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.”
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com