₦airaland Forum

MadamExcellency:
Takeover doesn't mean owning the bank as a one man business, it means being drafted as one of the Directors because of the number of shares N8.2 billion is worth.

Investing N8 billion share worth in Nigerian bank is definitely a Director's position.

So investing 40 billion Naira is what position? Don't say what you have no knowledge of or come here to mislead people.

What you guys don't understand is that this debt will hurt GT Bank the way a scorpion bite hurts a human...it won't kill the human but the sting isn't an easy one to bear. If it has indeed been confirmed absolute by the Supreme Court, it won't sink GT but will affect them for quite a while. Banks by their very nature are not supposed to lose such amounts of money by way of liability which they are forced to pay. Either way, I love how they have fought to the end. Kudos to their legal team.


PS: GT is one of Nigeria's most viable banks. Similarly, it is open secret that all banks steal money from customers

PS: if it's the debt of the customs service that was confirmed as absolute by the SC, then, GT will only lose a bit of their deposits without liability and nothing more. You guys should avoid the clout nepotism brings into discussions.

thobie11:
OP is wrong, if gtbank is to pay, they will pay in installment. Though their financial statement look fine. Gtbank is a PLC company if gtbank withdraw 8billion their asset base will fall, they will be unable to make enough profit these year, it is more a less like u withdraw money from your business, your capital falls. And also shareholders/public will react to these, share price will fall and gtbank will lose in the capital market if the trend continue they lose customers confidence too, people start withdrawing their money in the long run they collapse.

Remember Mtn beg for their fine to be paid in installment and it even affect it operation in South Africa.

So get this right, I mean to understand it check gtbank price in stock exchange now and compare it to the price on Monday or Tuesday.

They won't like to understand your valid as long as an Igbo man is involved

myboy2111:
I am seeing tweets about GTBank going under because of judgment debt of N8.7B. I don't know whether to laugh or cry. Take a deep breath and relax. Gtbank is not a "small bank" by any measure. In 2018, their:
PBT - N215B
Equity - N575B
Deposit - N2.3Tr
Assets - N3.3Tr
-----'YO

Thank you - what innoson wants is shares to the tune of N8b - which he would never get- he wants to take over gtb the way maduka took over access merchant bank

What's Innoson? What's d full meaning of Innoson??

Where is it from??

We dey talk of GTBank.. who be Innoson??
I can feed Innoson, how much more of a whole GTBank

[[s]quote author=Insectkiller post=77127570]What's Innoson? What's d full meaning of Innoson??

Where is it from??

We dey talk of GTBank.. who be Innoson??
I can feed Innoson, how much more of a whole GTBank[/quote][/s]


Typical Chest beating Afonja. ...

Innoson will even feed your generation if you actually know who he is....

deomelo:
I know the bank must explore their legal options, but they should just pay the ipob and make him go away.?

Tribalistic bastard.

Ejimagifty:
Whether chukuma adds 100 billion to his wealth is not my business. No be my papa get GTB so i have no reason to be pained. All I'm saying is even though they tried to avoid paying by prolonging the matter in court, it doesn't mean they don't have 8 billion to settle Innoson

Then what I’m also saying is that it is foolish for GTBank to prolong it, see now what the should have paid 2.4b because of their foolishness the will pay 8.7b plus the media damage innoson has done to them.

An expensive chicken that they cant afford

einsteine:
8 Billion won't get you a director's position in GTBank.

GTB currently has 29.43 Billion shares and each share is worth 36 Naira. That is, a total market capitalization of over 1 trillion and 59 billion. So even if Innoson were to convert 8 billion to shares, he would hold less than 0.7% of the shares which is not enough to get nominated as a director.

Give us a source to prove that the number of shares is 29.43 and moreover give us the number of shareholders GTB has.

People should just shut the Bleep up. This thing has absolutely nothing to do with tribalism. People pls read and stop putting tribalism and hate for the banking sector into this.

The banking industry still remains one of the largest employers of labor in Nigeria....

Yea, they debit us but u can always go to the bank and find out what those charges are for. You will get explanations. Most of these charges aren't even for the banks alone.... They remit to different intermediate bodies such as inters witch, NIBBS, CBN, FG and others..

And of course, banking is a business and the aim is to make profit....

If u read well... U will find out that this case is between Innoson and Customs but GT is the bank holding the funds... So Innoson can only hold a property worth the amount the bank owes him... He can never own or be a major share holder.

In as much as the banking industry can be very annoying, they are very necessary evils and help the country if u look at it holistically....

Once more, this has nothing to do with tribalism as any body can have a case against anybody....

MadamExcellency:
Give us a source to prove that the number of shares is 29.43 and moreover give us the number of shareholders GTB has.

Go and read their annual report or search on Bloomberg.

Anyone who can't do such basic things has no business talking about finance. It's available information, not something that is hidden.

