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Innoson “Takes Over” Guaranty Trust Bank (GTBank)

Cornel Osigwe, Head of Corporate Communications, Innoson Group says Innocent Chukwuma has taken over control of Guaranty Trust Bank following a Writ of Fifa issued by Federal High Court, Awka.
In a statement issued Friday, March 29, 2019, Osigwe disclosed that GTBank’s refusal to pay a loan of N2.4 Billion to Innoson with a 22% interest per annum in 2014, snowballed into a huge debt of N8.7 Billion in 2019.
Read full statement below.
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 a ruling delivered by Honourable Olabode Rhodes-Vivour JSC on Wednesday, February 27th 2019, 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.
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