premConcept:
lol not liked that jaare, don't mind me.

guess the new way to make money now is by suing a bank.....men!! How do I do that....seems to be lucrative....

Senseless post filled with ignorance and sentiment.

Kai if this matter gets to the table of RADIO BIAFRA, GT banks is finished. Its image will be badly wounded, if they are wise they should call inosion settle him and beg him.

I'm not surprised. In fact, I'm happy that GTB is going through this. I've heard a personal bad experience with them before where they frustrated me enough to want to close my accounts with them. But I thought better of it, instead of closing my account, I'm going to keep it open so I can be a thorn in their flesh. GTB is not a friendly bank at all.

Bluetooth2:


I lost interest when I saw this



Imagine someone asked why Gtb refused to pay Innoson from NCS account as ordered by a high court thereby calling it a disobedience of court order by Gtb as if the bank doesn't have a right to appeal at both the court of Appeal and Supreme court.

The sue case will not stand until the supreme court hears the two appeals made by Gtb. I ask again, why is Innoson jittery when the court is yet to decide ? A federal high court ordering Gtb to pay doesn't mean it can't approach the court of Appeal and Supreme court for an appeal.

Bros, you are confused. If you do not understand how the ganishee order works, why not read comments from those that know and comment from position of knowledge; if you must make comments.

Lightening:


Bros, you are confused. If you do not understand how the ganishee order works, why not read comments from those that know and comment from position of knowledge; if you must make comments.

There's no injunction or order that cannot be appealed !

UnknownT:
30 billi gini? Make I do withdraw my little change there before dem go use am compensate Innoson

Lol. U still de look Uche face. I don collect my small change.

Bluetooth2:


There's no injunction or order that cannot be appealed !

Appealed on what grounds? What has GTB got to do with it? GTB is just an entity holding the asset of the party for whom a judgment was obtained against, so what has the order got to do with GTB?

You live in the U.S., when a U.S. District Court Judge issues an order to an entity say an employer to garnish the wage of an employee in order to satisfy a child support arrangement, so you're telling me the employer will appeal the garnishment order? An order that has nothing to do with the entity? Please kindly tell us on what grounds will the entity contest the order?

premConcept:
And this is a typical example of how Nigeria always kill indigenous companies/ideas/businesses. why will you aunction off their products?

I'm one of those "Tiger-Claw faced monkeys" and this is not the way to go mr, we are all in this together.

And you are so sure Innosson is not at fault here. You need to understand what really happened before passing your verdict. GTB is one of the most honest and professional banks in naija

kolexy:


And you are so sure Innosson is not at fault here. You need to understand what really happened before passing your verdict. GTB is one of the most honest and professional banks in naija

I never mentioned GTB sir...there are three parties involved in this mess, I was referring to Nigerian Custom.

Bluetooth2:


We should stop being sentimental. Nigerian custom seized and auctioned Innoson's goods, the company is just angry with the bank for freezing its account and ask it to pay the sum of #559 million.



Why hasn't Innoson sued the Nigerian customs for auctioning its good instead of the bank ?

In very simple english: Innoson sued the Nigerian customs, the court directed that the money be paid by gtbank FROM CUSTOMS account. Rather than pay it they went ahead and froze innosons account.

Oga if it were u wouldn't u be bitter?

I'm an entrepreneur in this country and instead of promoting us we get frustrated, mostly by these banks. I use gtbank and I really like it, but they deserve what they are getting. A simple court directive that should have been followed was the cause of all this!

[size=18pt]GTBank Confirms Innoson’s N2 billion Outstanding Debt
(Exclusive )[/size]

A lawsuit was recently filed by Innoson Group of companies claiming damages up to the sum of N30bn against GTBank, a leading and reputable bank in Nigeria. It has been in the news in the last few days. Our investigations revealed that in the course of the Banker and Customer relationship between GTBank and Innoson Nigeria Limited (“Innoson”), GTBank granted various credit facilities totalling N2,400,000,000.00 (two billion, four hundred million Naira only) to Innoson, to finance the importation of motorcycles and spare parts.

