Innoson Motors Takes Over GTBank

Written by Gloria Irabor

Innoson Nigeria Limited, owners of Innoson Motors, is set to take over Guaranty Trust Bank, GTBank, following a ruling by the Supreme Court over the bank’s N8.7 billion indebtedness to the company.

Innocent Chukwuma, the company’s chairman, had made the move through a “Writ of FiFa taken over Guaranty Trust Bank PLC for and on half of Innoson Nigeria Ltd” as a result of the Bank’s indebtedness to Innoson Nigeria Ltd.

The Supreme Court had in a landmark decision on February 27th 2019, dismissed GTB’s appeal marked SC. 694/2014- against the judgment of Court of Appeal, Ibadan Division.

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Similarly, 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 GTBank by way of Garnishee order absolute – to pay N2.4 Billion to Innoson with a 22 per cent 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, “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.”

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About the author

Gloria Irabor

I love to be engrossed in a world of creativity and I detest injustice. I can analyse almost anything but most of all I try to get better in everything I do.

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