maximunimpact:
[s]The long running case between Guaranty Trust Bank and Innoson finally had its day in the Supreme Court, and although there have been some wild tales on what transpired, here is the factual story of how it went down.

Even before the doors of the Supreme Court had shut for the day, what was meant to be a simple directive by the Apex Court on the case between Guaranty Trust Bank and Innoson had been turned on its head, with false versions of the Court’s directives spread online and across social media.

It began with the claim, contained in Press Release circulated by Innoson, that the Supreme Court had ordered “GTB to Pay Innoson’s N14Billion Judgment Debt into an Interest Yielding Account.” The records of the Apex court show no such thing, instead it asked both parties to return to the Court of Appeal, Enugu Judicial Division, for a hearing on GTB’s appeal scheduled for the 14th of June, 2018.

GTB has also released a statement on the actual events of the day at the Supreme Court. “The attention of GTBank has been drawn to false, mischievous and malicious statements circulating in the news and social media in respect of a purported directive by the Supreme Court of Nigeria to the Bank to make payments to one of its debtor Customers,” the Bank said in an official statement. “There was no directive or Order issued by the Supreme Court of Nigeria to the Bank to make any payment to any of its debtor Customers. We again reiterate that there is no iota of truth in the falsehood being peddled by desperate and mischievous elements and the General Public should disregard same in its entirety,” the Bank added.

In fact, the Supreme Court simply directed GTB and Innoson to return to the Court of Appeal for a hearing of the Bank’s substantive appeal on the matter. It is actually in the tradition of the apex court to issue definitive rulings only on Fridays, and what it delivered today was more or less a directive. However, court feelers say this is actually a win for GTB as it grants what the Bank has always wanted—and what Innoson has consistently stalled, which is for the Court of Appeal in Enugu to hear the Bank’s appeal.

The Bank’s appeal of a 2013 High Court judgment gotten by Innoson had stalled at the Court of Appeal for the past two years due to the pending motions filed by both parties at the Supreme Court. On Thursday, 7th of June, 2018 the Apex Court finally sat on the matter and asked both parties to withdraw their motions and return to the Court of Appeal, because GTB’s appeal at the lower court had not been heard.

“The implication [of the Supreme Court Directive] is that both parties are going back to the court of appeal for the Bank’s substantive appeal to be heard,” a source in one of the legal teams of the parties said. “The court said it won’t hear any applications and asked all parties to withdraw their applications.” One of the applications that was withdrawn and struck out by the Supreme Court is the plea filed by Innoson on 27th of February, 2015 askingfor the court to order GTB to issue a money guarantee to the court. This is interesting because it means that, rather than rule for the Bank to pay Innoson 14bn as the latter had claimed, the apex court struck out that particular request.

Back to the Appeal Court

Following the directive by the Supreme Court, the substantive appeal filed by GTB will now be heard at the Court of Appeal, Enugu Judicial Division, on the 14th of June, 2018.This appeal has been repeatedly delayed by the Innoson camp using moves such as itsmotion filed by on October 3, 2017to prevent the appeal from being heard. Back then, the Court of Appeal had expressed surprise that Innoson (the Judgment Creditor) is not desirous of allowing the appeal to proceed.

Again, in the proceedings of 24th October 2017 in CA/E/275/2015 between same parties, the same Prof. Mbadugha appearing for Innoson and other Respondents had scuttled proceedings when he refused to proceed with Appeal even though it was clear that the Appeal was ripe for hearing and opted to pay costs. Prof Mbadugha said to the courts: “I ask for an adjournment even though all motions have been taken… I offer N50,000.00. The Appeal Court responded; “This application for adj. has no basis, but in the interest of justice it is hereby granted. The appeal is ripe for hearing. Cost of N100,000.00 to the Appellant against the Respondents. Appeal adjourned to 17/4/18 for hearing.”
[/s]
However, following today’s hearing at the Supreme Court, it seems all hurdles have been cleared for GTB’s substantive appeal to be heard by the Court of Appeal.

Festus Igbinosa is a financial analyst and he writes from Abuja

https://www.financialwatchngr.com/2018/06/08/gtbank-and-innosons-day-at-the-supreme-court-how-it-went-down/

teepain:


It is ridiculous for you to insinuate that your expertise in import finance is far ahead of several finance experts in GTB besides the legal minds that are handling GTB's brief.

If you care to know, finance is one of my areas of expertise and I do not see what is ridiculous in GTB's allegations if they can substantiate them.

LastSurvivor11:
Either way, GTB is loosing it's credibility for not resolving the issue up til now..

Anyone who wants to buy innoson vehicle will not hesitate because he's having issues with GTB but banking customers will think twice before dealing with GTB..
My opinion

CanineOfJackal:
Two brands fighting themselves because of their interest while Idiots here without any stock in GTB or driving or even a shareholder in IVM will come here to diss their tribes.


Bunch of Igbo and Yoruba idiots

PaChukwudi44:
This liar did not make any reference to the court's order for GTB to pay N14b into an interest yielding account

opribo:
What is happening to Innoson is the same thing that almost sent Indome middles out of business, samething that sent ibeato cement out of business.

