How Innoson won N8.7bn landmark judgment over GTB, moved to take over bank

Innoson Nigeria Limited has won an N8.7 billion landmark judgment over Guaranteed Trust Bank, GTB, at the Supreme Court, as the company is currently moving to take over the bank.

According to Chief Innocent Chukwuma, Chairman of the company, the indigenous motor company is pushing to take ovrt GTB through a “Writ of FiFa taken over Guaranty Trust Bank PLC for and on half of Innoson Nigeria Ltd.”

The Supreme Court had on February 27, 2019, 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.”

According to Daily Post, a statement by the Innoson group’s Head of Corporate Communications, Cornel Osigwe disclosed that “The Judgment debt of N2.4 billion 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, 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.”

Source: Daily Post

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