₦airaland Forum

Did any intelligent reader observe how they tactically absolved themselves of any blame on the arrest and abusing everyone on social media?

I understand this game well

I love GTB notwithstanding

It is their business.

we can not all keep money in a bank and Dangote and Innoson and Otedola is collecting without consequence

Shity armchair speculations every where no facts yet including what he said on TV.

maestroferddi:
It is pointless wasting time with you.

I have moved on...will no longer oblige you with free lecture.

Now, you take a hike...

I have been nice enough

I am not going to descend to your level

Run along, will you

Only the party with the best proof wins. Social media claims from innocent party are much though sketchy because it doesn't represent the businessman

People should stop passing judgment already as the supreme court has the case now.

baddosky1:
Ndigbo showed solidarity with their brother Innoson, while you showed solidarity with your ethnicity by rising in defense of GTB because it was founded by persons of the same ethnicity as you.

Yet, you turn around to accuse the Igbo man of being a tribalist. Did you not exhibit the same tribal sentiments as the same people you are accusing?




Let me ask you, since when did it become unacceptable to you that Ndigbo should never exhibit kindred spirit towards their own, particularly when he/she is unjustly persecuted?

People of other ethnicity love self preservation of their own a lot. But when the Igboman exhibit the same love for his kind, he will be called names. If calling us tribalists is okay by you because we stood for our own, then, we are happy to be called tribalists.

RUBBISH!

#IStandWithInnoson

All what u wrote is nonsense. I'm igbo too. Let stop whipping up enthic sentiments. It has nothing to do with it. If Innoson has done something wrong, he should face the music, if not, let him slug it out with his creditors. After all, when they were negotiating the business deal, they didn't remember enthic groups they belong to. Poor myopic thinking

usba:
Unfortunately Cownu died and took the brains of his already brain dead followers, person forge document yet he is being protected by tribal donkeys who should atleast have common sense to let the root of the matter be unearthed and the courts decide.

I dont think this one went to school, ge can't read along the line. One mad cow roaming the street....

safarigirl:
so, the two cases he has won in court is not enough proof that such an accusation is true?

Or you think the Nigerian court of law works like Social Media Court where you don't need to tender evidence to argue your case and win it?

alright his lawyer or counsel release those statement.

FunkyAlhaji2015:
Innoson has succeeded in putting himself in a very bad situation. As a business man with international partners, this whole saga is a very big dent on his integrity. Most foreign businessmen believe that a man with no integrity is no man at all. Secondly, only 3 banks can comfortably provide the kind of financing his business needs, GTB, Zenith and Firstbank. Firstbank is now controlled by northerners, GTB he has soil is relationship with. Thirdly, he has succeeded in embarrassing the government of the day with his accusations. Businessmen don't do this, see Dangote, Otedola and Adenugas, they always romance with the government at the centre for ease of business. The government can face him out with just a single policy. He would have honoured the EFCC invitation quietly without turning the whole situation into a circus.

He has something to hide

greiboy:
Yes, the court granted efcc the authority to continue there investigations.

It's like you possess some info not available to the public.

They really have not explained their role in the saga. GTBANK is telling us to disregard rumors and innuendos and yet are keeping mute about the saga.
I guess I will go with rumors then.

Diiet:
Good one from gtb.

Let the man who forged

documents face the music.
Ethnic card will not save him from this serious mess he has gotten himself into.

# No more credit facilities for fraudsters.
# I stand with GT Bank.

How about the illegal deductions by GTBANK of #700m? Don't you think the Bank also need to face the music?

winterfell007:
All what u wrote is nonsense. I'm igbo too. Let stop whipping up enthic sentiments. It has nothing to do with it. If Innoson has done something wrong, he should face the music, if not, let him slug it out with his creditors. After all, when they were negotiating the business deal, they didn't remember enthic groups they belong to. Poor myopic thinking

There is nothing smart about the viewpoint you are trying to project...

Your being Igbo or not is clearly gratuitious/facetious to the matter at hand.

What is more apposite here is the impropriety of your assumption/assertion/supposition that GT Bank is invariably infallible while Innoson must have been culpable.