Now they must cripple Innoson to come into the auto manufacturing.

congorasta:


DRAMA BOY


Britain know that if all southern Nigeria especially igbo and Yoruba unite, it is an end game for northerners and their(britain)own selfish interest in Nigeria..



so they are brought in religion and tribal issues and rift among them




indeed Yorubas and igbos are idiots

babaolofin:


I have warned your brothers not to bring reliable companies into your propaganda when you want to defend the businesses of your kinsmen. The last time you brought Burham cement. I explained that Burham belongs to FMN, they are never with Ibeto but FGN. Now you are bringing Indomie noodles which you spelt wrongly into the issue. Do you know what happens in the noodles business or pasta business? The Tolaram Group that owns indomie noodle did they ever tell you they have problems with government or banks? Why bringing multinational groups that are well operated by professionals into market place discussion. Tolaram group consists of Multipro, BHN, Lucky Fibres, Pure Flour Mills & 3 factories manufacturing indomie in Nigeria. Indomie noodles may have competition issues in the highly competitive Nigeria noodles business which is normal

babaolofin:


It is not a matter of Igbo & Yoruba idiots coming online to support business interests, saying that is an attempt to protect a group of crude & uncivilized people who have become nuisance to an entity called Nigeria. GT Bank has never made available any malicious statement or false information or propaganda about the outcome of a judgement by the Apex Court. The corporate governance policy of such bank can never allow them to give out such information. Zenith, Diamond , UBA & others have corporate policies that will never allow a key management member to give out false information to the public.

It is those that tribalise issues affecting their kinsmen that are the greatest problem of themselves & Nigeria. You only attempted to cover them by mixing issue together. Issues affecting Ibeto, Innoson, Ekweremadu ( EFCC case), Stella Oduah (AMCON), etc are termed anti Igbo. Immediately, the GTB / Innoson case came on Nairaland & some social media last year, the Igbos termed it anti Igbo threatening to fall GT Bank by all means without looking at issues. I said, it is an empty boast.

We have other people in Nigeria having problems with Banks. We have politicians having problems with EFCC. No tribe has ever introduced ethnic colouration, but immediately it involves an Igbo or IBO, there is a crisis. While awaiting 2023, or the declaration of Biafra Republic, it pays to be objective, make less noise & dissipate less energy on propaganda. Innoson staff has attacked EFCC officials & violated the integrity of the supreme court, yet, nothing can be done because of Igbo propaganda.

opribo:


Sometimes ago when the rumour went round that Indomie noodles was killing people if you eat it what did you think was behind it. It was a demarleting strategy to usher in a competitor product but the Indians were smart to use sustained advert at very huge budget to counter that crude demarketing strategy.

You are right, this is what happens to peoole who refuse to learn. How many times will something happen to the ibos before they begin to think ibo first. They have their own they won't patronize, they have their area they won't develop, they have their people they won't empower.

The Ibos must come together whether they like it or not and make the East a jravrn on earth and forget about anything that wil

smithsammy:
This is a big drama. Although it is not strange because it happens in the business world every day. I know they will sort themselves out. Beyond the money involved, what the two firms are trying to protect is their names, or might I say 'images', or might I yet say 'brands'.

Let's just cross our hands and see how things unfold.

maestroferddi:
Oga stop wearing emotions on your sleeves.

The arguments of both parties, with the deployment of quality legal representation, have been subjected to extensive/thorough legal scrutiny and yet Innoson dusted GT Bank.

So what the hell are you talking about?

PaChukwudi44:
This liar did not make any reference to the court's order for GTB to pay N14b into an interest yielding account

ipobarecriminals:
innoson shud pay GTB their money and carry his wahala go ipob bank

congorasta:


k


Britain know that if all southern Nigeria especially igbo and Yoruba unite, it is an end game for northerners and their(britain)own selfish interest in Nigeria..



so they are brought in religion and tribal issues and rift among them




indeed Yorubas and igbos are idiots

teepain:



I find your choice of words in your quoted statement ludicrous!

For crying out loud, how am I suppose to be 'wearing my emotions on my sleeve' according to you.

I have always insisted that both parties should go to the court and argue their cases as I believe that both parties are innocent until either of them is proven guilty. Both IVM and GTB are Nigerian businesses with a lot of people on their payroll hence I pray that the wronged party gets justice so that we can improve on our ethical standards.

You on the other hand have pronounced one of the parties, GTB in this case, guilty in your own court.



I am yet to see a court verdict declaring either of the party guilty.




If you are one of the judges and you find GTB guilty, please instruct GTB to pay damages as needed and stop bellyaching. Justice delayed is justice denied!

But if you are not one of the judges with the requisite competence to pronounce any of the parties guilty, then allow the courts to do their work.

maestroferddi:
What you are making now is a classic blind argument.

One expects you to have had a modicum of knowledge concerning the matter.

This case in point has travelled all the way to the Supreme Court. So the question whether there is a subsisting judgement is dumb, to put it mildly.

If you do not know that the apex court serves as the final arbiter/highest appellate court whose responsibility primarily is to validate or nullify/reverse verdicts of lower courts, then we shouldnt be having this interchange.

