Innoson takes over GTB as against N8.7 Billion Judgement debt; as Supreme Court dismisses GTB’s appeal. 

The Chairman of Innoson Group, Chief Dr. Innocent Chukwuma, OFR has through Writ of Fifa taken over Guaranty Trust Bank PLC for and on behalf 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 of Nigeria dismissed GTB’s appeal – SC. 694/2014- against the judgement of Court of Appeal, Ibadan Division.

The Court of Appeal affirmed the judgement 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% interest, per annum, on the judgement sum until after the final liquidation of the judgement debt.

Rather than obey the judgement of the Court of Appeal, GTB approached the Supreme Court to challenge the Court of Appeal’s decision. However, in an ruling delivered by Honourable Olabode Rhodes-Vivour JSC on Wednesday, February 27th 2019, the Lord Justices of the Supreme Court (JSC) dismissed GTB’s appeal and thus affirmed the concurrent judgement 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 judgement until the final liquidation of the judgement.

The judgement debt of N2.4 Billion has an accured interest as at toady 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, Akwa Division for leave to enforce the judgement having obtained Certificates of judgement 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. This means that they have the authority to take over any property belonging to GTB they find which is sufficient to defray the sum owed Innoson.

Cornel Osigwe, Head of Corporate Communications Innoson Group

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