In the case of banker-customer relationship, once the contact is agreed by both parties, the bank has an obligation to provide the agreed facilities stated in the contract while the customer has the obligation of utilizing the said funds for the agreed purpose and ensuring loan repayments as and when due as contained in the contract.

The facilities granted to Innoson were secured by, lien over shipping documents covering the imported goods financed by GTBank; Legal Mortgage over properties located at Calabar, Enugu and Nnewi and Personal Guarantee of Chairman/Managing Director of Innoson, Chief Innocent Chukwuma. According to very reliable and confirmed sources from GTBank, Innoson and Chief Innocent Chukwuma however failed to meet repayment obligations due under the facilities. It was at this stage that, the Bank discovered that Innoson and Chief Innocent Chukwuma had gone ahead and cleared several consignments of goods financed by the Bank without endorsed shipping documents, the originals of which are still in the Bank’s custody. Upon discovery of the fraud, the Bank filed a Petition before the Economic and Financial Crimes Commission (“EFCC”) in May 27, 2013, to investigate the fraud committed against the Bank and bring Innoson and its Promoters to book.

Based on the Bank’s petition, Chief Innocent Chukwuma was arrested and interrogated by operatives of the EFCC, following which he agreed to make monthly payments into Innoson’s account until the full liquidation of Innoson’s indebtedness to the Bank. However, Innoson defaulted in making the agreed payments. Investigations by the Nigeria Police following a petition by the Bank in September 2013 also found Innoson and Chief Innocent Chukwuma culpable of the criminal allegations levied against them by the Bank, and Chief Innocent Chukwuma was accordingly charged to court by the Police.

To stall the criminal proceedings against him, Chief Innocent Chukwuma and his company instituted suits at the Federal High Court, Abuja, as well as the Federal High Court, Awka in January 2014 against The Inspector General of Police, The Nigeria Police Force and Investigating Officer(s), seeking declaratory and injunctive reliefs, including orders restraining the Police from commencing criminal proceedings against Innoson and Chief Innocent Chukwuma. Furthermore, in a bid to stall the Bank’s recovery steps, and distract the Bank from focusing on the criminal action, as well as civil actions filed for recovery of the debt, Chief Innocent Chukwuma and his company Innoson, have continued to institute various spurious suits before various courts, claiming frivolous and outrageous sums against the Bank.

With no other alternative and to ensure the recovery of depositors funds held by Innoson, the Bank instituted a recovery action against Innoson at the Federal High Court, Lagos. This is in addition to a Winding up action instituted against Innoson by the Bank, which is still pending in court. Pursuant to the suit instituted by the Bank at the Federal High Court, Lagos, the Bank secured mareva orders against Innoson freezing its Bank accounts in all Banks in Nigeria in September 2014.

The new N30 Billion action filed by Innoson at the Federal High Court, Awka was instituted on the basis of purported damages which it suffered as a result of the mareva orders granted by the Federal High Court, Lagos in favour of the Bank.

According to some legal experts we spoke to, this new suit is in continuation of Innoson’s antics to distract the Bank from focusing on the criminal matter pending with the EFCC and the Police.
The legal experts also interpreted these Innoson’s moves as legal delay tactics antics, to avoid or delay paying its indebtedness and discharging its obligations to the Bank, which stands in excess of N2.billion, while interest continues to accrue.
We gathered from our source in the Bank, that the recovery of borrowed funds is a matter of integrity and is always in the long term interest of its depositors and the society at large.

Cool story without any valid source...