In any case, the current brief of the Supreme Court is that the status quo ante be maintained: that is, that the ruling of the Court Appeal, Enough Division be maintained while GT Bank's notice/motion of appeal is heard.

What does the foregoing mean other than that GT Bank comply with the verdict of the lower court which was in Innoson's favour be obeyed subject to a legal/adjudicatory review by the Supreme Court.

Can you now that you were merely shadow boxing instead of making the effort to argue from the position of knowledge?

teepain:


Pray, what is blind argument in advising that we should allow all parties to exhaust their legal options and praying that the innocent party gets justice.

If there is a judgement debt in favor of IVM then let them go and get a garnishee order. That should not be a difficult thing to do, don't you think so?

maestroferddi:
Good that you conceded that you were shooting from sinking/shifting sands...

That courts of competent jurisdiction have ordered GT Bank to pay Innoson is not in doubt.

The matter at hand is that GT Bank is praying that their appeal be heard/determined by the Supreme Court.

Get your hapless self acquainted/up to speed with the matter and stop projecting ignorance as if were a virtue...

babaolofin:


It is not a matter of Igbo & Yoruba idiots coming online to support business interests, saying that is an attempt to protect a group of crude & uncivilized people who have become nuisance to an entity called Nigeria. GT Bank has never made available any malicious statement or false information or propaganda about the outcome of a judgement by the Apex Court. The corporate governance policy of such bank can never allow them to give out such information. Zenith, Diamond , UBA & others have corporate policies that will never allow a key management member to give out false information to the public.

It is those that tribalise issues affecting their kinsmen that are the greatest problem of themselves & Nigeria. You only attempted to cover them by mixing issue together. Issues affecting Ibeto, Innoson, Ekweremadu ( EFCC case), Stella Oduah (AMCON), etc are termed anti Igbo. Immediately, the GTB / Innoson case came on Nairaland & some social media last year, the Igbos termed it anti Igbo threatening to fall GT Bank by all means without looking at issues. I said, it is an empty boast.

We have other people in Nigeria having problems with Banks. We have politicians having problems with EFCC. No tribe has ever introduced ethnic colouration, but immediately it involves an Igbo or IBO, there is a crisis. While awaiting 2023, or the declaration of Biafra Republic, it pays to be objective, make less noise & dissipate less energy on propaganda. Innoson staff has attacked EFCC officials & violated the integrity of the supreme court, yet, nothing can be done because of Igbo propaganda.

teepain:


How did I concede this? Do you have comprehension problem? I have maintained my position, that the legal fireworks are on and we should allow the judicial process play out.



Various high courts of coordinate jurisdiction have given different judgement concerning the matter at hand. There was a high Court that issued a warrant of arrest against the Chairman of IVM. And I'm aware that EFCC has attempted to press some fraud charges against him, rightfully or wrongfully I am not in a position to tell.

What this tells us, is that there are divergent judgments and opinions on this matter. Hence, I am waiting for all the legal fireworks to play out while praying that the right party would ultimately get justice.




Well, there you go again displaying crass ignorance while you pontificate as some legal luminary or judicial authority cum international trade expert.

GT Bank did not pray that her appeal should be heard by the Supreme court, rather GTB prayed the Supreme court to direct the appeal court to hear her appeal. And, the Supreme Court in its wisdom has so directed.



Up to this moment, I have chosen to address issues without attacking your personality, however, permit me to crave your indulgence to say that you think too highly of yourself.

Nairalanders and guests can read the one who has displayed crass ignorance and unnecessary bias in a case involving 2 indigenous companies.

I leave you with the words of a sage which go thus: "While the big animals like cows lay on the field chewing their cuds quietly, small insects like crickets continued chirping noisily in an attempt to deceive people into thinking that they are the only occupants of the field"

maestroferddi:
Your innuendos are wide off the mark.

I choose not to live with the quicksilver inconstancy that apparently characterize the thrust of your argument...

One moment you are advancing a spurious argument bereft of objectivity in favour of GT Bank, the next time asking you are trying to project a futile argument on equity without tracking your earlier submissions which are at variance with your new position.

When all failed, you went to the emotional card... trying out to play victimhood.

My take, heretofore, is that you suit yourself.

teepain:


I choose not to believe that you are schizophrenic. And I want to again believe that you do not suffer selective amnesia.

If those 2 possibilities are eliminated I am left with the only option of concluding that you are a pathetic liar.

How have I played the victim card. Read over my various exchanges with you on this forum. On one occasion, I advised that we should maintain civility in our discourse even if we have divergent opinions. You responded that it wasn't your intention to denigrate and I left it at that.

Today, you went berserk again attacking my person instead of issues. Our exchanges are available for all to read and they are on record.

maestroferddi:
Now that you have gone off at a tangent, how do I drum objectivity into your seemingly impenetrable skull?

I still maintain that your are a bundle of nerves and emotions.

You use uncouth language and at the same time your soliciting pity parties all over the place.

This predilection to dual/split personality is completely repugnant/objectionable to me.

I am sorry I cannot help you...