The On Going War: Innoson Vs GTBank

GTB has 3 cases with Innoson. That of N400 billion is still there oo. That of N30 billion is still there; then, this N8.8 billion that he has just won. And the funniest thing is that, out of these three cases, Innoson has won one Supreme court case against GTB and two Appeal court cases.

By the time Innoson finishes dealing with GTB, all their properties in the whole Nigeria will become Innoson's own.

Lesson: when a man wants peace with u, don't give him trouble. Innoson was out for peace but GTB used EFCC to harass him and EFCC official even slapped his wife in his own house. GTB connived with their media brothers and destroyed Innoson's image with all sorts of media trial. 

But today who's begging?

#Copied.

 

Innoson Takes Over GTB Over N8.7 Billion Judgement Debt; As Supreme Court Dismiss G’s Appeal

The Chairman of Innoson Group, Chief Dr Innocent Chukwuma, OFR has through a Writ of FiFa taken over Guaranty Trust Bank PLC for and on behalf of Innoson Nigeria Ltd as a result of the Bank’s indebtedness to Innoson Nigeria Ltd.

In a landmark decision on February 27th 2019, the Supreme Court of Nigeria dismissed GTB’s appeal - 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% 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 an ruling delivered by Honourable Olabode Rhodes-Vivour JSC on Wednesday, February 27th2019, 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. 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.

Cornel Osigwe 
Head of Corporate Communications 
Innoson Group

 

 

 

The On Going War: Innoson Vs GTBank

Press Release

We want to address the general public on the matters arising from the enforcement of judgment against GT Bank by Innoson Nigeria Ltd.  -  GTB in a Press Statement signed by Erhi Obebeduo claims that “the judgment allegedly in issue is in respect of Garnishee Proceedings against the account of the Nigerian Customs Service Board domiciled with the Bank and not against the Bank as an entity”. GTB by this claim is nothing short of being economical with the truth.

The Garnishee order absolute issued by the Federal High Court Ibadan in Suit No: FHC/L/CS/603/2006 ordered GTB to pay Innoson Nigeria Ltd the judgment sum of N2.4 Billion with a 22% interest, per annum, on the judgment sum until the final liquidation of the judgment.

GTB appealed the Federal High Court’s decision up to the Supreme Court and lost. From the Supreme Court’s decision, you will find that the case was between GTB and Innoson Nigeria Ltd and no other person. - For emphasis, in a garnishee proceeding, once an order of garnishee nisi is made, the garnishee is required by law to set the amount involved aside and will not allow the judgment debtor to withdraw from it; and if the order is made absolute, the garnishee pays the money to the judgment creditor and incurs no liability for doing that but if the order is not made absolute the garnishee returns the money to the judgment debtor.

In this case, the order was made absolute since 29th July 2011 and GTB held unto the money from that time and is using for its business. It follows that by the time the order was made absolute it was no more the judgment debtor’s money but rather that of Innoson Nigeria Ltd who is the judgment creditor; if a garnishee refuses to comply with the order, then, it becomes a judgment debtor, as GTB has become in the present case, against whom execution of the order will issue. Therefore, there is no merit or force in the GTB’s press statement.  -  Furthermore and interestingly, the Garnishee order absolute was against GTB and no one else; and it is only GTB and no one else that will comply with the order; in the circumstance, the order will be executed against GTB and no one else. Please, be guided accordingly

Cornel Osigwe
Head of Corporate Communications
Innoson Group

 

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