In what appears to be a twist of fate, Innoson Nigeria Limited, an indigenous vehicle production company, has instituted a move to take over Guaranteed Trust Bank, (GTB), following a ruling by the Supreme Court over the bank’s N8.7 billion indebtedness to the company.
The company’s chairman, Chief Dr. Innocent Chukwuma, 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.
In a landmark decision on February 27th, 2019, the Supreme Court had dismissed GTBank’s appeal marked 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 GTBank’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's by way of Garnishee order absolute to pay N2.4 Billion to Innoson with a 22 percent 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 Justice Olabode Rhodes-Vivour on Wednesday, “the Lord Justices of the Supreme Court dismissed GTBank’s appeal and thus affirmed the concurrent judgment of both the Court of Appeal and the Federal High Court, Ibadan Division which ordered GTBank's 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.”
In a statement by the Head of Corporate Communications, Innoson group’s, Cornel Osigwe disclosed that “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.
“Having obtained the requisite leave, the Federal High Court issued the necessary process for levying execution the Writ of FiFa.”
