Innoson Vs. Guarantee Trust Bank(GTB)

--In 2004, Innoson imported about 25 containers of motorcycle CKDs. After paying the legal duties, the Nigerian Customs illegally siezed the containers and sold off the items.

--Innoson approached the Court and was awarded 2.4 billion naira together with interest from the date to run till the money is paid.

--Nigerian Customs had an account with GTB credited with over 10billion naira. Innoson obtained a garnishee order nisi against the cash in the account. This Order simply means a directive to the bank to appear before the court to show why the money in that account belonging to the Nigerian Customs should not be credited to Innoson to clear the judgment debt.

--GTB could not show reasons and the Court made the order absolute- meaning the bank should pay the judgment sum to Innoson and not allow the Nigerian Customs to access the fund. The Customs did not appeal or protest the order.

--Instead of complying (a matter which doesn't affect them), GTB appealed against the judgment to the Court of Appeal. The court affirmed the decision of the lower Court. GTB appealed to the Supreme Court and failed again.

--While the appeals lingered on, the interest increased to over 6billion naira, putting the total sum acruable to Innoson at over 8.8billion naira. By this time, the Nigerian Customs has accessed the same funds the Court ordered to be paid to Innoson. That's how GTB incurred huge liability, a price it is now mandated to pay for crying more than the bereaved.

--At this point, GTB is the party technically owing Innoson as it was the party that denied Innoson access to the sum the Court awarded them. Given the final judgment from the Supreme Court, Innoson obtained an order from a Federal High Court in Awka to attach or confiscate GTB's properties they can lay hands on to offset the judgment debt.

--Innoson is simply demanding the money the Court once ordered GTB to release to them. The company doesn't care whether or not Customs has absconded with the money.

--Innoson has not taken over GTB's banking business. The company's interest is in the properties and the company will confiscate as many it can until it has satisfied the sum.
© King Itsede

That is the summary of the case. GTB wanted to frustrate Innoson and probably throw him into cash flow crisis. Well, as we can see Innoson is a destiny child. If not,who can do what he had been able to accomplish.The guy single handedly put the the map of Nigeria on tbe global map of countries that make cars. If they are not careful GTB may end up destroying themselves

Y

Afonjas and bad belle. Its not even their money but they are just pained that igboman will benefit

BAD BELLE!. in igbo language, (afo njoo)

Ank:
That is the summary of the case. GTB wanted to frustrate Innoson and probably throw him into cash flow crisis. Well, as we can see Innoson is a destiny child. If not,who can do what he had been able to accomplish.The guy single handedly put the the map of Nigeria on tbe global map of countries that make cars. If they are not careful GTB may end up destroying themselves

too bad for gtbank..

I wonder why this information has been kept secret all this while, while propagandist
were engaging in free-for-all lies.

I find it hard to believe that GTB, a private company will spend his money to defend the
Nigerian custom, when the custom did not join the suit. It makes no sense.

If we are to go by this post, GTB has no case to begin with, since it is not their money.
It is the Nigerian customs that should have appealed the judgment not GTB and the appeal
court and supreme court should not have entertained the suit.

Now GTB has suffered a loss of 6 billion by not minding their business
unless there is more to the story and both parties are still hiding secrets.

whytepawn1:
Innoson Vs. Guarantee Trust Bank(GTB)

--In 2004, Innoson imported about 25 containers of motorcycle CKDs. After paying the legal duties, the Nigerian Customs illegally siezed the containers and sold off the items.

--Innoson approached the Court and was awarded 2.4 billion naira together with interest from the date to run till the money is paid.

--Nigerian Customs had an account with GTB credited with over 10billion naira. Innoson obtained a garnishee order nisi against the cash in the account. This Order simply means a directive to the bank to appear before the court to show why the money in that account belonging to the Nigerian Customs should not be credited to Innoson to clear the judgment debt.

--GTB could not show reasons and the Court made the order absolute- meaning the bank should pay the judgment sum to Innoson and not allow the Nigerian Customs to access the fund. The Customs did not appeal or protest the order.

--Instead of complying (a matter which doesn't affect them), GTB appealed against the judgment to the Court of Appeal. The court affirmed the decision of the lower Court. GTB appealed to the Supreme Court and failed again.

--While the appeals lingered on, the interest increased to over 6billion naira, putting the total sum acruable to Innoson at over 8.8billion naira. By this time, the Nigerian Customs has accessed the same funds the Court ordered to be paid to Innoson. That's how GTB incurred huge liability, a price it is now mandated to pay for crying more than the bereaved.

--At this point, GTB is the party technically owing Innoson as it was the party that denied Innoson access to the sum the Court awarded them. Given the final judgment from the Supreme Court, Innoson obtained an order from a Federal High Court in Awka to attach or confiscate GTB's properties they can lay hands on to offset the judgment debt.

--Innoson is simply demanding the money the Court once ordered GTB to release to them. The company doesn't care whether or not Customs has absconded with the money.

--Innoson has not taken over GTB's banking business. The company's interest is in the properties and the company will confiscate as many it can until it has satisfied the sum.
© King Itsede

Oga this your story is not true Biko... How do you try to inform people with misinformation..

Xisnin:
I wonder why this information has been kept secret all this while, while propagandist
were engaging in free-for-all lies.

I find it hard to believe that GTB, a private company will spend his money to defend the
Nigerian custom, when the custom did not join the suit. It makes no sense.

If we are to go by this post, GTB has no case to begin with, since it is not their money.
It is the Nigerian customs that should have appealed the judgment not GTB and the appeal
court and supreme court should not have entertained the suit.

Now GTB has suffered a loss of 6 billion by not minding their business
unless there is more to the story and both parties are still hiding secrets.

The op gave beer parlor gist..

Gtbank illegally deducted money from Innoson account claiming its loan service charge.. The claim Innoson still owe them

Wen Innoson audited his account he found GTBANK overcharged him.
GTBANK refused to pay.
Innoson took dem to court.

They tried to blackmail Innoson claiming he forged documents to obtain the loan, they failed, they tried to blackmail him with the custom case it backfired

chiefobdk:


The op gave beer parlor gist..

Gtbank illegally deducted money from Innoson account claiming its loan service charge.. The claim Innoson still owe them

Wen Innoson audited his account he found GTBANK overcharged him.
GTBANK refused to pay.
Innoson took dem to court

There might be 2 different cases as the GTB official statement also made mention
of custom account when responding to the supreme court judgment.

Also, something must be amiss since Innoson has taken no concrete action since the judgment was passed.

Xisnin:

There might be 2 different cases as the GTB official statement also made mention
of custom account when responding to the supreme court judgment.

Also, something must be amiss since Innoson has taken no concrete action since the judgment was passed.

Innoson seized Gtbank properties in Nnewi awka. Onitsha

chiefobdk:


Innoson seized Gtbank properties in Nnewi awka. Onitsha

Is the Nnewi GTB branch still operating?

lorenzos1:

Oga this your story is not true Biko... How do you try to inform people with misinformation..

let's hear you then!!!! since you have the real info into what transpired.