One then wonders the thrust you hoped to achieve while standing on the shifting sand of illogicality...

baddosky1:
Ndigbo showed solidarity with their brother Innoson, while you showed solidarity with your ethnicity by rising in defense of GTB because it was founded by persons of the same ethnicity as you.

Yet, you turn around to accuse the Igbo man of being a tribalist. Did you not exhibit the same tribal sentiments as the same people you are accusing?

Let me ask you, since when did it become unacceptable to you that Ndigbo should never exhibit kindred spirit towards their own, particularly when he/she is unjustly persecuted?

People of other ethnicity love self preservation of their own a lot. But when the Igboman exhibit the same love for his kind, he will be called names. If calling us tribalists is okay by you because we stood for our own, then, we are happy to be called tribalists.

RUBBISH!

#IStandWithInnoson

I'm Yoruba but may marry Igbo. I am not tribalistic

Please stop giving this issue ethnic coloration and be as objective.

It will be financially ruinous for a reputable bank like GTB to soil it's hand by slandering Innoson.

The banks are quite indiferent to ethnicity when money is involved.

Many Yoruba big guns have hard their assets seized by AMCON on orders of the banks. It's not personal, strictly business.

winterfell007:
All what u wrote is nonsense. I'm igbo too. Let stop whipping up enthic sentiments. It has nothing to do with it. If Innoson has done something wrong, he should face the music, if not, let him slug it out with his creditors. After all, when they were negotiating the business deal, they didn't remember enthic groups they belong to. Poor myopic thinking

I just tought of something, if not I would have called u a smiggle.
what happened when your father's bank fraudalently deducted over 800million from Innoson's account? They accepted there was a fraud but they say it's 500million plus. Bcoz he is good man he accepted their version of the money. For them to pay him they say payment will be on 7% interest, bt he pays back his loan at 22% interest rate, Where is your father then? I guess he was sleeping.
Now you open your rotten mouth to insult a man who wanted to drive his country's economy to a better position in world economy's map.
Its a shame that u are a lost child.

greiboy:
No suddenly an appeal court judge granted the efcc the authority to continue there investigation before inoson filled it before a supreme court, but the supreme court hasn't grant inoson a stay of the appeal court judgment yet. Hence, efcc continued with its investigations

See interpretation,so na person wey win go carry case go higher court?

This one no sabi book.

Sprumbabafather:
Only the courts can decide that after going through the forged documents. EFCC are not supreme court judges.

The court needs the opinion from expert witnesses. Those witnesses usually are from EFCC or Police; they will tell the court that the documents are forged or not.

Innoson may win the illegal deduction case but will definitely lose the forged document case. At the end both will settle out of court

usba:
I have never seen such foolishness except from ipob ingrates who defend thieves and criminals

*Innoson group Vs GTBank : 30 Key Points you need to know about their dispute :*

*1* - At all Material time , Innoson Nigeria Ltd operates a Current Account with GTBank .

*2* - Innoson obtained , and had repaid same , a loan of N1.3billion from GTB Which was secured with a legal mortgage of its properties valued at more than N1.4billion .

*3* - Innoson discovered that GTBank imposed excess and unlawful charges in its Current account .

*4* Innoson Group Complained to GTBank on his discovery of access charges on his account .

*5* - Both parties ( Innoson and GTBank ) agreed to invite an independent auditing firm that will be agreed by both parties .

*6*- At the end , MULTI-WINGS Consulting Firm of Auditors was invited to properly audit Innoson Nigeria Ltd Current account No 0043753636 domiciled with Nnewi Branch of GTBank . The audit covers a period from March 2004 to Dec 2011 .

*7* - After the account was audited , it was discovered that GTBank has been illegally deducting excess bank charges on its overdraft facility to the Innoson to the tune of seven hundred and Eighty-Six Million, Two Hundred and Five Thousand , Nine Hundred and Fifty-Five Naira , Ninety Nine kobo ( N786,205,955.99).

*8* - GTBank was shocked at the audit report when the report was forwarded to it .They replied in their letter to Innoson on 20th January , 2012 that it will investigate the issue raised and will get back to Innoson on the Conclusion of its investigation .

*9* - In the month of September 2012 , GTBank wrote to Innoson that from their personal audit report , the excess bank charges was Five Hundred and Fifty-Nine Million , three Hundred and Seventy-Two naira ,Nine kobo ( N 559.3Million).

