Innoson To “Takeover” GTB After Supreme Court Ruled In Its Favour

Writ of FiFa has been secured by Innoson Nigeria Limited against Guaranty Trust Bank following its victory at the supreme court.

Report says that Innoson Nigeria Limited, Nigeria’s indigenous vehicle production company, has instituted a move to take over Guaranty Trust Bank, GTB, following a ruling by the Supreme Court over the bank’s N8.7 billion indebtedness to the company.

Innoson To Takeover GTB After Supreme Court Ruled In Its Favour
Innoson Chairman, Chief Dr. Innocent Chukwuma

Chief Dr Innocent Chukwuma, the company’s chairman, says that the move was made 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.

On February 27th 2019, in a landmark decision, the Supreme Court had dismissed GTB’s appeal marked SC. 694/2014- against the judgment of Court of Appeal, Ibadan Division.

Ibadan division of Court of Appeal, had in its decision of 6th February 2014 dismissed GTB’s appeal against the Federal High Court, Ibadan Division.

The Court of Appeal, thus 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.”

Cornel Osigwe, Innoson group’s Head of Corporate Communications in a statement, 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.”

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