₦airaland Forum

oyatz:
Read the judgment very well, this time slowly and you will see that there is nothing like payment of #8.8Billion in liquid cash at a go.

The money wasn't deducted at once ,so no judge will give an order for #8.8 billion to be paid at once.

#All banks in Nigeria are insured by the NDIC and they can NOT be liquidated just because of #8.8 Billion.
#People that know nothing about the matter are just commenting based on their tribalistic inclinations.

SpaceTour:
This is getting serious

Forget it, this 9billion is such a huge sum that is capable of bringing GTB down if not they would not have wasted time to the point that their branches are being shut down anyhow.

Onitsha is the economic/commercial capital of the SE, so shutting down GT Banks in Onitsha will be so damning to the bank's fortunes and image in SE and Nigeria at large.

stonemasonn:
noted...the internet never forgets.

alezzy13:
Then I'm sure you'll give jobs to all the workers, right?. Try to rein in your bigotry once in a while.

Mystick:
How did they enter into this mess is what worries me. They are completely trapped. Innoson still has another N14b case against them pending in Supreme Court. He has already won the case from FHC to Appeal court, should the supreme court upholds his winnings, that will be another big wahala. Around N22.8b will be going to just one person because of some carelessness of the bank management. Funny enough, the amount is not even fixed, it is still vomiting billions as long as the issue lingers un-liquidated.

SpaceTour:
Stop yapping rubbish. Their branches are being shut down with attendant de-marketing occasioned by the picketing but you are still here yapping that 9b is nothing. Do you know the damage this shut down of GTB banks have caused to their image? Go and sit down

SpaceTour:
Don't mind that fool

Marotzke:
How GT entered into this mess?
Simple, the same way most people lose money ; carelessness.
They were judging the man by appearance, they never suspected extreme deviousness.
They assessed the man by his simple peasant dressing, badly spoken English with heavy Igbo accent.
A school certificate holder with more money than sense.
Someone they could take advantage of. They started by overcharging his accounts.
The man kept egging them on by showing apparent stupidity and innate weakness .
They never knew this " uneducated, igbotic, peasant" was harbouring dangerous thoughts.
Now he has them by the cojones and they don't even have the decency to acknowledge that they have been outsmarted by a spare parts dealer..
GT would not have tried this with Jimoh Ibrahim, Juhel Pharmacy, or Abdulsamad Rabiu.
They would suspect these people to have sense.
But Spare parts dealer? No.
Now they are paying for it.

bojbest:
Averagely $3M....8billion
GTB networth ₦ 3.16 Trillion (2016)

GTB should accept their loss and learn from this. Besides I suggest the MD should resign after payments.

Marotzke:
How GT entered into this mess?
Simple, the same way most people lose money ; carelessness.
They were judging the man by appearance, they never suspected extreme deviousness.
They assessed the man by his simple peasant dressing, badly spoken English with heavy Igbo accent.
A school certificate holder with more money than sense.
Someone they could take advantage of. They started by overcharging his accounts.
The man kept egging them on by showing apparent stupidity and innate weakness .
They never knew this " uneducated, igbotic, peasant" was harbouring dangerous thoughts.
Now he has them by the cojones and they don't even have the decency to acknowledge that they have been outsmarted by a spare parts dealer..
GT would not have tried this with Jimoh Ibrahim, Juhel Pharmacy, or Abdulsamad Rabiu.
They would suspect these people to have sense.
But Spare parts dealer? No.
Now they are paying for it.

eagleeye2:
A Writ is an order to a sheriff to obtain the monetary amount of a judgment out of the non-exempt monies, bank notes and/or goods and chattels of a judgment debtor. As relevant to banks, a Writ will direct a sheriff to go to a particular bank to obtain the judgment debtor’s property found therein to satisfy the judgment.[1]
The lien of the Writ attaches to both the judgment debtor’s tangible and intangible property.[2]
The Writ becomes a lien on the judgment debtor’s intangible property as soon as the Writ is received by the sheriff. However, the lien on the intangible property is not perfected or binding on third parties until notice is given to the third party (the bank) of its existence. A bank could receive notice of the lien pursuant to the Writ either by service of a Notice of Lien or by service of the actual Writ by the sheriff.
The execution of the Writ is completed when the money is transferred to the creditor via the sheriff or the property is sold by the sheriff to satisfy the debt.

oyatz:
Thanks for this professional contributions. Can you explain how GTB becomes the third party instead of the resumed second party.