*10* - Innoson agreed to their version and decided to accept payment from it in the spirit of amicable resolution.

*11*- Innoson also requested that the said agreed amount of N559.3million be paid with a 22% interest rate because Innoson had been repaying all his loan with GTBank at 22% interest rate.

*12* - GTBank refused and said that the best they can repay excess and illegal deduction is at 7% interest rate . This led to another disagreement between Innoson and GTBank .

*13* - As a result , in 2012 , Innoson sued GTBank at Federal High Court Awka with Suit No : FHC/Awk/Cs/2012 .

*14* - Federal High Court, Awka delivered Judgement in favour of Innoson in excess of N4.7billion against GTBank.

Delivering Judgement in suit no : FHC /Awk/ CS / 139/2012 , the FHC awarded N4.7billion to Innoson Motors against GTBank .
*The court also ordered GTBank to pay 22 % (percent ) interest on the Judgement debt until all the payment had been made to Innoson .*

*15* - In 2013 , GTBank appealed against the judgement to the Court of Appeal, Enugu Division, appoxite appeal No: CA/E/288/2013 .

*16* - The Court of Appeal , Enugu in a Considered ruling ordered GTBank to pay the Judgement debt of N6billion Inclusive of the accrued interest and any interest that would subsequently accrue thereon into an interest yielding account in the Name of the Chief Registrar of the Court .

*17* - In its various affidavits, particularly at the Court of Appeal in suit no : CA/E/288/2013 , GTBank deposed that if it pays the outstanding Judgement debt of N6billion , much less the N8.5billion , it could go bankrupt and be out of business .

*18* - GTBank went to the Supreme Court .The case is still in the Supreme Court , while the Judgement debt is about N8billion now to be paid to Innoson by GTBank .

*Another Cases:*
IBADAN Cases : Innoson /GTBank/Nigerian Custom Service :

*19* - Nigerian Customs Service Auctioned Innoson goods .

*20* - Innoson challenged the action Nigerian Custom Service for auctioning its goods at Federal High Court , Ibadan .

*21* - On July 29 ,2011, In a Garnishee Order Absolute , the Federal High Court sitting in Ibadan ordered GTBank to Pay Innoson #2,048,737,443,67 (#2billion) from Nigerian Customs account in GTBank .

*22* - Rather than Comply with the Garnishee Order Absolute of the Court , GTBank on February 6, 2015 appealed the Judgement , but the Court of Appeal in Appeal no. CA/1/258/2011 affirmed the Judgement of the Federal High Court and ordered GTBank to pay the Judgement debt of #2,048,737,443.67 (#2.048billion) to Innoson .

*23* - GTBank , instead , appealed to the Supreme Court against the Court of Appeal's decision where GTBank claimed through a motion in suit no : Sc /694/2014, that the Court of Appeal Judgement in Ibadan (CA/I/258/2011) was procured by suspicious means .

*24* - On May 12, 2017 , Supreme Court in its wisdom and rightly , dismissed that unfounded and exasperating claim of GTB against Innoson .

*25* - As a result , Innoson commenced a N400 billion suit against GTBank , in the suit No: FCT /HC/CV/2448/2017 at the High Court of the Federal Capital Territory, Abuja .

*Another issues :*

*26* - Consequently , in order to save itself from paying the outstanding Judgement debts to Innoson , the GTBbank filed a petition against Innoson alleging forgery which led to the suit No : FHC /L/565C/2015 by Police .

*27* - On February 17, 2016 , Police properly and Competently withdraw the charges against Innoson , saying they needed to properly investigate the bank's complaints first and see if they had merits .

*28* - On September 1 , 2014 , GTBank secured an ex parte order on Innoson Nigeria Limited, dated September 1, 2014 with suit no FHC/L/CS/1119/2014 , filed before a Federal High Court in Lagos , between GTBank and Innoson Nigeria Limited , issued by *Justice Okon Abang* , ordering that , pending the hearing and the determination of the substantive suit , all Commercial Banks in Nigeria were restrained from accepting in any manner whatsoever to any mandate or instruction presented to them by Innoson Companies or any of its agents or nominees for withdrawal of any sum of money standing to the credit of any account maintained by the company in all the banks.

