Innoson Motors Secures Court Order To Take Over Gtbank

….How Gtbank Got Into #8Bn Debt

A Nigerian car manufacturing company claims it has obtained a court order that allows it to take control of one of the country’s largest banks.

Innoson Nigeria Limited on Friday said it obtained a writ of Fifa from the Federal High Court in Awka, Anambra State, against Guaranty Trust Bank (GTB) to implement the judgment given by Nigerian courts over the lingering crisis between it and the bank.

A copy of the Awka court order was sent to PREMIUM TIMES.

The company in a statement signed by its spokesperson, Cornel Osigwe, said a judgement given by the Federal High Court in Ibadan was upheld by the Supreme Court of Nigeria.

A Writ of Fieri Facias (or Writ of Fi Fa) is a document issued by the court for the purpose of effecting court judgment on a debtor’s property. It is also the legal instrument by which the assets of a judgment debtor may be seized.

Innoson and GTB have for long been locked in legal tussles following disagreements over a business deal.

On Friday, Innoson claimed its Chairman, Innocent Chukwuma, has been mandated to “take over” GTB after the supreme court dismissed GTB’s appeal against the judgement of the appeal court in Ibadan.

“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,” the statement said.

“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 N2.4billion 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,” the auto firm said.

The company in its statement said a ruling delivered by Supreme Court Justice Olabode Rhodes-Vivour dismissed GTB’s appeal and thus affirmed the concurrent judgment of both the Court of Appeal and the Federal High Court, Ibadan Division.

The ruling, it said, ordered GTB by to pay N2.4 billion to Innoson with a 22 per cent interest, per annum, on the judgment until the final liquidation of the judgment.

“The Judgment debt of N2.4bn has an accrued interest as at today of about N6,717,909,849.96 which results to about N8.8 billion,” the statement said.

“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.”

Mr Chukwuma, the founder of Innoson Motors, dragged GTBank to court in 2011, alleging arbitrary charges levelled against him and a string of bank accounts he held at the bank. But GTBank later counter-sued, saying it was Mr Chukwuma who allegedly falsified bank and shipping documents to obtain tax waivers from the Nigerian government.

The bank subsequently referred the matter to the Economic and Financial Crimes Commission (EFCC). The anti-graft office filed criminal charges against Mr Chukwuma at a Lagos court. Last month, he was declared wanted for failing to appear for arraignment in the matter, which is still proceeding separately from the N14 billion arbitrary charges lawsuit currently at appellate levels.

Mr Chukwuma denied the allegations of doctoring shipping documents, saying the matter had previously been investigated by the EFCC and the police both of whom cleared him of any wrongdoing.

He accused GTBank of using law enforcement agencies to hound him and cripple his business, a claim the bank also denied.

Premium Times

43 thoughts on “Innoson Motors Secures Court Order To Take Over Gtbank

  • April 10, 2021 at 1:39 pm

    Nice post. I learn something totally new and challenging on blogs I stumbleupon everyday.

    It’s always exciting to read through content from other authors and practice a little something from other
    web sites. 0mniartist asmr

  • April 13, 2021 at 11:35 am

    I was suggested this website through my cousin. I’m no longer sure whether or not this submit
    is written through him as nobody else understand such targeted approximately my difficulty.
    You are amazing! Thanks! 0mniartist asmr

  • April 21, 2021 at 12:07 pm

    355255 114035There is noticeably a bundle to recognize about this. I assume you produced specific nice points in functions also. 113961

  • April 28, 2021 at 3:57 am

    Way cool! Some extremely valid points! I appreciate you penning this write-up and
    also the rest of the site is also very good.

  • April 28, 2021 at 10:49 pm

    I am really glad to glance at this weblog posts which includes plenty of useful information, thanks for providing
    these kinds of information.

  • April 29, 2021 at 11:05 am

    whoah this blog is excellent i love studying your articles.
    Keep up the great work! You understand, many people are searching around for this information,
    you can help them greatly.