Marotzke:
How GT entered into this mess?
Simple, the same way most people lose money ; carelessness.
They were judging the man by appearance, they never suspected extreme deviousness.
They assessed the man by his simple peasant dressing, badly spoken English with heavy Igbo accent.
A school certificate holder with more money than sense.
Someone they could take advantage of. They started by overcharging his accounts.
The man kept egging them on by showing apparent stupidity and innate weakness .
They never knew this " uneducated, igbotic, peasant" was harbouring dangerous thoughts.
Now he has them by the cojones and they don't even have the decency to acknowledge that they have been outsmarted by a spare parts dealer..
GT would not have tried this with Jimoh Ibrahim, Juhel Pharmacy, or Abdulsamad Rabiu.
They would suspect these people to have sense.
But Spare parts dealer? No.
Now they are paying for it.

eagleeye2:
The 2.2billion court judgement was made in 2011. And Gtb should have paid that money then because it was being held on behalf of customs. But Gtb instead of paying the money decided to employ delay tactics by heading to a higher court. As at the 2011 judgement, the money no longer belongs to the Nigerian customs but to Innoson. That is why, as at this recent supreme court judgement, nothing concerns customs again in this matter, rather it is now between innosson and Gtb. And because of the 22% annual interest being accrued on the money, it has now grown to 8.8billion.
As it now stands, Innoson through the court sheriff will continue sealing off GTB assets until they get to a point were they believe that they can be able to recover their money if those properties are auctioned off. Then they will stop.
From tomorrow watch panic set in, because some properties has already been sealed off in the south east.

nwanyionitsha:
Shut up! And what is onicha?

Mystick:
I'm afraid of the next case, that one is N14b against GTB by same Innoson. He has already won in FHC and court of appeal and currently case is already pending in Supreme Court.
By now I believe the bank will already be regretting ever doing business with Innoson and the step they have taken so far.

oyatz:
Tribal bigots like you fail to understand that GTB is a PLC with shareholders, depositors and workers that are Yoruba,Nupe, Igbo, Urhorobo, Fulani, Kanuri

SpaceTour:
This is getting serious

Forget it, this 9billion is such a huge sum that is capable of bringing GTB down if not they would not have wasted time to the point that their branches are being shut down anyhow.

Onitsha is the economic/commercial capital of the SE, so shutting down GT Banks in Onitsha will be so damning to the bank's fortunes and image in SE and Nigeria at large.

itsdumebi:
[b]
Below are key points to know about this huge dispute as composed by Enyinnaya Appolos;

1 - At all Material times, 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.

Other Cases:
IBADAN Case: Innoson /GTBank/Nigerian Customs Service :

19 - Nigerian Customs Service Auctioned Innoson goods.

20 - Innoson challenged the action Nigerian Customs 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.

https://politicsngr.com/2017/12/20/innoson-vs-gtbank-30-key-points-know-dispute/
[/b]

NOETHNICITY:
3 banks ve been adjudged as totally immuned from anyform of distress, ever.

Gtb
Zenith
1st bank

9bil can only cause gtb distress only in the assessment of a very ignorant fellow who is not worth the argument

NOETHNICITY:
3 banks ve been adjudged by cbn as totally immune from anyform of distress, ever.

Gtb
Zenith
1st bank

9bil can only cause gtb distress only in the assessment of a very ignorant fellow who is not worth the argument

SpaceTour:
Then they should immediately pay the darn 9b if it is easy. GTB branches are already being shut down. I am sure if it were easy for them, they would have paid and avoid this embarrassment and de-marketing of their own bank that causing panic to their customers who have started withdrawing their deposits. Lol

Dhugal:
Adjudged by who,m'sieur le fool?

oyatz:
Thanks for this professional contributions. Can you explain how GTB becomes the third party instead of the resumed second party.

NOETHNICITY:
Bro, my 30k has been with gtb since December
Is 30k an amount capable of causing any form of distress?

Corporate orgs like banks don't just pay out money without fighting unless they re very sure of why they shud pay

NOETHNICITY:
3 banks ve been adjudged by cbn as totally immune from anyform of distress, ever.

Gtb
Zenith
1st bank

9bil can only cause gtb distress only in the assessment of a very ignorant fellow who is not worth the argument

SpaceTour:
Stop yapping rubbish. They should pay immediately because the shut down is very bad for their image as a bank. Stop deceiving yourself

NOETHNICITY:
The shutdown is bad for their image only in the eyes of flatron

I'm neither a Yoruba, hausa or IBO, but gtb remains solid in my eyes

SLAP44:
Now, that's the second biggest GTB branch in the SE , Onicha guys no sabi book o, they may see panic and withdraw their funds on Monday