*29* - However , on June 10, 2015 , *Justice Saliu Saidu* of the Federal High Court , Lagos , in a Considered ruling set aside the ex parte order of September 1, 2014 , by Justice Okon Abang and the writ of summon as well .

*30* - Innoson then slammed a N30 billion suit on Guaranty Trust Bank for what it had suffered in monetary terms and reputational terms during the months when the accounts of its companies in all Nigerian banks were frozen.With Innoson winning both cases at the High Court and both cases at the Appeal Court, and GTB appealing, both cases are awaiting the verdict of the Supreme Court. Meanwhile the fresh N30 billion naira suit has just gone to the High Court to start its legal journey.

....

In all , Innoson has won two High Court cases and two Appeal Court cases all against GTBank .

Innoson as at today has Judgement debt over about N10billion based on 22% interest rate against GTBank .

*Questions for EFCC :*

*(i)* Now where is the EFCC coming from in all these ?

*(ii)* Does EFCC actually understand their duties here ?

*(iii)* Is EFCC by their action not sabotaging Nigerian economy ?

*(iv)* If EFCC should to arrest any of the parties , shouldn't GTBank who dubiously deducted Innoson money from his account and have debt of about N8billion to pay Innoson that they should arrest ?
*copied*

.

Why is GTB acting as if the country would end tomorrow? They should have atleast be patient enough to settle the dispute in court instead of using force.

See how sentimental you sound. I know your tribe by your comment . My advice to you is allow both Innoson and GTB decied their fate in the court of Law . You are jubilating today because it didn't affect you but , if GTB can get away with this who knows the next tomorrow . Let's call a spade a spade instead of celebrating injustice . Tanx.

Diiet:
the Bank has even revealed the names of his five staffs whose signature were forged. Innoson has lost this fight already.

Alledged... if its just forging signatures people would have been very rich by now, it takes more than that to authorize transaction, u sef think am

usba:
Unfortunately Cownu died and took the brains of his already brain dead followers, person forge document yet he is being protected by tribal donkeys who should atleast have common sense to let the root of the matter be unearthed and the courts decide.

If Innoson forged any document let him not see any favor from God but if he didn't and you accused him, let you and and your children's children be punished by the devil forever. Amen

