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As Innoson seeks an order restraining GTB from transmuting to a Private and a Financial Holding Company until GTB pays it over N32Billion Judgement debt

The Supreme Court of Nigeria has struck out GTB’s motion filed to set aside its earlier decision/order made on 27th February 2019 dismissing GTB’s appeal against Court of Appeal judgement of 6th February 2014 in favor of Innoson Nigeria Ltd

Recall that The Federal High Court, Awka Division on March 27th, 2019, pursuant to Supreme Court dismissing GTB’s appeal, granted leave to Innoson Nigeria Ltd to enforce and execute the judgment and Garnishee Order Absolute made by the court coram Shakarho, J at the Ibadan Judicial Division on the 18th of May 2010 and the 29th of July 2011 respectively. This order was concurrently affirmed by the Court of Appeal in the judgment of 6th February 2014 and by the Supreme Court in its judgment of 27th February 2019.

As Innoson Nigeria Ltd commenced the tedious act of the execution, GTB rushed to the court vide its desperate motion on notice seeking orders staying or suspending the execution embarked by Innoson Nigeria Ltd and also seeking orders setting aside the exparte Orders made by the Court granting Innoson leave to enforce the judgment and to issue the processes of executing same.

Whilst resfusing GTB’s application and staying further proceedings the court further held that the order it made on March 27th, 2019 in favor of Innoson Nigeria Ltd granting it leave to enforce the judgment and issue processes of execution of the judgment are valid; also that all the steps taken to levy executions in pursuance of that order are still valid and are not vacated; whilst all the prayers by GTB in its motion of 1st April 2019 are not granted.

GTB however rushed back to the Supreme Court and applied for an order setting aside the Supreme Court’s judgement dismissing its appeal against the above judgement. However, the Supreme Court struck out the motion on Tuesday, November 3rd, 2020.

While Innoson Nig Ltd awaits GTB to come up with a payment plan for it’s over N32Billion Judgement debt, GTB resorted to a scheme of de-registering itself as a public limited liability company and re-registering itself as a private limited liability company and a financial holding company as well. Innoson Nig Ltd, as its creditor, has as a result sued GTB at the Federal High Court and therein seeks the following order of perpetual injunctions:

(a) restraining the 4th Defendant (Corporate Affairs Commission) from deregistering the 1st Defendant (GTB) as a public limited liability company and or re-registering the 1st Defendant (GTB) as a private limited liability until it-GTB- pays the outstanding judgment debt of N32, 875, 204, 984.38k arising from Suit Nos: FHC/L/CS/603/2006 and No. FHC/AWK/CS/139/2012 respectively affirmed by the appellate courts in appeal Nos. CA/1/258/2011, SC.694/2014 and CA /E/288/2013 to Innoson Nig Ltd;

b. an order of perpetual injunction restraining the 4th Defendant (Corporate Affairs Commission) from registering or re-registering the 1st Defendant (GTB) as a holding or financial holding company whether as a public or private limited liability company until it- the 1st Defendant(GTB) -pays Innoson Nigeria Ltd the outstanding total judgment debt of N32, 875, 204, 984.38k (Thirty two Billion, Eight Hundred and seventy Five Million, Two Hundred and four thousand, Nine Hundred and Eight Four Naira, Thirty Eight kobo) arising from suit Nos. FHC/L/CS/603/2006 and FHC/AWk/CS/139/2012 respectively affirmed by the appellate courts in Appeal Nos. CA/1/258/2011, SC.694/2014 and CA/E/288/2013:

c. An order cancelling the 1st Defendant’s (GTB’s) special resolution and or any other of its resolution that it should be deregistered as a public limited liability company and or be re-registered as a private limited liability company and or a holding company until it -the 1st Defendant (GTB)- pays Innoson Nig Ltd the total outstanding judgment debt of N32, 875, 204, 984.38k (Thirty two Billion, Eight Hundred and seventy Five Million, Two Hundred and four thousand, Nine Hundred and Eight Four Naira, Thirty Eight kobo) arising from suit Nos. FHC/L/CS/603/2006 and FHC/AWk/CS/139/2012 respectively affirmed by the appellate courts in Appeal Nos. CA/1/258/2011, SC.694/2014 and CA/E/288/2013:

d. an order setting aside the 3rd Defendant’s (Security and Exchange Commission) No -objection to 1st Defendant’s proposal to be re-registered as a private limited liability company and as a holding or a holding financial company:

e. an order setting aside the 2nd Defendant’s (Central Bank of Nigeria) approval -in- principal granted to the 1st Defendant (GTB) to operate as a holding or a holding financial company.