Orikinla:
[size=18pt]GTBank Confirms Innoson’s N2 billion Outstanding Debt
(Exclusive )[/size]

A lawsuit was recently filed by Innoson Group of companies claiming damages up to the sum of N30bn against GTBank, a leading and reputable bank in Nigeria. It has been in the news in the last few days. Our investigations revealed that in the course of the Banker and Customer relationship between GTBank and Innoson Nigeria Limited (“Innoson”), GTBank granted various credit facilities totalling N2,400,000,000.00 (two billion, four hundred million Naira only) to Innoson, to finance the importation of motorcycles and spare parts.

In the case of banker-customer relationship, once the contact is agreed by both parties, the bank has an obligation to provide the agreed facilities stated in the contract while the customer has the obligation of utilizing the said funds for the agreed purpose and ensuring loan repayments as and when due as contained in the contract.

The facilities granted to Innoson were secured by, lien over shipping documents covering the imported goods financed by GTBank; Legal Mortgage over properties located at Calabar, Enugu and Nnewi and Personal Guarantee of Chairman/Managing Director of Innoson, Chief Innocent Chukwuma. According to very reliable and confirmed sources from GTBank, Innoson and Chief Innocent Chukwuma however failed to meet repayment obligations due under the facilities. It was at this stage that, the Bank discovered that Innoson and Chief Innocent Chukwuma had gone ahead and cleared several consignments of goods financed by the Bank without endorsed shipping documents, the originals of which are still in the Bank’s custody. Upon discovery of the fraud, the Bank filed a Petition before the Economic and Financial Crimes Commission (“EFCC”) in May 27, 2013, to investigate the fraud committed against the Bank and bring Innoson and its Promoters to book.

Based on the Bank’s petition, Chief Innocent Chukwuma was arrested and interrogated by operatives of the EFCC, following which he agreed to make monthly payments into Innoson’s account until the full liquidation of Innoson’s indebtedness to the Bank. However, Innoson defaulted in making the agreed payments. Investigations by the Nigeria Police following a petition by the Bank in September 2013 also found Innoson and Chief Innocent Chukwuma culpable of the criminal allegations levied against them by the Bank, and Chief Innocent Chukwuma was accordingly charged to court by the Police.

To stall the criminal proceedings against him, Chief Innocent Chukwuma and his company instituted suits at the Federal High Court, Abuja, as well as the Federal High Court, Awka in January 2014 against The Inspector General of Police, The Nigeria Police Force and Investigating Officer(s), seeking declaratory and injunctive reliefs, including orders restraining the Police from commencing criminal proceedings against Innoson and Chief Innocent Chukwuma. Furthermore, in a bid to stall the Bank’s recovery steps, and distract the Bank from focusing on the criminal action, as well as civil actions filed for recovery of the debt, Chief Innocent Chukwuma and his company Innoson, have continued to institute various spurious suits before various courts, claiming frivolous and outrageous sums against the Bank.

With no other alternative and to ensure the recovery of depositors funds held by Innoson, the Bank instituted a recovery action against Innoson at the Federal High Court, Lagos. This is in addition to a Winding up action instituted against Innoson by the Bank, which is still pending in court. Pursuant to the suit instituted by the Bank at the Federal High Court, Lagos, the Bank secured mareva orders against Innoson freezing its Bank accounts in all Banks in Nigeria in September 2014.

The new N30 Billion action filed by Innoson at the Federal High Court, Awka was instituted on the basis of purported damages which it suffered as a result of the mareva orders granted by the Federal High Court, Lagos in favour of the Bank.

According to some legal experts we spoke to, this new suit is in continuation of Innoson’s antics to distract the Bank from focusing on the criminal matter pending with the EFCC and the Police.
The legal experts also interpreted these Innoson’s moves as legal delay tactics antics, to avoid or delay paying its indebtedness and discharging its obligations to the Bank, which stands in excess of N2.billion, while interest continues to accrue.
We gathered from our source in the Bank, that the recovery of borrowed funds is a matter of integrity and is always in the long term interest of its depositors and the society at large.

Source na
Chief Innocent arrested by effc and is not reported in the news.
U must be agent of GTB