Innoson to take over Guaranty Trust Bank (GT Bank)

Innoson to take over Guaranty Trust Bank (GT BAnk)

Innoson Nigerian Limited has disclosed that they have received permission from the supreme court of Nigeria to take over the Guaranty Trust Bank (GT Bank) following the judgement of a Federal High Court in Ibadan.

The Nigerian based motor manufacturing company made this development known through a statement released by the company’s Head of Corporate Communications, Mr. Cornel Osigwe.

Innoson to take over Guaranty Trust Bank (GT BAnk)
Innoson to take over Guaranty Trust Bank (GT BAnk)
Innoson to take over Guaranty Trust Bank (GT BAnk)

According to the statement, Innoson Nigeria Limited has received a writ of FiFa from the Federal High court in Anambra State capital, Awka to effect the Judgement of the Ibadan Federal High Court which was accordingly upheld by the Supreme court.

Writ of FiFa (Writ of Fieri Facias) is a leave of court to execute a judgment obtained by a judgment creditor in a legal action for debt or damages by levying on the property of the judgment debtor.

Recall that in 2014, the Federal High court in Ibadan had ordered GT Bank by way of Garnishee order absolute to pay N2.4billion to Innoson with a 22% interest, per annum, on the judgment sum until the final liquidation of the judgment debt.

Meanwhile, GT Bank appealed this decision at the appeal and supreme courts. But, according to the statement from Innosson, the Supreme Court on February 27, 2019, dismissed GTB’s appeal and upheld the decision of both the Federal High Court and the Appeal Court.

“The Chairman of Innoson Group, Chief Dr. Innocent Chukwuma, OFR has through a Writ of FiFa taken over Guaranty Trust Bank PLC for and on behalf of Innoson Nigeria Ltd as a result of the bank’s indebtedness to Innoson Nigeria Ltd. In a landmark decision on February 27th 2019, the Supreme Court of Nigeria dismissed GTB’s appeal — SC. 694/2014 — against the judgment of Court of Appeal, Ibadan Division.

“The Court of Appeal, Ibadan division had in its decision of 6th February 2014 dismissed GTB’s appeal against the Federal High Court, Ibadan Division.

“Thus, the Court of Appeal affirmed the judgment of the Federal High Court, Ibadan Division which ordered GTB by way of Garnishee order absolute — to pay N2.4billion to Innoson with a 22% interest, per annum, on the judgment sum until the final liquidation of the judgment debt. Rather than obey the judgment of the Court of Appeal, GTB approached the Supreme Court to challenge the Court of Appeal’s decision.

“However in a ruling delivered by Honourable Olabode Rhodes-Vivour JSC on Wednesday, February 27th2019, the Lord Justices of the Supreme Court (JSC) dismissed GTB’s appeal and thus affirmed the concurrent judgment of both the Court of Appeal and the Federal High Court, Ibadan Division which ordered GTB by way of Garnishee order absolute — to pay N2.4billion to Innoson with a 22% interest, per annum, on the judgment until the final liquidation of the judgment.
 
“The Judgment debt of N2.4bn has an accrued interest as at today of about N6,717,909,849.96 which results to about N8.8 billion.

“Based on the Supreme Court’s decision of 27th February 2019 the counsel to Innoson, Prof McCarthy Mbadugha ESQ, had approached the Federal High Court, Awka Division for leave to enforce the judgment having obtained certificates of Judgment from the Ibadan Division of the Federal High Court.
 
“Having obtained the requisite leave, the Federal High Court issued the necessary process for levying execution — the Writ of Fifa.”

Innoson motor company and Guaranty Trust Bank(GTB) had been in a long legal battled over alleged indiscriminate charges on Innoson’s account with the bank.

GT Bank claimed that Innoson fraudulently brought in vehicle parts with forged documents. However, the Innoson denied this allegation, saying that the allegation was an effort of defect from the real issue of ineptness against him.

“We have taken over GTBank in Awka and Nnewi,” Innoson through Cornel Osigwe subsequently announced, adding that “other branches are coming soon”.

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