  • April 29, 2021 at 4:17 pm

    Hi everybody, here every one is sharing such experience, therefore
    it’s fastidious to read this blog, and I used to go to see
    this weblog all the time.

  • May 4, 2021 at 1:10 am

    Hello my loved one! I want to say that this post is amazing,
    nice written and come with almost all vital infos.

    I’d like to see extra posts like this .

  • May 4, 2021 at 10:56 am

    Hello there, just became aware of your blog through Google, and
    found that it’s truly informative. I am going to watch out for brussels.

    I will appreciate if you continue this in future. Numerous people will be benefited from
    your writing. Cheers!

  • May 7, 2021 at 12:02 pm

    I do believe all the ideas you have introduced in your post.

    They are really convincing and can definitely work. Still, the posts
    are very quick for newbies. May you please extend them
    a little from next time? Thank you for the post.

  • May 8, 2021 at 5:08 am

    I don’t know whether it’s just me or if perhaps everyone else experiencing
    issues with your blog. It appears as though some of the written text on your posts are
    running off the screen. Can somebody else please
    provide feedback and let me know if this is happening to them as well?
    This may be a issue with my web browser because
    I’ve had this happen previously. Many thanks

  • May 9, 2021 at 6:00 pm

    If you are going for best contents like myself, only visit this website daily since it presents quality contents,

  • May 15, 2021 at 2:23 pm

    Hello there I am so grateful I found your blog page, I really found you by accident, while I was browsing on Digg for something else, Regardless I
    am here now and would just like to say thank you for a remarkable post
    and a all round thrilling blog (I also love the theme/design), I don’t have time
    to read it all at the moment but I have bookmarked it and also added in your RSS feeds, so when I have time I will be back to
    read a great deal more, Please do keep up the fantastic job.


  • May 17, 2021 at 2:40 am

    Now I am going away to do my breakfast, once having my breakfast
    coming over again to read other news. scoliosis

  • May 19, 2021 at 4:40 pm

    823886 311269Oh my goodness! a great post dude. Thank you Even so I will likely be experiencing issue with ur rss . Dont know why Can not subscribe to it. Will there be any person acquiring identical rss issue? Anybody who knows kindly respond. Thnkx 974319

  • May 20, 2021 at 12:30 am

    dating sites
    I feel this is among the most significant info for me.
    And i am satisfied studying your article. However should observation on few normal things,
    The website style is perfect, the articles is truly great : D.
    Good task, cheers free dating sites

  • May 21, 2021 at 3:33 pm

    When I initially commented I appear to have clicked on the -Notify me
    when new comments are added- checkbox and from now on every time a comment is
    added I recieve 4 emails with the same comment. Is there a way you
    can remove me from that service? Kudos!

  • May 26, 2021 at 12:26 am

    all the time i used to read smaller articles or reviews that
    as well clear their motive, and that is also happening with this paragraph which I am reading now.

  • May 26, 2021 at 11:27 am

    An outstanding share! I’ve just forwarded this onto a coworker who has
    been conducting a little homework on this. And he actually
    bought me breakfast due to the fact that I found it for
    him… lol. So let me reword this…. Thank YOU for the
    meal!! But yeah, thanx for spending the time to discuss this subject here
    on your internet site.

  • May 29, 2021 at 10:48 am

    Hi there to every one, as I am truly keen of reading this webpage’s post to be updated daily.

    It includes fastidious information.

  • May 30, 2021 at 11:52 am

    Wonderful website. A lot of helpful information here.
    I’m sending it to some friends ans additionally sharing in delicious.
    And naturally, thank you in your effort!

  • May 31, 2021 at 6:36 am

    Hi, Neat post. There’s an issue together with your website in internet explorer, might check this?
    IE still is the marketplace chief and a good portion of other folks will miss
    your wonderful writing due to this problem.

  • June 1, 2021 at 2:01 am

    My family every time say that I am killing my time here at net, but
    I know I am getting familiarity everyday by reading thes pleasant articles.

