Innoson Nigeria Limited, Nigeria’s 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 GTB’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 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 N2.4 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.”
A statement by the Innoson group’s Head of Corporate Communications,
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.”