Following a ruling by the Supreme Court over Guarantee Trust Bank’s N8.7billion debt to Innoson Nigeria Limited, the vehicle manufacturing company has formally instituted a move to take over the bank as customers panic.
It was gathered that chairman of the company, Chief Dr Innocent Chukwuma, made the move through a “Writ of FiFa taken over Guaranty Trust Bank PLC for and on half of Innoson Nigeria Ltd” as a result of the Bank’s indebtedness to Innoson Nigeria Ltd.
On February 27, 2019 the Supreme Court dismissed GTB’s appeal marked SC. 694/2014- against the judgment of Court of Appeal, Ibadan Division.
Recall that on February 7, 2014, GTB’s appeal against the Federal High Court, Ibadan Division was dismissed by the Court of Appeal.
However, in a ruling delivered by Honourable Olabode Rhodes-Vivour JSC on Wednesday, “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 N2.4 Billion to Innoson with a 22% interest, per annum, on the judgment until the final liquidation of the judgment.”
In a statement, Cornel Osigwe, Head of Corporate Communications Innoson Group disclosed that “The Judgment debt of N2.4B 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.”