ABAMOWA:
There have been numerous sponsored social media campaigns against the Bank such as #BewareOfGTBank and #WhatIsWrongWithGTBank. The company has also gone Television, with its owner, Dr Innocent Chukwuma granting an interview to TVC, where he claimed he had obtained a judgement of N8bn against the bank. He added that the bank pleaded with him over their inability to pay, and that he graciously offered to accept shares of the bank as payment. GTBank on their part has chosen to remain silent on the matter, perhaps trusting in the integrity of the legal system as against playing to the gallery. A staff of the bank who spoke under anonymity, stated “Irrespective of the issues we are facing with the company, Innoson remains a customer of the bank and we owe him a duty of confidentiality and to conduct ourselves in a responsible manner towards him”. Below are a few bullet points gotten from the bank on the issue: The obvious: Innoson is, and still remains, a customer of GTBank. GTBank not behind Innocent Chukwuma’s arrest as EFCC states N1.4bn fraud and usage of forged documents to secure tax waivers as reason for arrest What GTBank claims: 1. GTBank (in 2009) granted Innoson several credit facilities (i.e loans) totalling N2,400,000,000,00 (two billion, four hundred million Naira only), to part finance working capital requirements, import new motorcycles and motorcycle spare parts, agricultural spare parts and plastic manufacturing equipment (“Imported Goods”). 2. Under the loan terms agreed by Chief Innocent Chukwuma on behalf of Innoson, proprietary interest in the Imported Goods was consigned exclusively in favour of the Bank. This means that the Bank was the exclusive owner of the Imported Goods. Accordingly, the original shipping documents (i.e. the Bills of Lading) were in the custody of the Bank, and have remained in the custody of the Bank at all times. 3. Because GTBank was the exclusive owner of the imported goods, ownership of the goods could only be transferred to Innoson (or any other third party) by the Bank. The condition in the agreement between the Bank and Innoson, for the release of the Imported Goods by the Bank to Innoson, was the payment of 25% of the value of each Letter of Credit transaction by Innoson. What GTBank wants the public to know: 1. Innocent Chukwuma approached the Bank, on behalf of Innoson, requesting the release of the shipping documents without payment of the agreed+ 25% equity. The Bank declined his request as a result of Innoson’s failure to meet the agreed conditions. 2. It came to the Bank’s knowledge sometime in June, 2011 that the Imported Goods for which the Bank declined to release shipping documents to Innoson in view of its failure to meet the agreed conditions, had been fraudulently procured by Innoson. 3. The Bank discovered that Innoson, under the control of Dr. Innocent Chukwuma had forged the Bank’s endorsement on the bills of lading to the Shipping Line and fraudulently cleared the Imported Goods which were in the name of the Bank. The Imported Goods, being property of the Bank should not have been cleared from the Port without the original shipping documents being endorsed by the Bank in favour of Innoson, or any third party. 4. The signatures of 4 (four) staff of the Bank, to wit, Taofeek Olalere, Dan Attah, Bunmi Adeyemi and Amazu Amalachukwu, as well as the Bank’s stamp were forged on all the shipping documents used by Innoson to fraudulently clear goods at the port. The Bank did not at any time endorse or transfer the shipping documents to Innoson, as the originals of each of the relevant Bill of Lading remain in the Bank’s custody to this very day. 5. When the Bank reported the matter to the Nigeria Police, Dr. Innocent Chukwuma claimed the Bank released the shipping documents to him. Consequently, the Police commenced investigation into the Bank’s complaint, including a forensic examination of the disputed signatures, and established that the signatures of the Bank’s staff were forged, and the Imported Goods were fraudulently cleared from the Nigerian Ports Authority by Dr. Innocent Chukwuma and his accomplices. What GTBank heard from the Police: 1. Police investigations confirmed that Innoson and Dr. Innocent Chukwuma deliberately set out to defraud, steal from the Bank and convert the Imported Goods belonging to the Bank by deceptive means and through forgery and misrepresentation. The unlawful takeover of the Imported Goods, which served as the Bank’s collateral, left an indebtedness in excess of the sum of N1,654,481,895.04 (one billion, six hundred and fifty four million, four hundred and eighty one thousand, eight hundred and ninety five Naira, four Kobo) as at September 26, 2012. 2. Chief Innocent Chukwuma was arrested and interrogated by operatives of the EFCC, following which he agreed to make monthly payments into Innoson’s account until the full liquidation of Innoson’s indebtedness to the Bank. However, Innoson defaulted in making the agreed payments. Investigations by the Nigeria Police following a petition by the Bank in September 2013 also found Innoson and Chief Innocent Chukwuma culpable of the criminal allegations levied against them by the Bank, and Chief Innocent Chukwuma was accordingly charged to court by the Police. 3. The Police filed Charge No. FHC/L/565C/2015-Inspector General Of Police And Innoson Nigeria Limited; Innocent Chukwuma; Charles Chukwuma; Maximian Chukwura; Mitsui Osk Lines; Annajekwu Sunny for fraudulent clearance of goods, forgery, conversion, stealing and conspiracy presently pending before Faji J, at the Federal High Court, Ikoyi and adjourned to November 21, 2017 for arraignment/or hearing of motion for issuance of Bench Warrant. What GTBank says Innoson did: 1. Innoson approached the Bank for a reconciliation of his account and pleaded for a debt forgiveness. A reconciliation was carried out on the account – which had a debit balance of N1,654,481,895.04 as at December 31, 2011. In the spirit of amicable resolution and EFCC intervention, the Bank said it agreed to forego the sum of N559,374,072.09 which represented default charges that has accrued on the account and debited in line with the loan agreement between the customer and the Bank. 2. Based on this, the Bank decided to accept from the customer, the sum of N1,095,107,822.95 as full and final payment of the customer’s indebtedness to the Bank, provided that same shall be fully paid not later than (30) days from the date of the letter written to him 3. Surprisingly, Innoson commenced suit no:FHC/AWK/CS/2012 against the Bank at the Federal High Court, Awka stating the bank had debited its account with excess charges totalling N559,374,072.09 and obtained judgement in excess of N4.7Billion against the Bank. Again choosing to dishonour an agreement that was amicable reached between him and the Bank for a full and final settlement of N1,095,107,822.95 wherein the Bank graciously forgave him the sum of N559,374,072.09 which accrued on his account during the period which he abandoned his account. 4. To further stall the criminal proceedings against him, Chief Innocent Chukwuma and his company instituted suits at the Federal High Court, Abuja, as well as the Federal High Court, Awka in January 2014 against The Inspector General of Police, The Nigeria Police Force and Investigating Officer(s), seeking declaratory and injunctive reliefs, including orders restraining the Police from commencing criminal proceedings against Innoson and Chief Innocent Chukwuma. Furthermore, in a bid to stall the Bank’s recovery steps, and distract the Bank from focusing on the criminal action, as well as civil actions filed for recovery of the debt, Chief Innocent Chukwuma and his company Innoson, have continued to institute various spurious suits before various courts, claiming frivolous and outrageous sums against the Bank. What EFCC is saying In a statement issued by the Head of Media and Publicity of the Economic and Financial Crimes Commission, Wilson Uwujaren, he said, “The Economic and Financial Crimes Commission has released Nnewi, Anambra-State born Industrialist, Chief Innocent Chukwuma on bail. “The business man who runs a local auto assembly plant was arrested on Tuesday, December 19, 2017 at his Enugu residence, following his refusal to respond to invitations by the Commission, after initially being granted administrative bail by the Commission, while his surety could also not be found. “Unfortunately the industrialist resisted arrest and stirred controversy by bringing six truck-loads of thugs to block the entrance to his Plot W1, Industrial Layout, Abakaliki Road, Emeni, Enugu, home. “This was after he initially misled the Police Command by informing them that his home had been invaded by armed robbers and kidnappers despite the fact that operatives of the Commission duly identified themselves to policemen guarding his home. “His unruly thugs encircled and manhandled operatives of the Commission who had gone to effect the arrest. Consequently, a distress call was sent to the Commission’s Enugu Office for reinforcement. “In all of this, the Commission’s operatives acted with decorum and civility. No one was manhandled or assaulted by the EFCC team, and not a single shot was fired, despite the provocation. “Chief Chukwuma and his brother, Charles Chukwuma (who is still at large), are being investigated by the Insurance and Capital Market Fraud Section of the Commission’s office in Lagos over matters bordering on N1, 478, 366, 859.66 fraud and forgery. "The industrialist, among other infractions, allegedly used forged documents to secure tax waivers.” Read more: https://www.naija.ng/1142081-efcc-sheds-light-innoson-boss-arrest-details-gtbankinnoson-transaction.html#1142081

