Court Okays Innoson On Its Execution Of Judgment Against GTB - Business (2) - Nairaland
Nairaland Forum › Nairaland General › Business › Court Okays Innoson On Its Execution Of Judgment Against GTB (37826 Views)
| Re: Court Okays Innoson On Its Execution Of Judgment Against GTB by jaxxy(m): 10:02pm On May 22, 2019 |
Gtb is being very stupid in this matter. Their show of thuggery and hooliganism in this matter is quite shameful to say the least. 12 Likes |
| Re: Court Okays Innoson On Its Execution Of Judgment Against GTB by Originalsly: 10:03pm On May 22, 2019 |
3rdeyeNigeria:I guess they believe that's not possible. 5 Likes |
| Re: Court Okays Innoson On Its Execution Of Judgment Against GTB by Mexyz(m): 10:04pm On May 22, 2019 |
Cherrybae:I guess you're a tribal bigoted Yoruba. A tribal bigot calling others tribal bigots  ... Oshi o da 24 Likes 1 Share |
| Re: Court Okays Innoson On Its Execution Of Judgment Against GTB by 3rdeyeNigeria: 10:06pm On May 22, 2019 |
hollah123:Thats the p. Interest is accumulating on the judgement at 22%. Worse off, their reputation is being affected Lastly, GTB is not above the law and They are not government.. They are playing with Share holders money. They have outrightly refuse to obey any of the court order since 2011.. Turned million naira judgement to billion naira 14 Likes |
| Re: Court Okays Innoson On Its Execution Of Judgment Against GTB by UNGOBACK: 10:18pm On May 22, 2019 |
We give loans to Traders / manufactures Around Ajah, Vi, lekki, lakowe and Environs kindly check my signature 1 Like |
| Re: Court Okays Innoson On Its Execution Of Judgment Against GTB by RTSC: 10:23pm On May 22, 2019 |
Cherrybae:And that has not stopped the judgement from being valid. Yoruba people keeping bringing new means to be bigoted as usual. This is the first time I am hearing this kind of argument. Let GTB take the case to a high court in ogbomoso. As long as the Judges are not oluwole certified, gtb would lose there as well. 16 Likes |
| Re: Court Okays Innoson On Its Execution Of Judgment Against GTB by grandstar(m): 10:24pm On May 22, 2019 |
GTB should for Pete sake pay up! It's futile fighting at this stage even if they think they are right. They should even be thankful they were not fined by an American court. Standard Chartered Bank, a British bank was forced to pay a fine of $340m by New York state district attorney for an offense most felt it had no locus standi over and even if it did, had no right to demand such a dreadfully high sum Or the French bank (I've forgotten the name) that was fined about $9billion The only reason why these foreign banks pay up is that exclusion from the United States banking system is a financial death sentence. 7 Likes |
| Re: Court Okays Innoson On Its Execution Of Judgment Against GTB by stevearagorn(m): 10:38pm On May 22, 2019 |
[quote author= post=78630061]Good for Innoson. Let us wait till this long dragging case gets to the Supreme court[/quote]quite and age how have u been? man that takes no nonsense |
| Re: Court Okays Innoson On Its Execution Of Judgment Against GTB by johnaruson(m): 10:45pm On May 22, 2019 |
Very soon i will sue mtn for illegal charges and win to have the greatest share in the network. 2 Likes |
| Re: Court Okays Innoson On Its Execution Of Judgment Against GTB by Nobody: 10:55pm On May 22, 2019 |
mrAMG2:If you follow up on the case ,the amount in question no be small matter .They just can't pay it 3 Likes |
| Re: Court Okays Innoson On Its Execution Of Judgment Against GTB by CHIDOHSKI: 11:06pm On May 22, 2019 |
Just for GTB to accept their wrong doing to Innoson and pay up the debts. They are looking for a way to bypass Justice. I suggests that they take this matter to Tunubu may be he can use mc olumo and his gang to win this case just as he did during election. Bunch of criminals. I'm closing my account with gtb by tomorrow. 7 Likes |
| Re: Court Okays Innoson On Its Execution Of Judgment Against GTB by Chinashopping84: 11:08pm On May 22, 2019 |
There will be light at the end of the tunnel... 1 Like |
| Re: Court Okays Innoson On Its Execution Of Judgment Against GTB by 3rdeyeNigeria: 11:09pm On May 22, 2019 |
Mustsucceed:Even though they can't pay it, Defaming innoson with fraud allegations was stupid, jumping from court to court with zero intention to obey the Court judgement was foolishness Getting disposes of their banking facility via court order corporate suicide. Lying to share holder and customer everything is OK but it is not is fraud on it's own. Lastly, as a bank using muscle and hooliganism against court judgement is madness The best would had been to humbly settle this case out of court... And spread the payment over a long period of time but I guess its too late now. 12 Likes |
| Re: Court Okays Innoson On Its Execution Of Judgment Against GTB by Chinashopping84: 11:14pm On May 22, 2019 |
Let this case end already not all this dragging.... |
| Re: Court Okays Innoson On Its Execution Of Judgment Against GTB by themonk(m): 11:17pm On May 22, 2019 |
hollah123:Buying time and accumulating interest you mean? 9 Likes |
| Re: Court Okays Innoson On Its Execution Of Judgment Against GTB by illiteratepmb: 11:32pm On May 22, 2019 |
[quote author= post=78630428]An illiterate just typed! This illiterate moniker says it all! Go carry the bank for your BIG head go meet innoson nah![/quote]Ewu Gambia...e pain am 14 Likes 2 Shares
