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

It won't change anything. He will take over when they can't meet up anymore.

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 (customer) approached GTB (bank) for a loan to help facilitate a shipment he was bringing into the country. The bank collected original copies of the waybill from the customer, and granted the loan. Later, the customer sued the bank that the shipment has disappeared from our port (document is still in bank's custody). The debt in question is the value (accrued) of the goods...

My opinion: Directors or big boys who are privy to the transaction or doc should have been arrested a long time ago

Terrier99:


Gtb has become Gtco. Assets have been sold to Gtco. Innoson can only take over Gtb and not Gtco.

As at today, Gtb has nothing and innoson is left looking foolish. Illiteracy is a big disease.

So u think Innoson does not have his own team of lawyers that guide him on what to do?

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

You mean your account that has a balance of N1245.16?

Ayemileto:


The case had been decided by the supreme court since 2019.

Even the Fraud case, which GTB filed against him in conjunction with EFCC has gone off radar since that 2019 too.

But I think the reason why Innoson hasn't fought for the Judgement debt is, the longer Innoson waits, the more the money he'll potentially get because the judgement debt keep increasing with 22% interest.

That's why the possibility of him taking over GTB exist. If GTB delays long enough, the debt can/will surpass their capacity, and he can go to court at that point to implement the judgement debt.

Vulture is a patient bird... but in all, GTB will never go to Innoson. The both party will come to a compromise.

perambulator:


It didnt occur to you that if the case had been decided why hast he taken over GTB as he claimed?

Google is there to save you embarrassment before you post but if you choose to take your news from Nairaland and bloggers and swallow hook line and sinker, I cant help you. There are many cases in different courts on different matters involving GTB and Innoson, people are confusing one with the other and drawing conclusions and in some cases some are using it for propaganda.

See as u dey mumu urself.. The case has been won and dusted in d supreme Court.

perambulator:


you people are so financially illiterate it's unreal. I am feeling my IQ shrink just by replying. A real business man knows 2019 naira even at 22% interest is worth less in 2021 than it was in 2019 so if he could take the money or the interest, he would take the money in 2019. if you think I am lying, take take the 33b in 2019 and convert it to dollars at 2019 rate. now take the money and compound it annually at 22% and convert to dollars at 2021 rate...which is more?

typical example of an educated proud illiterate....


At a point this money was 600 million naira. Now it's 32billion naira. At the end of the financial year it will be 39billion..next year it will be 47.5 billion...

Innoson is on a perfect business, a business model where his 600 million investment turned 32billion in 11 years and is on yearly 22% growth....


He deserve accolade for pulling it off..


You are just an illiterate the more you type out of pains and ignorance the more you expose yourself

warlordd:

So u think Innoson does not have his own team of lawyers that guide him on what to do?

He sure has. That's why they have collected the money from GTB na

chiefobdk2:
typical example of an educated proud illiterate....


At a point this money was 600 million naira. Now it's 32billion naira. At the end of the financial year it will be 39billion..next year it will be 47.5 billion...

Innoson is on a perfect business, a business model where his 600 million investment turned 32billion in 11 years and is on yearly 22% growth....


He deserve accolade for pulling it off..


You are just an illiterate the more you type out of pains and ignorance the more you expose yourself

which school did you go to where 600m at 22% becomes 32b in 11 years? Not only dont you know how to calculate, you clearly dont even know the facts of the case. Show some initiative before making a fool of yourself on the internet. if you dont know maths, the web is full of interest compounding tools.

You people are just morons, jumping on propaganda, hearsay and beer parlour gist without having any real understanding of the subject matter or engaging your brains for a second.

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.

ALL NIGERIAN BANKS DO THAT! THEY ARE LIKE OUR POLITICIANS

Cantonese:
Ha.

This is of great concern and also a lesson to all. Someone lends you money to do business and that same lender turns around to owe you, within the same transaction.

GTBank the lender in this case turned around to owe Innoson and now on the edge of losing their bank to the same organization they loaned money to import goods many years ago.

I think officials of GTbank mismanaged this issue completely. Even with the aid of EFCC, they lost. If this matter is resolved amicably, the board MUST be sacked.

One thought also strikes my mind knowing the Nigeria where we are. Is it not possible that there is a connivance somewhere to secure victory for Innoson and then the players concerned go behind the back to get their cut of a fallen GTbank?

