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Innoson Vehicle: GTBank Must Deposit ₦14 Billion Judgment Debt – Supreme Court

Unic Press UK: The Innoson Vehicle Manufacturing Company has won a titanic legal argument against Guaranty Trust Bank plc (also known as GTBank or GTB); and the Bank must deposit ₦14 billion in an interest yielding account, says the Supreme Court of Nigeria.

By today’s ruling, the Supreme Court of Nigeria has ordered GTBank to obey the ruling of the Court of Appeal by depositing circa ₦14 billion – the current estimated value of the previous judgment debt – with the Court of Appeal for onward transfer into an interest yielding account at a reputable bank (not GTBank).

The legal team of Innoson Vehicle Manufacturing Company, which is led by McCarthy Mbadugha, had argued at the Supreme Court that the Judgment Debt resulting from GTBank’s unlawful charges/fees against his client currently peaked at ₦14 billion.

In relation to the ₦14 billion to be set aside, “the money together with whatever interest accrues thereon shall be paid to the party who wins the appeal”, the Head of Corporate Communications of Innoson Group, Cornel Osigwe, said in a statement today.



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