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Innoson Moves To Takeover GTB Over ₦8.7 Billion Debt

Unic Press UK: In a press release Friday, Innoson Vehicles says the Supreme Court of Nigeria had, in February 2019, delivered a ruling compelling one of the leading banks in Nigeria, GTB to pay Innoson Vehicles ₦8.7 billion.

“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 ₦2.4 Billion to Innoson with a 22% interest, per annum, on the judgment until the final liquidation of the judgment. The Judgment debt of ₦2.4B has an accrued interest as at today of about ₦6,717,909,849.96 which results to about ₦8.8 Billion,” the press release signed by the Innoson Group head of corporate communications reads.


PRESS RELEASE

BREAKING: INNOSON TAKES OVER GTB OVER ₦8.7 Billion JUDGEMENT DEBT; AS SUPREME COURT DISMISS GTB’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 ₦2.4 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 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 ₦2.4 Billion to Innoson with a 22% interest, per annum, on the judgment until the final liquidation of the judgment. The Judgment debt of ₦2.4B has an accrued interest as at today of about ₦6,717,909,849.96 which results to about ₦8.8 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

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