In the long-running case between Guaranty Trust Bank and Innoson, it seems all hurdles have been cleared in favor of the latter. Report has it that Innoson group has taken over some branches of Guaranty Trust Bank (GTB) in Awka and Nnewi, Anambra state over N8.7 Billion judgment debt. This was as seen in a press statement below by Cornel Osigwe, the special assistant to Innoson boss, Chief Innocent Chukwuma.
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 N2.4 Billion 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 an ruling delivered by Honourable Olabode Rhodes-Vivour
JSC on Wednesday, February 27th 2019, 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. 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.
Cornel Osigwe
Head of Corporate Communications
Innoson Group
Press ReleaseBreaking: Innoson Takes over GTB over N8.7 Billion Judgment debt; as Supreme Court Dismiss GTB’s…
Posted by Cornel Osigwe on Friday, 29 March 2019
Following this judgement, what do you think will happen to the bank? Please leave your thoughts and comments below.
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