Terrier99:
Gtb has become Gtco. Innoson can only take Gtb to court not Gtco.

Na korofo Innoson hold for hand. Foolish illiterate.

U be confirm dullapo

Terrier99:


Assets have been sold to Gtco for kobos. Liabilities remain with Gtb, assets belong to Gtco.
Innoson's problem is illiteracy.

Lolz.... you mean Gtco did not carry( inherit) any of the liabilities of GTB? So where do those liabilities reside currently? Or you think Innoson is the only creditor of GTB? What of those that hold their bonds and other such instruments (liabilities)? So you mean what any company owing creditors can just do is to "open" a holding company, transfer assets to that company and leave its liabilities and hence creditors aside? Do you even know why the CBN is insisting that some of the banks open holding companies?

I mean, even if, as is apparent, you have very little grasp of the Law, does that make any sense from the financial and regulatory view to you?

Come on guys. Educated people are supposed to "think" and express such in public

DubaiLandLord1:
GTB don transfer all her asset to GTco

Is it possible to transfer only assets without transferring liabilities too?

complexBoss12:
very useless bank, with worse online transaction experience I have had. if you send money, they will charge you, if you receive money, they will charge you, if you don't do any transactions at all, they will charge.

This Is Very Annoying, I Thought I Am Experiencing It Alone!

izzy4shizzy:
This bank has lost its values, I remember when I first started banking with them, very excellent service, but now.

Total rubbish, would close my account very soon self

I still dey enjoy GTBANK sha...

pacino26:


The comedy show is now an action packed series.

Watch out for season 2

Seriously.
Sometime ago I used to think the actors in this case were over-exaggerating this.

PaChukwudi44:

Are you dumb or just a plain illiterate? If all it takes to evade payment of loan is change of name no one will repay loans

As in eh, i didnt even see this comment before sef.

How do people think so counter-intuitively.

It buggles the mind

Swears

mrvitalis:

So when you owe debt and change name your debt disappear ?
Worse they can do is offer to pay him in shared them dilute the shares

I made a mistake sorry, GTB transferred sold her assets to GTco.

Never forget this is Nigeria bro.

GTB learn from companies like Oando that have done this in the past.

The solution right now is for GTco and Innoson to sit down and negotiate. Innoson will never take over GTco, even the CBN won't agree to such an arrangement.

Ayemileto:


Is it possible to transfer only assets without transferring liabilities too?

In Nigeria, yes.

Things dey happen for this country bro

ShoeShineGuy:
I stopped banking with them long time ago. They kept deducting what was left until shame nor gree them notify me again. Maybe they're waiting for me to put money again so that they can remove at once all they've not being able to.

All I have there now is less than 1k and in case they liquidate, I don dash them that balance as a good Nigerian wey I be.

You are a big fat liar.. I have been banking with them for a long time... No issues at all.

Take over GTBank because of judgement debt?

This level of ignorance get as e be.

How far with the forgery matter?

No wonder they deduct money anyhow from customers' acct!

Ayemileto:

In summary, this is what I can recall from the case:

1. GTB borrowed Innoson money for importation many years ago.

2. GTB over deducted the loan back from Innoson account, and deducted over ₦500m extra.

3. When Innoson audited his account, and saw the over deduction, he called the attention of GTB to it.

4. GTB investigated and agreed there was an over deduction. But the over deducted amount is less than what Innoson said.

5. Innoson agreed with the value GTB said was over deducted (which is less than the value the firm that audited his account pointed out).

6. Innoson asked GTB to pay back with 22% interest, which is the rate he used to pay back his loan with GTB.

7. GTB refused, and said they can only pay with 8% interest.

8. Innoson went to court. He won at the high court, appeal court, and then supreme court in 2019.

9. As the case was dragging in court all this years, the money kept increasing due to the 22% interest.

10. As at when Appeal court passed judgement, it was still around 8 billion Naira.

11. After supreme court pass judgement in 2019, GTB decided to change their name to GTCO and change their structure.

12. Many people believe GTB's Change of name and structure is a move to avoid paying the judgement debt (since the judgement debt is against GTB and not GTCO).