Chipink:
U like wasting time with those half baked afonja illiterates

The SOPHISTICATED m.r.n

Ejimagifty:
Illiteracy is a big disease. I wonder how people expect GTB to be taken over by Innoson because of 8 billion naira not even dollars. Even bet9ja betting company set their maximum daily pay out at N10 billion naira let alone GTB that has been in banking business before the latter dreamt of betting business. GTB with branches in several African countries and the UK will be taken over by 8 billion naira? This is classic comedy.

deomelo:
I know the bank must explore their legal options, but they should just pay the ipob and make him go away.?

In civil climes gtb can be sued beyond their imagination. U realize they harassed Innoson severally? It was a disgusting situation for a financial cooperation. Innoson is a complete gentleman I tell u. Sm other guys would show gtb the implications of uncivilized behavior and Corprate thuggery

Westtimeline:
The thing has been making me laugh since.

Don’t laugh gtb is extremely lucky in the light of the circumstances that played out sofar.

goaldynboy:
These 30 key points as at the time GTB was harassing Innosen with EFCC will help you understand the case:




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 ?

I think it was malicious of GTB to obtain the exparte order from Justice Okon, freezing all accounts of Innoson in all Nigerian banks.

What was their intention really? Run Innoson out of business? Why should you seek freezing all accounts of the other party, when you owe said party judgement debt?

sweerychick:
so how is it false since the supreme Court has passed a judgement in favor of Innoson?

see interprete the judgement

goat22:
You are wrong, innoson can buy Gtbank with 8 billion using equity connondrums. It diminishes the effect of the companies hoopla asset cantonquin.

Man wanna sound all intelligent by all means yet instead of company's, he writes companies..Nigerians LOOOOL.. Trying to sound all complex yet the simplest kindergarten English you don't know

ozo13:
With that Innoson/gtbank information I was reading yesterday that Innoson will take over gtbank . It tells u the way an average Nigerian can easily be deceive on social media.

Infact not only social media but in life generally that's what the politicians have discovered and mastered hence their never ending controls of their lives anyhow they want and like

enolife2:
If you bank with GTBank, go to the bank on Monday with your auditor to audit your account and you will find out that at least N500 might have been deducted illegally by GTBank in 2018. After you have find out you then understand if this fight is between GTBank and it customers or is tribal war.
Remember GTBank don't care about who your are, which tribe you come from and how much you have before deducting your money illegally

Their deduction is only affected non Yoruba, Yoruba is not included? As if GTBank knows your tribe or consider where their customers comes from

Torg77:
Man wanna sound all intelligent by all means yet instead of company's, he writes companies..Nigerians LOOOOL.. Trying to sound all complex yet the simplest kindergarten English you don't know

Wrong again, when detecting the tubola sundrin calibration the Anglo American term is companies but due to your infinitesimal maldron keprin medulla your primordial reflex is exhibited.

goat22:
Wrong again, when detecting the tubola sundrin calibration the Anglo American term is companies but due to your infinitesimal maldron keprin medulla your primordial reflex is exhibited.

You still don't know the difference between company's and companies. Probably didn't even finish school. Go back

goat22:
Wrong again, when detecting the tubola sundrin calibration the Anglo American term is companies but due to your infinitesimal maldron keprin medulla your primordial reflex is exhibited.

You still don't know the difference between company's and companies . Probably didn't even finish school. Go back

Kfed4ril:
Then what I’m also saying is that it is foolish for GTBank to prolong it, see now what the should have paid 2.4b because of their foolishness the will pay 8.7b plus the media damage innoson has done to them.

You are not looking at the big picture. Let's assume things are exactly as you claim, don't you think GTB would have been making more than 22% profit on that 2.4b since 2014? No matter how you look at it, GTB is the winner in this case, because if innoson had access to his 2.4b for business purposes, he would have made more than 22% annually.

Torg77:
You still don't know the difference between company's and companies . Probably didn't even finish school. Go back

Wrong again, does your brain have minimise function? The kepler sumber tubeler is pseudo zucchini but your fleeting subterranean hemorrhage is subdued with understanding kuprin.

MyVILLAGEpeople:
The reason why they are trying so hard to bring down INNOSSON( especially yelobam moozelems) is because he is an Igbo man.

it has nothing to do with that

ozo13:
With that Innoson/gtbank information I was reading yesterday that Innoson will take over gtbank . It tells u the way an average Nigerian can easily be deceive on social media.

Indeed

Easily deceived people

olandofire:
You are not looking at the big picture. Let's assume things are exactly as you claim, don't you think GTB would have been making more than 22% profit on that 2.4b since 2014? No matter how you look at it, GTB is the winner in this case, because if innoson had access to his 2.4b for business purposes, he would have made more than 22% annually.

How is GTBank the winners in this case? 2.4b the should have paid has risen to 8.7b and you still call them the winners in this case, is this what winning is to you, and mind you every day GTBank delays innoson make about 5m from them. So who is the fool?

I am seeing tweets about GTBank going under because of judgment debt of N8.7B. I don't know whether to laugh or cry. Take a deep breath and relax. Gtbank is not a "small bank" by any measure. In 2018, their:
PBT - N215B
Equity - N575B
Deposit - N2.3Tr
Assets - N3.3Tr
-----'YO

Bump.