PETERiCHY:



Innocent Chukwuma, OFR, and Innoson Nig Ltd. have filed a fresh lawsuit against Guaranty Trust Bank PLC in the High Court of Federal Capital Territory, Abuja claiming a total sum of 400 billion Naira damages for injury to their reputation, moral character, credibility, office, vocation and trade. They also seek for an order of perpetual injunction restraining GT Bank from further defaming them.

The lawsuit which was filed by Innocent Chukwuma’s counsel, Prof Joseph N Mbadugha Esq, is sequel to a recent decision by the Supreme Court of Nigeria in favour of Innoson Nigeria Ltd. in Appeal No: SC/694/2014 between GTB v. Innoson Nig Ltd. There, on 12th May 2017, the Supreme Court dismissed GT Bank’s Application.

It must be noted that Innoson Nigeria Ltd had won various lawsuits against GT Bank. On 29th July 2011, the Federal High Court, Ibadan Division, through a garnishee order absolute ordered the Defendants (GT Bank) to pay the sum of N2,048,737,443.6K ( Two Billion, Forty Eight Million, Seven Hundred and Thirty Seven Thousand, Four Hundred and Forty Three Naira, Sixty Seven Kobo) to Innoson Nigeria Ltd.

GTBank however appealed against the judgment to the Court of Appeal, Ibadan Division. In a unanimous judgment, delivered on 6th February 2014, the Court of Appeal dismissed the appeal, affirmed the judgment of the trial Court and ordered the Defendant (GT Bank) to pay the said sum of N2, 048,737,443.6K (Two Billion, Forty Eight Million, Seven Hundred and Thirty Seven Thousand, Four Hundred and Forty Three Naira, Sixty Seven Kobo) to Innoson Nigeria Ltd.

Still aggrieved, the Defendant (GT Bank) appealed to the Supreme Court on 11 Grounds. Subsequently, GT Bank sought to amend its notice of appeal- to adduce Fresh Evidence- to show that Innoson Nigeria Ltd obtained the judgment of the Court of Appeal by fraud and fraudulent suppression of material facts.

GT Bank had through its motion on notice in Appeal No: SC/694/2014 dated the 22nd of January 2016 and filed at the Supreme Court on the 5th of February 2016, with a 15 paragraph affidavit in support averred that Innoson Nigeria Ltd obtained the Court of Appeal Judgment against GT Bank in Appeal No CA/I/258/2011 by fraud.

Similarly, at paragraphs 9 and 10 of the affidavit in support of the said motion on notice deposed to by Sarah Ugamah on behalf of GT Bank, GT Bank said that Innoson Nigeria Ltd fraudulently suppressed that it was paid the sum of N1, 406,515,845.98 (One Billion, Four Hundred and Six Million, Five Hundred and Fifteen Thousand, Eight Hundred and Forty-Five naira, Ninety-Eight Kobo) in liquidation of the judgment debt.

However in a unanimous decision, on 12th May 2017, the Supreme Court dismissed the GT Bank’s said motion on notice; and while dismissing the motion, Supreme Court stated, inter alia, that GT Bank engaged in double speaking and in a frivolous frolic in bringing the application.

In the fresh suit Innoson Nigeria Ltd and Chief Innocent Chukwuma maintained that the words published by GT Bank –that it obtained the Court of Appeal Judgment by fraud and fraudulent suppression of the fact that Innson Nig. Ltd. was paid the sum N1, 406,515,845.98 in final liquidation of the judgment debt – implies that Innocent Chukwuma and Innoson Nigeria Ltd are dubious, dishonest, dishonorable, and untrustworthy, of questionable character, fraudster, criminally deceptive, cheats and obtaining money through false pretenses.

In consequence, Innoson Nigeria Ltd and Innocent Chukwuma are claiming against the GT Bank PlC as follows: N100 Billion exemplary damages; N100 Billion for injury to feelings-mental pains and anxiety; N150 Billion for injury to reputation and N50 Billion general damages. Innoson Nig Ltd. and Chief Innocent Chukwuma further claim:

AN ORDER that the published words complained of be retracted by the Defendant – GT Bank with an apology published in two National dailies;

AN ORDER of perpetual injunction restraining the GT Bank from further maligning

Will GT be saved from implicating herself?

DeRuggedProf:



https://trwstockbrokers./2017/12/21/shareholders-support-oando-management/

https://www.thisdaylive.com/index.php/2017/12/20/oando-shareholders-insist-on-forensic-audit/
Different shareholders forum different opinions

phemmie06:

https://www.thisdaylive.com/index.php/2017/12/20/oando-shareholders-insist-on-forensic-audit/
Different shareholders forum different opinions

D&R (Divide & Rule)....

phemmie06:

https://www.thisdaylive.com/index.php/2017/12/20/oando-shareholders-insist-on-forensic-audit/
Different shareholders forum different opinions

Let some of the ọ̀gá at the top to give opinions on Oando

Oando is in the eye of the biggest corporate storm in recent Nigerian history.

JAT and MB, via investment vehicle O&O have apparently been dancing one corner on investor's funds while declaring some of the biggest corporate losses in national history.

Shareholders, represented by Ansbury and Alhaji Mangal petitioned SEC after NGN 15+billion worth of capital belonging to the duo had been destroyed.

Unfortunately, SEC's DG had his hands tied by his past and as we know, has basically lost his job for doing his job.

For the same reason, forensic audit or not I don't see the case going anywhere despite Oando's repeated court losses.

