How it started
An Ibadan division of the Court of Appeal had in its February 6, 2014 ruling dismissed GTB’s appeal against the Federal High Court, Ibadan Division.
In its ruling, the Court of Appeal affirmed the judgment of the Federal High Court, which ordered GTB 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.
GTBank felt justice wasn’t served approached the apex bank, unfortunately, the Supreme Court affirmed inducements of previous verdicts.
According to Daily Post, chairman of Innoson motors, Chief Dr Innocent Chukwuma, made the latest 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.
In a landmark decision on February 27th 2019, the Supreme Court had dismissed GTB’s appeal marked SC. 694/2014- against the judgment of Court of Appeal, Ibadan Division.
Innoson Motors has reacted through its Head of Corporate Communications, Cornel Osigwe “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.
“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.
Femi Fani-Kayode reacts
Meanwhile, a member of Peoples’ democratic Party (PDP) Mr Femi fani-Kayode said he warned GTBank over possible takeover before today’s landmark judgement at the Apex Bank.
Last year I warned my aburo Segun Agbaje, the former MD of GTB, about allowing himself to be used against Innoson Motors by the barbarians. Now the bank has been taken over by Innoson and Segun has lost his job,his reputation and his name and he has been taken to the cleaners.