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| Re: Court Okays Innoson On Its Execution Of Judgment Against GTB by john633(m): 12:25am On May 23, 2019 |
Excelboi:this is Nigeria |
| Re: Court Okays Innoson On Its Execution Of Judgment Against GTB by Ezmans: 1:37am On May 23, 2019 |
Afonja nairaland beggers association 4 Likes |
| Re: Court Okays Innoson On Its Execution Of Judgment Against GTB by Ezmans: 1:42am On May 23, 2019 |
Innoson gtb merchants bank akwa 5 Likes |
| Re: Court Okays Innoson On Its Execution Of Judgment Against GTB by 9jaRealist: 1:47am On May 23, 2019 |
Mustsucceed:Incorrect. This is chicken change really... Given that GTB paid interim dividends of N8.8 billion last August, and its full year gross profits for 2018 was N215 billion. > 2 Likes |
| Re: Court Okays Innoson On Its Execution Of Judgment Against GTB by 5starMan: 1:52am On May 23, 2019 |
Cherrybae:at the rate you people are going,even if an IGBO person wish you long life and prosperity,you will reject it then chose life of sudden death and suffering, because it is coming from an IGBO.too bad We should all learn to tolerate one another,even when there is no love lost. 12 Likes |
| Re: Court Okays Innoson On Its Execution Of Judgment Against GTB by 9jaRealist: 1:56am On May 23, 2019 |
3rdeyeNigeria:That's not even a legal remedy available in this case... The bank is NOT in any danger of losing its license, and obviously can immediately pay off the entire amount. Meanwhile, how exactly is pursuing legal remedies in a court of law supposedly "muscle and hooliganism"? > |
| Re: Court Okays Innoson On Its Execution Of Judgment Against GTB by googi: 1:57am On May 23, 2019 |
Well, well. INNOSON just won a lottery ticket. Use it wisely by employing more people at your base. Congratulations! 2 Likes |
| Re: Court Okays Innoson On Its Execution Of Judgment Against GTB by 9jaRealist: 1:59am On May 23, 2019 |
Chinashopping84:There are no tunnels and hardly any light in Nigeria... You would be better off promising jollof at the end of the reception!  > 6 Likes |
| Re: Court Okays Innoson On Its Execution Of Judgment Against GTB by anambraamaka: 3:23am On May 23, 2019 |
Innoson Amaka 6 Likes 1 Share |
| Re: Court Okays Innoson On Its Execution Of Judgment Against GTB by Dottore: 4:14am On May 23, 2019 |
9jaRealist:Oga no Nigerian company or firm will pay an u budgeted fine of 8.8billion naira and still be smiling. Their gross earnings is 215billion how will be remaining after tax and how much will be remaing after shareholders funds are disbursed and how much will remain for operating costs. Do you know how much resources that have been wasted in the course of this case? In a corporate organization every task or errand costs money. Do you know that once they pay that money, it will trigger and encourage more litigations from many other dissatisfied customers and shareholders not only in GTB but in many other banks. 11 Likes |
| Re: Court Okays Innoson On Its Execution Of Judgment Against GTB by 9jaRealist: 4:23am On May 23, 2019 |
Dottore: |
| Re: Court Okays Innoson On Its Execution Of Judgment Against GTB by ncoolsome(m): 4:43am On May 23, 2019 |
hollah123:U truly understand business law, clap for urself.....that was how they kept buying time till 2b became 8b...maybe till it becomes 20b plus interest b4 they will receive sense... 12 Likes |
| Re: Court Okays Innoson On Its Execution Of Judgment Against GTB by 9jaRealist: 4:51am On May 23, 2019 |
Dottore:Nope! That's gross PROFITS (that is, profit before tax)... In fact, to be exact it was N215.59 billion, while profit after tax (i.e., net profit) was N184.6 million. Like I said it paid an interim dividend of N8.82 billion to shareholders in August last year, with full year dividends to follow. As shareholders are equity risk-takers in a company, paying a N8 billion fine would merely mean foregoing one interim dividend (if necessary). You have to realize that GTB is not just a Nigerian company. It is listed on the London Stock Exchange, which not only means that all of its financial information is public knowledge, but also ensures that it adheres to the HIGHEST corporate governance standards. Accordingly, it is likely that GTB had long ago made provisions (via a general reserve) for this fine (what is known as a contingent liability) on its books. IFRS and Basel III (even Basel II) rules, which multinational (even Nigerian) banks are bound by, would definitely mandate such a provision. When a company like GTB makes N184 billion in NET profits (that is, profits after taxes, charges and PROVISIONS, including any contingency reserves) and pays out less then N10 billion in dividends, the rest of those profits go into (1) capex and (2) General Reserves/Shareholder Funds. Bemusing when folks argue that an N8 billion fine would cripple a bank with N3.29 TRILLION Total Assets and N576 billion Shareholder Funds. > |
| Re: Court Okays Innoson On Its Execution Of Judgment Against GTB by Nobody: 4:53am On May 23, 2019 |
9jaRealist:I wanted to point out facts on this then I realized you are not even well informed.The judgement debt today stands at over 8 bn yet you quote 2.4 .so why bother wasting my time on you? 1 Like |
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