GTB To Pay Innoson’s N14Billion Judgment Debt Into An Interest Yielding Account, Says Supreme Court
Today, 7th of June 2018, The Supreme Court struck out GTBank’s motion for stay of execution of the Enugu Court of Appeal Division’s order that GTBank pays over N6 Billion into an interest yielding account at the Court of Appeal. Innoson’s legal team which was led by Prof McCarthy Mbadugha ESQ told the Supreme Court that the Judgment debt which arose from excess and unlawful charges which GTB took from Innoson’s account now stood at over N14billion.
The Supreme Court decision follows GTBanks motion for stay of execution at the Supreme Court when the Court of Appeal Enugu Division ruled on 9th Dec, 2014 that the appellant (GTB) is hereby ordered to pay the sum of Five Billion, Nine Hundred and thirty Six Million, One Hundred and Twenty Six Thousand, Two Hundred and Nineteen Naira, One Kobo (N5,936,126,219.01k) to the Deputy Chief Register of the Court within 14 days from the date of ruling and which the Deputy Chief Register shall pay same into an interest yielding account in a reputable bank other than
Diamond Bank or Mainstreet Bank Plc pending the determination of this appeal. The money together with whatever accrues thereon shall be paid to the party who wins the appeal.
GTBank not satisfied with the decision of the ruling of Court of Appeal, filled a motion for stay of execution at the Supreme Court, however Supreme Court today struck out GTB motion for stay of execution and maintained that it will not hear GTBank’s motion for stay of execution until it obeys the ruling of Court of Appeal to pay the said money into an interest yielding account.
By Supreme Court decision today, GTB is expected within 14 days to pay the sum of over N14Billion judgment debt to the Deputy Chief Registrar of the Court of Appeal Enugu Division and which will now be paid into an interest yielding account in a reputable bank. The money together with whatever interest accrues thereon shall be paid to the party who wins the appeal.
Head Corporate Communications
Supreme Court Orders Gtbank To Pay Innoson N14billion Within 14 Days
By Ebere Agozie
11 June 2018
Igbo apex socio-cultural organisation, Ohanaeze Ndigbo, has hailed the judgment of the Supreme Court of Nigeria in the case between Innoson Group of Companies and Guaranty Trust Bank.
The organisation gave the commendation in a statement by Chief Emeka Attamah, Media Adviser to its President-General, Chief Nnia Nwodo, released in Abuja on Monday.
In the statement, Nwodo said that by the judgment, the apex court refused to be used in an ethnic warfare to thwart Innoson of a judicial victory at the Court of Appeal.
“The judgment of the Supreme Court has shown that the judiciary remains the last bastion of hope for the common man.
“It is victory for democracy and an indication that there is still hope for the country.”
He said that it was obvious that some vested interests were colluding with the EFCC to deny Innoson of his rights and to tarnish his well-earned reputation as a foremost manufacturer and investor in the country.
The president-general ascribed Innoson’s travails to the systematic harassment and intimidation of Igbo sons and daughters in the country due to ethnic sentiments.
He recalled the traumatic experiences of other Igbo sons, including Chief Cletus Ibeto and Chief Ifeanyi Uba, whose businesses were almost grounded by their detractors, but for their tenacity and shrewd business acumen.
“Ohanaeze commended the fighting spirit of Chief Innocent Chukwuma, the CEO of Innoson Group of Companies, for his doggedness and courage notwithstanding attempts to intimidate him with trumped-up criminal charges.
“No amount of intimidation or harassment will dampen the zeal of Ndigbo for a united Nigeria.
“It will only ginger them on in the fight for a restructured nation where every individual will be free to pursue his legitimate aspirations and businesses in a healthy, competitive atmosphere,” he said.
Nwodo called on the bank involved to obey the court order and pay the stipulated amount without delay to restore the confidence of the people in it. (NAN)
Source News Express