski would have probably broken Ronaldo's 17 UCL goal record.

In as much as cancelling the award is unfair to Lewandowski, giving the award would have also been unfair to players playing in cancelled Leagues.

Like I said earlier, the organisers made the decision they probably thought was best, just like each Leagues made their own decisions.

Adrian98:
A lot of people here are just coming at CR7 fans but it’s bigger than that. Messi doesn’t deserve this one and he knows. Lewandoski is there. He won the champions league, uefa super cup. Golden boot for his league. He won his league and other cups. For the fact that he was denied this award last season he should have won it now. This season he is way ahead of Messi.

It’s just sad but it has happened

Stop mixing last season with this season.

The award being cancelled last season is not a valid excuse to give him this year.

That's just like saying a student that should have graduated last year (but didn't graduate due to Corona/ASSU strike), should not have an extra year (even when he clearly have outstanding courses), just because Corona/ASSU already wasted one year.

It doesn't work that way.

lexy2014:
Good question. Another question, why was d award cancelled last year all in d name covid when it was clear lewandoski was going to clinch it?

French League was also Cancelled Last year because of COVID.

Before other Leagues decided to resume and finish up, France football already announced they are cancelling the League.

So, It's not only the award they cancelled, they cancelled all other football stuffs.

Stop making it look like it was cancelled because of Lewa.

Well, Nothing Good can come out of Kogi State as far as Yahaya Bello is governor.

I believe this is just media propaganda to improve his public image.

TMKsouth:
Please provide proof it hasn't been found in a single unvaccinated person in Southern Africa and the other 10 countries it has emerged in.

The reason Omicron is able to infect everyone including the vaccinated and those who have already had covid is because it's highly mutated around the protein spike (twice as Delta) and hence enters the cells in a different way than the original covid strain. That's why current vaccines might have to be tweaked to learn to identify that highly mutated protein spike.

I'm not an expert but that's how I understand it.

So, you know this but blamed unvaccinated people/Anti-vaxers in your initial comment.

bignero:
stop being f0olish....all the people you mentioned in those european nations all have SA travel history...

The countries I mentioned have the new 'Omicron' Variant, just like South Africa. But unlike South Africa, they weren't banned or placed on travel restrictions list by other Western countries.

If you read the article, you would have figured this out instead of displaying your f0olishness.

it originated in SA....shut the hell up,if the investigate you now, youd be a tribalist

Mumu, use your brain.

Apart from South African, some other African countries have been banned - even though they don't have the new variant yet. From my checks, the countries are all Southern African countries, with many of them sharing borders with South Africa.

Imagine banning the whole of West Africa, because a new Variant was discovered in Nigeria and Benin Republic - while failing to ban European countries with the exact same variant.

If COVID had originated from Africa, Africa would have been banned from the Get go, and it wouldn't probably have become a Pandemic.

Meanwhile, African leaders were (and are still) reluctant in banning travels from other continents, allowing the virus (and it's numerous variants) easy entry into our continent.

Like I said earlier, If African leaders had banned western countries from onset (the way they would have done, had it originated from Africa), Africa would have probably been spared from the COVID issue.

When will African leaders start having sense?

From the News, the new variant have been discovered in Belgium and Israel too, but guess what? Only South Africa and other African countries are been placed on Red/travel ban list.

Meanwhile, African Leaders will be hesitant to place all this western/middle East countries on travel ban list, even when they have new variants of the virus.

As a matter of fact, if this African leaders have acted quickly and placed all Non - African countries on Travel Ban list, perhaps, the virus wouldn't have spread to Africa to start with. But they all foolishly left their borders open, allowing free entry of COVID.

French players and scandals are like 5 & 6

Springboot:
Alot of uneducated people on this forum

Your initial comment was about 32Bn not enough to buy the highest shares in the bank - talk less of taking over.

My comment point out the fact that the money won't remain at 32Bn, but will keep increasing due to interest.

If you're in anyway educated, or have a little bit of wisdom, this shouldn't be rocket science for you to understand.

so in your mind you think one day innoson will take over gtb? Wake up from that dream, even if gtb goes down, amcon will take over and not innoson. Again, wake up from that dream. If he wants to own a bank, he should learn from Tony elumelu

Yes, Innoson can take over GTB through court order, and AMCON won't even have a business with it.

If AMCON will step in and take over, they will still pay Innoson whatever debt GTB is owing him at that point in time. So Innoson will still get the money, with all the accrued interest.

Springboot:
32 billion and you think that's enough to take over the bank? This man na mumu, that will not even buy you the highest share in the bank.

The money started from 550M.

It keep increasing with 22% interest.

When the Supreme court judged the case 2 years ago, it was 8Bn, but GTB refused to pay.

Now it's 32Bn.

It's only a matter of time before the initial money + Interest surpass what GTB can pay back.

Putindbutt:
2018 warrant;
https://www.nairaland.com/4338645/court-issues-arrest-warrant-innoson
2019 warrant;
https://www.nairaland.com/5262564/court-issues-bench-warrant-arrest

From the links you dropped, the court order was issued in 2018 and 2019.

