Innoson Nigeria Limited, Nigeria’s indigenous vehicle production company, has instituted a move to take over Guaranteed Trust Bank, GTB, following a ruling by the Supreme Court over the bank’s N8.7 billion indebtedness to the company.
The company’s chairman, Dr. Innocent Chukwuma, made the move through a “Writ of
In a landmark decision on February 27, 2019, the Supreme Court had dismissed GTB’s appeal marked 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 N2.4 Billion to Innoson with a 22 per cent 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 Justice Olabode Rhodes-Vivour on Wednesday, 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 N2.4 Billion to Innoson with a 22% interest, per annum, on the judgment until the final liquidation of the judgment.”
A statement by the Innoson group’s Head of Corporate Communications, Cornel Osigwe disclosed that “The Judgment debt of N2.4B has an accrued interest as at today 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.”
meanwhile Guarantee Trust Bank says it is taking all necessary legal steps to ensure that no illegal or fraudulent execution is carried out by Innoson motors, with whom it has a long-drawn-out court case.
However, the bank has moved to assure its customers of the safety of their funds, clarifying that the said judgment is applicable to the account of the Nigerian Customs Service Board domiciled with the bank, rather than the bank as an entity.
[…] Friday, a Nigerian car manufacturing company, Innoson Nigeria Limited had announced that it obtained a Writ of Fieri Facias from the Federal High Court in Awka, Anambra State, against GTB to effect the judgment […]
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