Awon bloggers sha, can you explain the court cases won against GTB if they were in the right?

Atleast he would have lost at the appeal court and can EFCC prove he jumped bail?

SalamRushdie:
Only Buhari knows why he ruffled innoson

God will give you sense one day, our prayers are with the family that have to cope with you

ur igbo brothers and sister are going to loser jobs. how many cars does innoson producer in a year. which reason able nigerian will buy made in aba car? innosun himself will not try it.

usba:
Unfortunately Cownu died and took the brains of his already brain dead followers, person forge document yet he is being protected by tribal donkeys who should atleast have common sense to let the root of the matter be unearthed and the courts decide.

What do you expect from the bunch of them, it is not common to find a successful business man in their tribe who is not involved in one dirty deal or the other .

It is apparent that we have a lot of ignorant and misinformed people on this thread.


The GTB I know for sure won't institute a case against Innoson if they don't have hard concrete evidence against him and they have also shown strategic maturity by keeping quiet all throughout this saga.

And yes they owe it a duty to depositors to go after any body that is a loan defaulter.

The same Innoson that refused to pay Bank of Industry loan of over 4billion and used GEJ's influence to write off the loan cost of which had to be deducted from the MSME sinking fund account set aside annually by banks.

For sake of maturity it will be best not to wash this man's dirty linen in public and I know that with due time the story around the 500m deductions from his overdraft account will come to light.

One questions though for my igbo brothers......why do you think foreign investor have practically stayed away from him Asa business man?