The sad irony is that Oando's predecessor, Unipetrol was sold in 2000 to O&O due to the same mismanagement.

Deep down, Unipetrol never died as this latest scandal shows.

Wale and Co simply tried to rub lipstick on the pig.

Clearly the pig got dirtier in its new colors.

Me and my family don't do piggy looking or smelling stocks no more...................run if you get tasere units there.

Apologies and sympathy to those trapped in the stock, may God prevent the Japaul story from being your lot.

DaV8King:
Oando is in the eye of the biggest corporate storm in recent Nigerian history.

JAT and MB, via investment vehicle O&O have apparently been dancing one corner on investor's funds while declaring some of the biggest corporate losses in national history.

Shareholders, represented by Ansbury and Alhaji Mangal petitioned SEC after NGN 15+billion worth of capital belonging to the duo had been destroyed.

Unfortunately, SEC's DG had his hands tied by his past and as we know, has basically lost his job.

For the same reason, forensic audit or not I don't see the case going anywhere despite Oando's repeated court losses.

The sad irony is that Oando's predecessor, Unipetrol was sold in 2000 to O&O due to the same mismanagement.

Deep down, Unipetrol never died as this latest scandal shows.

Wale and Co simply tried to rub lipstick on the pig.

Clearly the pig got dirtier in its new colors.

Me and my family don't do piggy looking or smelling stocks...................run if you get tasere units there.

Apologies and sympathy to those trapped in the stock, may God prevent the Japaul story from being your lot.

Oando and Dáar communications management, only God knows who is better

Group Calls for Audit of SEC Finances Under Gwarzo
** Accuses FG, Anti-Graft Agencies of Stalling Probe
https://www.businesspost.ng/2017/12/21/group-calls-audit-sec-finances-gwarzo/

Fidelity Bank N30b Bond Gets GCR BBB(NG) Rating
https://www.businesspost.ng/2017/12/21/fidelity-bank-n30b-bond-gets-gcr-bbbng-rating/

I see this GT VS Innoson case as the begining of masses programming against 2019 election.....Any way, I pray they drag down GT price to its sub #15 days,make we load....It remains the best managed bank in Nigeria.

phemmie06:

Oando and Dáar communications management, only God knows who is better

one is deeply Irresponsible, the other is responsibly irresponsible....

I dey tell you

bestidafa:




That's really terrible. For me it's unbelievable. It means they knew what they were doing. Really bad

DeRuggedProf:


one is deeply Irresponsible, the other is responsibly irresponsible....

100%......1 chill orijin for you Sir!

Some bid prices are just wickedness

tritritri:


u want to sale dey refuse to buy?

The bids make me wanna trace the bidder, then arrange boys to beat them up




Na play o I'm not a thug o

DeRuggedProf:


Some sellers are unaware of the season...... ;

Their Board of Directors should give their management better query!

Yayira:
Innoson even accept the 500+ million they claim was what they “stole” with just 22% oo but their village people advice dem to go drag the matter for court.. now they’ll pay billions. Yeye bank.. they should sack that their Lawyer. Ko ni sense rara

DeRuggedProf:


one is deeply Irresponsible, the other is responsibly irresponsible....

The best opinion of the moral health of those entities

phemmie06:

https://www.thisdaylive.com/index.php/2017/12/20/oando-shareholders-insist-on-forensic-audit/
Different shareholders forum different opinions

Time to use number's, people that say no how many are they and how many units they have ? .

GTB broke the silence!!!

GTB all pay with investor's money, shareholder's bewere don't look back (#8 or #12) .

Is the index set for a 4-day end of the year rally?

ihedioramma:
GTB all pay with investor's money, shareholder's bewere don't look back (#8 or #12) .

Na so so grammar they them speak t......ill as investor money enter ground.

ihedioramma:
GTB all pay with investor's money, shareholder's bewere don't look back (#8 or #12) . [quote author=BMZK post=63486853]GTB broke the silence!!!

Na so so grammar they them speak t......ill investors money enter ground.

Agbalowomeri:
Is the index set for a 4-day end of the year rally?

The more you look , the less you see. I no be prophet naa market go say o

sellydion:


Na so so grammar they them speak t......ill as investor money enter ground.

Yes but grammar can't help this time . This how they thief poor/e.t.c money all so . so bad .

Am I seeing Diamond ahead of Fidelity in my book of GUT?

Agbalowomeri:
Am I seeing Diamond ahead of Fidelity in my book of GUT?

The book needs revised edition

Agbalowomeri:
Am I seeing Diamond ahead of Fidelity in my book of GUT?

I am compromised.
I have however kept this your post in my private folder.....
Next.........

sellydion:



The book needs revised edition

Maybe I need baileys to clear my vision

Agbalowomeri:
Am I seeing Diamond ahead of Fidelity in my book of GUT?

What fundamental or sentiments is likely to change in Diamond bank to warrant price appreciation, or conversely what can likely go bad with Fidelity to drag down its value?

Ovamboland:


What fundamental or sentiments is likely to change in Diamond bank to warrant price appreciation, or conversely what can likely go bad with Fidelity to drag down its value?

If the approved sell of African subsidiaries pulls through on/before year end as said by Diamond bank mgt then it may likely be.

tritritri:
merry Xmas in Advance house. Pls is DS still a Good buy at currentprice ? or DF still better option? help a brother who sold and is ready to buy back.

I am mopping up DS gradually. Bought some again today.... I have enough already of DF. So I am not buying again but waiting to attain my target returns of 300% and then bolt out of the bus...