Innoson Nigeria Limited, Nigeria’s indigenous vehicle production company, has instituted a move to take over Guaranteed Trust Bank, GTB, following a ruling by the Supreme Court over the bank’s N8.7 billion indebtedness to the company.
The company’s chairman, Chief Dr Innocent Chukwuma, made the move through a “Writ of FiFa taken over Guaranty Trust Bank PLC for and on half 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 had dismissed GTB’s appeal marked 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 per cent 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 a ruling delivered by Honourable Olabode Rhodes-Vivour JSC on Wednesday, “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.”

A statement by the Innoson group’s Head of Corporate Communications, Cornel Osigwe disclosed that “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.”


https://www.google.com/amp/dailypost.ng/2019/03/29/breaking-n8-7bn-debt-innoson-motors-moves-take-gtbank/amp/

So innoson don buy bank be that .

Wow

Can we pls have comments free of sentiments and tribalism.

Mature minds should share their views pls

chai

GTB has entered one chance

On a more serious note, why will a whole GTB allow this case to get to this level. But at the same time, what do i know?

The Judge 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

it serves gtbank well. you don't have enough money why go on slapping someone else's wife

Baawaa:
Supreme court will do the final judgement

What final judgement again, no be them rule in favour of innoson to warrant the takeover move?

Ndi afonja in trouble.
You don’t mess with anyone with Jewish blood

OneCorner:
Ndi afonja in trouble.
You don’t mess with anyone with Jewish blood

This unity of this country is very important to everyone to allow anyone make insulting tribal statements.

Please stop

Like for Gtb share for Innoson

Hehehe

Interesting, Mynd44 where are you?


You were running your mouth the other day. How market?

See GTBank See Gobe...
Hope it won't affect customers' money? na to find another good bank sure pass

This one will bend the bank o.

Thank goodness, I haven't opened an account with gtb as I planned.

you will never see this people below, on this kind of a topic.

Innoson boss will be like......

Lemme rush and invest small 5 million for Innoson.

The man don blow. See moni na, chai!

kalvoken:

Internet never forgets.. You over charged a man, turn around to say he is still owing. Meanwhile na u dey owe las las.
@Nwamaikpe, are u see what I saw?
Bush meat don catch hunter.

OneCorner:
Ndi afonja in trouble.
You don’t mess with anyone with Jewish blood

Shut your latrine mouth if you don't have anything on your brain to speak.

kalvoken:

I remember

Ego, and bad corporate governance is what caused this.

There'll probably be a management shake-up if this falls through.

Imagine how GTB decided to give innoson free money. A case supposed to have been settled before now. They forgot that Innoson is a rich man that can go any length. Let them go and pay, it's a seed that have germinated.

H

U guys decided to leave this one


Una for delete am again.

Bigots again.



Am moving over to gtb for proper banking now.

Here we go AGAIN O! Biafra media has started their untempered jagons o. Bunch of fools! What have they EVER won in the history of Africa

Amazing move

It's this kind of transaction that kills entrepreneurship in Nigeria. Innoson Motors shouldn't be considered a one-man organisation again, but a Nigerian Company that ought to be supported by all, especially the lending agencies. If a bank could be indebted to a budding Company on this scale, how can it break through the ranks of global vehicle manufacturers? Elsewhere, governments and the banks support institutions like Innoson Motors whenever they seem to default in liquidity. Na wa for us o!

Lol
Gtb would pay that money.

But NO bank would ever touch Innoson with a long pole if he asks for a facility.

From 2.4 to 8billion. Compound interest of over how many years?
If not that I like GTB, normally I don’t think any bank deserves pity.

Let them pay, at least they’ve contributed to Innoson’s growth.