You have not followed the case, that is why you allege connivance on the part of the man GTBank stole N500 million from and asked him to go to hell. If anything, GTBank connived with customs, police, EFCC etc to cheat and defeat Innoson, but the man instead floored them in court so much that the EFCC abandoned the bank and ran away.

The supreme court has delivered judgment and every chance of amicable settlement is now foreclosed. Innoson said that he was ready for settlement over the years but, the MD of the bank thought he was fighting a tribal war he was sure to win and therefore, rebuffed all possible peace moves. He was so confident his accomplices in government would be able to pull a great injustice in his favour against this illiterate Onitsha trader.

Now, the final court of the land has settled it amicably; N33 billion as of today and counting at 22% interest. That is humongous.

Once Innoson obtains a writ of fife from the court and serve it on the CBN, the bank will either have to pay up immediately or convert the sum into shares and Innoson thus will become the controlling shareholder with powers to immediately fire the MD and his co travelers and get the CBN to approve the appointment of a fresh management team.

There is a pay day for every worker of iniquity.

Sorry 'bout that.

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

Na korofo Innoson hold for hand. Foolish illiterate.

What a childish way to deceive yourself!

No debtor or thief can be free of liability just because he suddenly changed his name, not in law

So after supreme court judgment GTBank can change name and it will be all over?

Your mumu too much.

kelly72:


What a childish way to deceive yourself!

No debtor or thief can be free of liability just because he suddenly changed his name, not in law

So after supreme court judgment GTBank can change name and it will be all over?

Your mumu too much.

Gtb owes Innoson, not Gtco. They are separate legal entities.
Gtb still exists, Gtco exists separately.

You and the association of fools and thieves supporting Innoson won't get a penny. You can go hang.

Terrier99:


Gtb has become Gtco. Assets have been sold to Gtco. Innoson can only take over Gtb and not Gtco.

As at today, Gtb has nothing and innoson is left looking foolish. Illiteracy is a big disease.

Ever heard of assets and liabilities. Whoever buys a company buys everything. It is too late now to run from pillar to post, looking for a way to escape.

E go do both buyer and seller van for eye.

Terrier99:


Gtb owes Innoson, not Gtco. They are separate legal entities.
Gtb still exists, Gtco exists separately.

You and the association of fools and thieves supporting Innoson won't get a penny. You can go hang.

Lol....please understand that nobody can successfully wish away legal liabilities just by selling the subject matter or changing name. At the worst, thé buyer loses his money so nicely and goes after the neck of seller.

But it won't get to that before the GTBank MD takes over his room in prison and hands over all assets of the bank.

Tell the persons lying to you to stop so you won't faint when it happens.

perambulator:

thank you o!!!!

OK then, the bank will pay N33 billion with 22% annual interest (supreme court figures). Then you will know whether the N200 billion balance sheet is audio or voicemail.

FarahAideed:


Gerrat .Noth deleting the fact the GTCO and GT are separate legal entities should tell you what's up...we have seen Oando do this to people it owes twice , I have seen another company do it to Pat Utomi ..this is Nigeria where people can get away with anything .

You can't STEAL from someone and change your name or sell the subject matter to escape liability.

But you can deceive yourself more if you wish. GTBank/GTCO or whatever is still standing because Inno has not moved on them. You will watch that bank go under.

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

That man above you is so unteachable. He has same infant mentality like the bank's MD. Knowing what the bank had got itself into, no responsible organisation can buy its assets except they have also weighed and accepted the liabilities.

Have you ever seen where someone who claims to make N200 billion annually profit is now selling his business because of less than N50 billion judgment debt? Who can even do that if not a criminal.

I see GTBank management losing out big and even taking their rooms in prison soon.

kelly72:


Ever heard of assets and liabilities. Whoever buys a company buys everything. It is too late now to run from pillar to post, looking for a way to escape.

E go do both buyer and seller van for eye.

Gtb was not sold, it still subsists.
It's like you saying Dangote Petrochemicals Limited will pay judgment debtors of Dangote cement.

The company wasn't sold, assets were transferred
Go and get properly educated.

Terrier99:


Ngwakwe Aka Chukwudi419. You are notorious for your stupidity and inability to grasp legal issues. You always argue like a demented blockhead.

There was no change of name. Here is what happened.
A new legal entity called GTCO was incorporated at the Cac.
Gtbank sold all its assets to Gtco and collected pittance. It is not about the amount, but the symbolism. Offer, acceptance, consideration has passed. So, it's a valid contract.
It is not a mere change of name, it is not a merger or acquisition.
It is fools like you advising Innoson and that's why he is where he is.