13. Innoson went to court to try to prevent them from changing name and structure, but he probably failed because GTB went ahead to change name and structure.

14. The judgement debt is currently over 33 billion, and increasing due to the 22% interest. GTB haven't shown any willingness to pay.

Na wa o

What is stopping cooler/saner heads in GTB to negotiate and settle this "out of court" with Innoson.

The Supreme court has already given judgment. And that settles it, except the same court reverses itself(which is extremely rare).

Talk to Innoson. Beg him if you must. Renegotiate(amount, timeline, method of liquiditibg the debt, etc) and pay up according to the schedule.

I bank witb GTB. And they have been good to me so far. But maybe it is time to begin to think about diverting my fund with them if this is not resolved quickly

Such an unnecessary mess for real

You're nothing but an idiot to bring tribe into this discussion

SlyDev:


You are lying, you people intentionally lie to destroy other tribe business

preciousmetals:
You're nothing but an idiot to bring tribe into this discussion

Every tribe know that is your modus operandi, you go all out to destroy other tribe business

DubaiLandLord1:
I made a mistake sorry, GTB transferred sold her assets to GTco.

Never forget this is Nigeria bro.

GTB learn from companies like Oando that have done this in the past.

The solution right now is for GTco and Innoson to sit down and negotiate. Innoson will never take over GTco, even the CBN won't agree to such an arrangement.

When you buy a company you buy it's asset and liability na

GTB are still making same mistake thought innoson in just a rich illiterate that's their greatest undoing

The igbo apprenticeship system is a great place to learn finance, account , management and investment with practicality for 7 years ...it's no beans oga

Wawwwuuu

mrvitalis:

When you buy a company you buy it's asset and liability na

GTB are still making same mistake thought innoson in just a rich illiterate that's their greatest undoing

The igbo apprenticeship system is a great place to learn finance, account , management and investment with practicality for 7 years ...it's no beans oga

There are other cases like this in Nigeria, till today, the companies have work away without paying a single kobo.

Oando have done it twice or thrice sef. GTco will walk away without paying a dime.

How will Innoson enforce the Supreme Court verdict? The best is for both parties to sit down and negotiate.

This is Nigeria, a lot of unbelievable things do happen in this country.

DubaiLandLord1:
There are other cases like this in Nigeria, till today, the companies have work away without paying a single kobo.

Oando have done it twice or thrice sef. GTco will walk away without paying a dime.

How will Innoson enforce the Supreme Court verdict? The best is for both parties to sit down and negotiate.

This is Nigeria, a lot of unbelievable things do happen in this country.

Oga that's the person's problem ... innoson would get his 33bn nothing would stop it

Yes it's chicken change for him for it's to make a statement

SmartPolician:
Innoson had a good relationship with Olutayo Aderinokun, which, according to the automaker, made the bank site its branch in Nnewi. I believe that the two got into some deals as business pals against the bank policy. Unfortunately, Mr. Tayo died and Segun Agbaje refused to continue with the financial deal.

For the GTB to be dragging its feet about paying this judgement debt, there's more to this story. This will probably go down as the most controversial case in Nigeria's history.

PS: This is an assumption.

Your assumptions can't help gtb. If it's illegal, Innoson wouldn't be this bold.
Gtb is silent cos they have lostall tricks to get out of this. They had pulled an efcc on innoson and failed.

Ayemileto:

In summary, this is what I can recall from the case:

1. GTB borrowed Innoson money for importation many years ago.

2. GTB over deducted the loan back from Innoson account, and deducted over ₦500m extra.

3. When Innoson audited his account, and saw the over deduction, he called the attention of GTB to it.

4. GTB investigated and agreed there was an over deduction. But the over deducted amount is less than what Innoson said.

5. Innoson agreed with the value GTB said was over deducted (which is less than the value the firm that audited his account pointed out).