The answer is obvious and I am not trying to slander him but Innoson as he is now can't import motor parts for assemblage unless Nigerian banks provide credit guarantee to his supplier because he is known to always cut corners. The Sinotruck franchise should have gone to him instead of Dangote but for obvious reasons because even the Chinese know better. Let me stop here so that information asymmetry does not set in.

As it is right now.......there is already a collective resolve among banks not to touch any of his transactions unless he fulfills all conditions with proper documentation. I admire his resolve to be an entrepreneur but he can also do this without cutting corners and I wish him all the best.

For the GTB must go down supporters know this GTB is a Pan African bank with operations scattered and branches all over Africa. Infact the rest of Africa coverage accounts for over 65% of their revenue YTD and the bank is a systematically important bank meaning that it is one of the banks that won't be allowed to fail. Bank is currently the most capitalized bank on the NSE with market cap of over 1.2 trillion and currently trading @ N40 per share making it a toast of both local and international investors.

Bank was the first to make over 100billion PAT in Nigeria and is set to post over 150b naira for FY 2017 so I laugh when people actually think that paying Innoson 8billion will make them go under.

They have a duty to protect depositors funds and I know in due time the true picture of what transpired will come to light.


Until we begin to see beyond tribal lines we won't go far in this country and for my ibo brothers the same tribal lines that is creating a false sense of bond right now is the same one that will divide as sooner or later a mbaise man will start claiming superiority over anambra man etc so keep it going.

Meanwhile God bless Nigeria.

deenee:
It is apparent that we have a lot of ignorant and misinformed people on this thread.


The GTB I know for sure won't institute a case against Innoson if they don't have hard concrete evidence against him and they have also shown strategic maturity by keeping quiet all throughout this saga.

And yes they owe it a duty to depositors to go after any body that is a loan defaulter.

The same Innoson that refused to pay Bank of Industry loan of over 4billion and used GEJ's influence to write off the loan cost of which had to be deducted from the MSME sinking fund account set aside annually by banks.

For sake of maturity it will be best not to wash this man's dirty linen in public and I know that with due time the story around the 500m deductions from his overdraft account will come to light.

One questions though for my igbo brothers......why do you think foreign investor have practically stayed away from him Asa business man?

The answer is obvious and I am not trying to slander him but Innoson as he is now can't import motor parts for assemblage unless Nigerian banks provide credit guarantee to his supplier because he is known to always cut corners. The Sinotruck franchise should have gone to him instead of Dangote but for obvious reasons because even the Chinese know better. Let me stop here so that information asymmetry does not set in.

As it is right now.......there is already a collective resolve among banks not to touch any of his transactions unless he fulfills all conditions with proper documentation. I admire his resolve to be an entrepreneur but he can also do this without cutting corners and I wish him all the best.

For the GTB must go down supporters know this GTB is a Pan African bank with operations scattered and branches all over Africa. Infact the rest of Africa coverage accounts for over 65% of their revenue YTD and the bank is a systematically important bank meaning that it is one of the banks that won't be allowed to fail. Bank is currently the most capitalized bank on the NSE with market cap of over 1.2 trillion and currently trading @ N40 per share making it a toast of both local and international investors.

Bank was the first to make over 100billion PAT in Nigeria and is set to post over 150b naira for FY 2017 so I laugh when people actually think that paying Innoson 8billion will make them go under.

They have a duty to protect depositors funds and I know in due time the true picture of what transpired will come to light.


Until we begin to see beyond tribal lines we won't go far in this country and for my ibo brothers the same tribal lines that is creating a false sense of bond right now is the same one that will divide as sooner or later a mbaise man will start claiming superiority over anambra man etc so keep it going.

Meanwhile God bless Nigeria.

While I appreciate your comment and knowledge about the system, how come he has won three cases against the bank?

Gerrard59:
While I appreciate your comment and knowledge about the system, how come he has won three cases against the bank?

The judicial system in Nigeria is one of the most corrupt in the world. You and I know this. It's always very easy to bribe for a case to be ruled in one's favour. Even the story around the excess charges is not been told as it truly happened.

Diiet:
Good one from gtb.

Let the man who forged

documents face the music.
Ethnic card will not save him from this serious mess he has gotten himself into.

# No more credit facilities for fraudsters.
# I stand with GT Bank.

Where did the bank talk about forgery in this write up Pls?