Just to avoid a judgment debt, and that's smart in your small mind, right?

So you think the supreme court operates at that level?

SMH

kelly72:

Just to avoid a judgment debt, and that's smart in your small mind, right?

So you think the supreme court operates at that level?

SMH

Innoson isn't getting a kobo. That's all that matters.

Terrier99:


Gtb was not sold, it still subsists.
It's like you saying Dangote Petrochemicals Limited will pay judgment debtors of Dangote cement.

The company wasn't sold, assets were transferred
Go and get properly educated.

In law you can't transfer assets to beat a judgment debt, except you have left enough to satisfy that debt. Please reason and don't let sentiments make mockery of you.

If it were that easy, all bank debtors in Nigeria could simply transfer their assets and declare bankruptcy and the creditors will be helpless.

But this case is even different because GTBank did not borrow from Inno. They STOLE his money and now you talk of a thief transferring what they stole after being found guilty by court. Lol

Just mourn this debacle, swallow your pride and move on.

Terrier99:


Innoson isn't getting a kobo. That's all that matters.

Lol.....your sentiments won't save the drowning bank.

FarahAideed:


GTB has been diluted and is now just a small component of GTCO holding ...Oando has don this twice to escape liabilities and it worked ..all they will do is handover Innoson empty shares in GTB that hold no mandate in GTCO ...

Gtco


Sir, GTCO actually allows them to use different names to try and raise the fund not avoid it.

Holding company makes them multi sectoral , investing in different sectors and raising funds without infringing on any law


Gtco doesn't water down gtb or any other companies shares..gtb remains a public company quoted in the exchange ...gtco is not a public company but owners of a public company called gtb

No company has avoided liabilities because it became owned by a holding company..if you have proof that Oando did please post the link

Gtb will pay so long as the supreme court has rules on it

kelly72:


In law you can't transfer assets to beat a judgment debt, except you have left enough to satisfy that debt. Please reason and don't let sentiments make mockery of you.

If it were that easy, all bank debtors in Nigeria could simply transfer their assets and declare bankruptcy and the creditors will be helpless.

But this case is even different because GTBank did not borrow from Inno. They STOLE his money and now you talk of a thief transferring what they stole after being found guilty by court. Lol

Just mourn this debacle, swallow your pride and move on.

Nonlsw allows anyone to avoid it liabilities otherwise Nigeria would have used that law to avoid her many debts and that would have been the practice with many companies in China

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.

You have nailed it. They charge at will and charge any amount they like.

perambulator:


which school did you go to where 600m at 22% becomes 32b in 11 years? Not only dont you know how to calculate, you clearly dont even know the facts of the case. Show some initiative before making a fool of yourself on the internet. if you dont know maths, the web is full of interest compounding tools.

You people are just morons, jumping on propaganda, hearsay and beer parlour gist without having any real understanding of the subject matter or engaging your brains for a second.

Make ITK no kill you too, bro

SlyDev:


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

as in eh

If gtbank is so bad then I guess fidelity bank owned by an ibo man is better

Bank wey even their staff na fraudsters

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 shameless liar!

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.

beautiful summary

perambulator:


which school did you go to where 600m at 22% becomes 32b in 11 years? Not only dont you know how to calculate, you clearly dont even know the facts of the case. Show some initiative before making a fool of yourself on the internet. if you dont know maths, the web is full of interest compounding tools.

You people are just morons, jumping on propaganda, hearsay and beer parlour gist without having any real understanding of the subject matter or engaging your brains for a second.

Olodo. Wat gtbank stole from innoson 11 years ago was 600 million.. Now its 32 billion and growing by 22%..

Go and kill yourself

Cantonese:
Ha.

This is of great concern and also a lesson to all. Someone lends you money to do business and that same lender turns around to owe you, within the same transaction.

GTBank the lender in this case turned around to owe Innoson and now on the edge of losing their bank to the same organization they loaned money to import goods many years ago.

I think officials of GTbank mismanaged this issue completely. Even with the aid of EFCC, they lost. If this matter is resolved amicably, the board MUST be sacked.

One thought also strikes my mind knowing the Nigeria where we are. Is it not possible that there is a connivance somewhere to secure victory for Innoson and then the players concerned go behind the back to get their cut of a fallen GTbank?

You certainly didn't follow the history of this case it was rather GTB that was using intimidation tactics to attempt to win the case and frustrate Innoson