6. Innoson asked GTB to pay back with 22% interest, which is the rate he used to pay back his loan with GTB.

7. GTB refused, and said they can only pay with 8% interest.

8. Innoson went to court. He won at the high court, appeal court, and then supreme court in 2019.

9. As the case was dragging in court all this years, the money kept increasing due to the 22% interest.

10. As at when Appeal court passed judgement, it was still around 8 billion Naira.

11. After supreme court pass judgement in 2019, GTB decided to change their name to GTCO and change their structure.

12. Many people believe GTB's Change of name and structure is a move to avoid paying the judgement debt (since the judgement debt is against GTB and not GTCO).

13. Innoson went to court to try to prevent them from changing name and structure, but he probably failed because GTB went ahead to change name and structure.

14. The judgement debt is currently over 33 billion, and increasing due to the 22% interest. GTB haven't shown any willingness to pay.

The rest became what we all see today.

Unfortunately we have lawyers, who are lawyers in their robes, but not lawyers in their intellectual capacities. The legal department, in my perception, wrongly advised the bank. If we take a close look also we can discover that one idiot in the management team forced them to ignore advises.

I think that GTb does not in anyway deserve our pity. If you owe any bank, they take you to court, seize your collateral, undervalue it, sell it, return for more until they get all their money.

The Group reported Profit before tax of ₦58.2billion recorded in March 2020.22 Apr 2021,

Why is pay off debt of 33bn a problem?

SlyDev:


You are lying, you people intentionally lie to destroy other tribe business

wat brought tribe in thiz, u one of d pple that always bring tribe in anything to start tribalism fight on Nairaland get Sense sometimes

FarahAideed:
GT has already changed it's name and holding structure in anticipation of cheating Innoson

It doesn't matter in law. If you like change your name or even hand over the company to someone else, the company is still liable.

nameo:


Lolz.... you mean Gtco did not carry any of the liabilities of GTB? So where do those liabilities reside in currently? Or you think Innoson is the only creditor of GTB? What of those that own their bonds and other such instruments (liabilities)? So you mean what any company owing creditors can just do is to "open" a holding company, transfer assets to that company and leave its liabilities and hence creditors aside? Do you even know why the CBN is insisting that some of the banks open holding companies?

I mean, even if, as is apparent, you have very little grasp of the Law, does that make any sense from the financial and regulatory view to you?

Come on guys. Educated people are supposed to "think" and express such in public

But here you find mostly those who pretend they are educated and those who all they know and understand is tribalism and racism.

Megatrix:

It doesn't matter in law. If you like change your name or even hand over the company to someone else, the company is still liable.

Not when GT still exist

Micmuzac:

thier legal department should be ripped to shreds and reconstituted if they had urged the board on this I knew they were loosing the moment they appealed instead of out of court settlement unless its malami that's the president of the supreme court of Sharia could they have overturned the previous judgement or get maina treatment, too much lawlessness in corporate entity

Without doubts, that’s a way forward. Now they all must be struggling with what to do. Do not also forget that depositors confidence would be affected considering also sometime ago when some of GTb’s branches were shut down over this same issue.

FarahAideed:
GT has already changed it's name and holding structure in anticipation of cheating Innoson

It will not work so far they are in naija working they will automatically inherit the debt best they can do is negotiate with innoson by paying him half and use the rest as shares so far supreme court has judged in his favor it is game over for GT whatever they choose to bear

33bn Obi cubana can pay that na

FarahAideed:


Not when GT still exist

Says who? If GTbank likes, let them change names a million times, the court order still binding on them. They should meet innoson and settle out of court. I believe all the man wants is his money and not to take over the bank. They can settle with him to pay the money gradually over four or five years or they can turn it to shares for him in which case he becomes the highest shareholder because the current highest shareholder is about 10 billion naira.

Nothingserious:
I used to think this was a joke ooo.
Why is the matter gaining momentum like this?

Please anyone who is well versed on this issue should tell us the true position of things.

GTB is one the systemically important banks in Nigeria.

innoson got a supreme court judgement of 32billion with 22% interest rate if not paid.. At the end of this year it 22% 7billion will be added to make it 39billion..andvit will keep growing by 22% until they pay

This country eh, same bank that sent DSS to harrass the man at his home, picked him up even though they were owing him. I am sure their plan was to assassinate him so as to change the narrative... Then sit on the money.