f. an order of perpetual injunction restraining the 2nd Defendant (Central Bank of Nigeria) from granting the 1st Defendant (GTB) a financial holding company license and or a final approval to operate or carry on business as a financial holding company whether in its present name or as a private limited liability company until it, the 1st Defendant(GTB )pays the Plaintiff(Innoson Nig Ltd) the total outstanding judgement debt of N32, 875, 204, 984. 38k (Thirty Two Billion, Eight Hundred and Seventy-Five Million, Two Hundred and Four Thousand, Nine Hundred and Eighty-Four Naira, Thirty-Eight Kobo) arising from suit Nos. FHC/L/CS/603/2006 and FHC/AWK/CS/139/2012 respectively affirmed by the appellate courts in Appeal Nos. CA/1/258/2011, SC.694/2014, and CA/E/288/2013.

Cornel Osigwe
Head of Corporate Communications and Affairs
IVM Innoson Group

https://twitter.com/innosonvehicles

Gtb do the needful pls.
If it were to be other people owing them, by now they would have used lawyers and police to harass the living daylight of the person

Nah eh! No qualms
This is so unsophisticated

GTB an there mago mago ways

GTB.. Please pay up... or else..

This matter still dey ground Make i go withdraw my last 1k for GbiTi Bank GTB before dem go use my money pay debt...

It yaf been for them.

Yoruba people should pay my Igbo brother his money. Running from pillar to post is only increasing the interest rate.

Innosson has really dealt with GTB. Nnam, biko gbahara.

All this money talk ehn..... Meanwhile.... Get your unique business Logo( 3D + Transparent format + PDF + Source file +Facebook cover) for just 3K

hhmmm

Bone hang them for throat

Wonderful!

Innoson should just takeover GTB

GTB vs IVM version 2. 0

Grab ur pop corn cos it's going to be interesting

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See what a trusted DMB wants to do to avoid court judgment!

I don't see how transmuting from a Plc to a Limited liability company can be construed as a tactic to avoid a judgement debt.

The fact is that several banks in Nigeria including First Bank, FCMB, StanbicIBTC etc have adopted the Holdco structure therefore GTB's request should not evoke any special interest

Nice

Hmm. I don't understand how transmutation would be that quick without ratification by a General Meeting. 32 billion debt stock looks pretty unsustainable for a financial institution like GTB, anyway.

ProfAmaben:
Innosson has really dealt with GTB. Nnam, biko gbahara.

They should pay him naa, that's what forgiveness is all about

Yinmu,kobo innoson will not get.

AlphaSentinel:
..

https://twitter.com/innosonvehicles

I was patiently reading until my eyes strayed to the author and I realised it is 'audio' court report on this criminal case as usual. Innosson will be writing 'their own' interpretation of the issue, playing to the gallery and carefully avoiding the forgery case against their principal,Mr 'Innocent' caught in the web of alleged forgery and theft .

Simple question; if the original documents used to bring in the goods in the name of GTB till date is still with GTB, what documents did you use to clear the goods you took loan from GTB to buy?

Why should innosson accomplices in the shipping company alone be punished for theft and forgery?

I know GTB as usual will not respond citing respect for the judicial process.

The courts should settle this issue. It is taking way too long.

Ordinary Nigerians are daily being sent to jail for even lighter offences, how this one simple case of forgery is taking years to resolve still remains a mystery and sign of how inept and unfair our justice system is.A thief is a thief, whether big or small. This is completely condemnable abeg.

Its well oh!

The speed at which this inconsequential and speculative story was pushed to the front page shows the exact colouration of Nairaland.

I don't know why I'm filled with anger in me when ever I read news concerning Nigeria, HITV and other nigeria company sink while dangote and foreign investment moving strong.


Innoson and TSTV need Nigeria help.

Someone please give a run down summary of what really transpired between GTB and Innoson?

Coz this case has been for years with no ending.

Kai GTB don enter one chance

they always rush to twitter to make announcements by their team?
By the time the court interpret it now, it will be another meaning tomorrow headlines, i have noticed these over time.

I read but I no understand, words don pass point.

GTB wants to deregister and start afresh, they should pay Innoson and close that matter, it's a judgement from Supreme Court

GTB however rushed back to the Supreme Court and applied for an order setting aside the Supreme Court’s judgement dismissing its appeal against the above judgement. However, the Supreme Court struck out the motion on Tuesday, November 3rd, 2020.

Will GTBank return again to the supreme court and make the same appeal?
The lesson here is, never take anything for granted!
Always show up and defend yourself as soon as possible and also play dirty to match your adversaries wherever necessary

Seems Gtbank has lost this fight.

Inside life!

What's tha business?

Gtb wan try nnewi person shebi dem talk say he no go school abi? Now na gtb now dey run up and down,