This is 2021, Why hasn't he been arrested since then?

I hope APC implode before next election sha.

backbencher:
The problem is, you cannot make 'friendly polices'...with limited cash.

What you are asking for is free cash....without a thought as to where it would come from.

Nothing is free. If you were selling rice and I forced you to selll a 50kg bag of rice at N2000 to help the poor, leaving you with no cash to pay the farmer, the transporter and the wholesaler of rice, where would you be?

Prosperous economies don't run on free cash.

Good afternoon to you

Why can't you make friendly policies with limited cash?

How much does it cost government to make the decision to lock border?

How much does it cost government to make the decision to ban twitter?

How much does it cost government, to sign agreement with Dangote, BUA and one other Company that no other company will be giving Licence to refine sugar again (thereby giving the 3 companies monopoly in sugar refining)?

The recent bill they made that have the potential to kill Tech companies, how much does it cost them to make it?

How much does it cost them to place Electricity on the Exclusive List?

How much does it cost them to ban Cryptocurrency, knowing fully well many Nigerians make a living from it?

If it doesn't cost much to make bad policies, how come making good ones is expensive?

Abi what's your point?

backbencher:
Both countries also export a ton of industrial products...which earns them enough revenue...far more than Nigeria.

And the simple reason why is that when your economy is based on industrial exports...YOU control the price, and thus make far more money than you can dream of.

Nigeria does not export phones, cars, and other consumer electronics, as does Germany and Finland. So, we are much poorer and cannot fund education at the level they can.


Norway has far more oil than we do, and far more reserves than we do

Plus, Norway also is an exporter of industrial products...including components used in oil exploration. (Nigeria does not export that!)

Finally, Norway has a population that is far lesser than our massive population.

Thus Norway has a higher GDP...and thus can fund education better than we can do.



So, where do you expect government to afford to fund education at the level of Germany and company? When we don't have the money, and when most people earn too low to be taxed?

[b]Low government revenues...means higher fees...or we keep on taking loans after loan[/b]s.

My point from Onset, is that you can't be increasing fees without fixing the root cause of the problem.

This is not the first time Ondo State government will be increasing the school fees.

What changed the first time? What will change now?

Increasing fees while failing to make good policies won't bring any positive results in the long run. And does that mean they would keep increasing fees till eternity?

It doesn't make any sense to increase fees, while knowing fully well 99% of your citizens can't afford such fees.

You make friendly policies that will improve people's life first, then increment in fees can follow.

Someone talked about introducing student loan up there, imagine taking ₦13m loan to complete University education, how many years will it take you to pay it back on ₦30k minimum wage - assuming you didn't spend any of the ₦30k?

Make it make sense, please!!!

backbencher:
.

1.We have a low GDP because we rely on selling raw materials whose prices we don't control, and we run the power sector at a loss, in the name of 'cheap electricity'

2.State owned companies fail because they aren't run like private companies...innovate or perish.

I.

Power is bad not just because of corruption but because many Nigerians and government agencies don't pay their bills.



We can only get there if we go industrial...not by selling oil, cocoa, etc. All african countries are just like us...we sell cocoa, oil etc...and we don't control the price, and most of the time, the price is way below what can sustain us..



On the other hand, running our education sector and power sector at a loss...means we either take more loans to make up the deficit....or we risk seeing them collapse.(We have a functioning GSM secotr, because we let the GSM COMPANIES charge at a profit...and they made enough to fix things up. Why can't we do the same for educaton and power? Plus, oil is not earning us enough money to adequately fund educaiton...like it did in our father's time..when realtively fewer people went to university.)

As for taxes...oil our major earner is at a price that cannot sustain us. Agrucyuture too cannot sustain us nor can minerals. That's why we must become industrial.

All this things you stated still falls under bad government policies and corruption.

Take for example, why will electricity generation be on the "exclusive list" - which means only federal government can generate power.

As a private organisation, if you generate above 25MW, you will be required to direct it to National Grid.

And the National Grid does not have enough capacity to distribute all the power being generated (as a matter of fact, most generating companies in Nigeria generate Below their Capacity because DISCOS don't have the capacity to distribute.)

2. State Owned companies failed, not because they aren't run like private, but mostly because of corruption.

Imagine most of those who looted Nigeria Airways are currently in government. Many of them even founded their own airline after killing Nigeria airways.

With all the investigations that followed suit, and the report indicting people, No one has been prosecuted so far.

I do agree with you that we have to go industrial, as we can't just be exporting raw materials, but this will only be possible if government makes policies that support industrialisation.

It's the responsibility of the government to make policies that will support industrialisation bring investors into the country.

But so far, How many investor - friendly policy have the government made?

How easy is it to get a License to start a company, without bribing people?

How easy is it to start a company without getting killed by multiple taxation and bad government policies?


Like I said earlier, we are where we are today because of bad government policies and corruption.

If good policies have been brought up and implemented along the line, we won't be here today, and funding would never be an issue.

Good day.