  • June 1, 2021 at 4:46 am

    Wonderful blog! Do you have any tips and hints for aspiring writers?
    I’m planning to start my own blog soon but I’m a little lost on everything.
    Would you propose starting with a free platform like WordPress or go for a paid option?
    There are so many options out there that I’m completely overwhelmed ..
    Any tips? Cheers!

  • June 1, 2021 at 1:39 pm

    Hi, everything is going fine here and ofcourse
    every one is sharing information, that’s truly
    excellent, keep up writing.

  • June 1, 2021 at 6:03 pm

    703675 441137hey there i stumbled upon your website looking around the web. I wanted to say I enjoy the appear of items around here. Maintain it up will save for sure. 645209

  • August 9, 2021 at 12:16 pm

    Hi i am kavin, its my first time to commenting anyplace,
    when i read this paragraph i thought i could also make comment due to this sensible
    piece of writing.

  • August 11, 2021 at 2:00 am

    Greetings! I’ve been reading your blog for a long time now and finally got the bravery to go ahead and give you a shout out from
    Dallas Tx! Just wanted to mention keep up the fantastic job!

  • August 12, 2021 at 12:04 am

    Hey I know this is off topic but I was wondering if you knew of any widgets I could add to my blog that automatically tweet my newest twitter updates.
    I’ve been looking for a plug-in like this for
    quite some time and was hoping maybe you would have some experience with something like this.
    Please let me know if you run into anything. I truly
    enjoy reading your blog and I look forward to your new updates.

  • August 16, 2021 at 7:45 pm

    It’s amazing to go to see this web site and reading the views of all colleagues on the topic of this piece of writing, while I am also zealous of getting familiarity.

  • August 17, 2021 at 8:38 am

    Wow, awesome blog layout! How long have you been blogging for?
    you made blogging look easy. The overall look of your site is magnificent,
    let alone the content!

  • August 22, 2021 at 10:37 am

    What’s up Dear, are you truly visiting this site daily, if so after
    that you will definitely take good experience.

  • August 26, 2021 at 6:55 am

    Quality articles is the secret to be a focus
    for the viewers to visit the site, that’s what this website is providing.

  • August 29, 2021 at 8:57 pm

    It’s an awesome post designed for all the web viewers; they
    will take advantage from it I am sure.

  • September 2, 2021 at 12:11 am

    I’m really enjoying the theme/design of your site. Do you ever
    run into any internet browser compatibility problems?

    A couple of my blog readers have complained about my blog
    not working correctly in Explorer but looks great in Chrome.

    Do you have any recommendations to help fix this problem?

  • September 2, 2021 at 1:30 am

    Wonderful site. A lot of helpful info here. I’m sending it to several buddies ans also sharing in delicious.
    And naturally, thanks on your effort!

  • September 3, 2021 at 7:32 am

    463707 778385Hi there, just became alert to your weblog by way of Google, and discovered that its truly informative. Im gonna watch out for brussels. Ill be grateful should you continue this in future. A lot of people will be benefited from your writing. Cheers! 715786

  • September 4, 2021 at 12:30 pm

    I do accept as true with all the ideas you’ve introduced to your post.
    They’re really convincing and will certainly work.
    Nonetheless, the posts are too short for newbies. May you please
    prolong them a little from subsequent time? Thanks for the post.

  • September 10, 2021 at 12:02 pm

    Hello, I think your website might be having browser compatibility issues.
    When I look at your website in Ie, it looks fine but when opening in Internet Explorer, it has some overlapping.
    I just wanted to give you a quick heads up! Other then that, superb blog!

    quest bars quest bars

  • September 12, 2021 at 2:27 pm

    Fascinating blog! Is your theme custom made or did you
    download it from somewhere? A design like yours
    with a few simple adjustements would really make my blog stand out.
    Please let me know where you got your theme. Bless you ps4 games ps4

Leave a Reply

Your email address will not be published.

%d bloggers like this: