Breaking

Saturday, March 30, 2019

BREAKING NEWS: INNOSON TAKES OVER GTB FOR ₦8.7 BILLION JUDGMENT DEBT


The Chairman of Innoson Group, Chief Dr Innocent Chukwuma has taken over Guaranty Trust Bank PLC as a result of the Bank’s indebtedness to Innoson Nigeria Ltd through a Writ of FiFa.

The Supreme Court of Nigeria has dismissed GTB’s appeal - SC. 694/2014- against the judgment of Court of Appeal, Ibadan Division on February 27th 2019.

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.

Also, in an ruling delivered by Honourable Olabode Rhodes-Vivour JSC on Wednesday, February 27th2019, 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.

Because of 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.

The Federal High Court has issued the necessary levying for execution - the Writ of Fifa.

Cornel Osigwe
Head of Corporate Communications
Innoson Group

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.