INNOSON commences takeover of GT Bank
Our reporter
The management of INNOSON Nigeria Limited has commenced the takeover of Guarantee Trust Bank (GTB) following a court judgement in its favour over an N8.8 debt billion. So far the motor manufacturing company has sealed seven branches of GTB as Daily Times can authoritatively report.
Daily Times reporters in Anambra and Enugu say that GT Bank suffered the sealing of its branches in Onitsha, Awka and Nnewi, all in Anambra state while two branches were sealed in Enugu town.
Daily Times had over the weekend reported that the Chairman of Innoson Group, Chief Innocent Chukwuma, had, through a Writ of FiFa, taken over GTB PLC for and on behalf of Innoson Nigeria Ltd as a result of the Bank’s indebtedness to the company.
According to the report, the development followed a ruling by the Supreme Court on February 27th 2019, in which the apex court dismissed GTB’s appeal 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% interest, per annum, on the judgment sum until the final liquidation of the judgment debt.
GTB however approached the Supreme Court to challenge the Court of Appeal’s decision but the court, in its judgment delivered by Honourable Olabode Rhodes-Vivour on Wednesday, February 27th2019, 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.
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 which led to INNOSON’s current action.
