Innoson Nigeria Limited, Nigeria’s indigenous vehicle manufacturing organization, has found a move to take over Guaranteed Trust Bank, GTB, following a decision by the Supreme Court over the bank’s N8.7 billion debt to the organization.
The organization’s chairman, Chief Dr. Innocent Chukwuma, took the action through a “Writ of FiFa assumed control over Guaranty Trust Bank PLC for and on half of Innoson Nigeria Ltd” because of the Bank’s obligation to Innoson Nigeria Ltd.
In a milestone choice on February 27th, 2019, the Supreme Court had expelled GTB’s allure stamped SC. 694/2014-against the judgment of Court of Appeal, Ibadan Division.
The Court of Appeal, Ibadan division had in its choice of sixth February 2014 expelled GTB’s allure against the Federal High Court, Ibadan Division.
In this manner, the Court of Appeal asserted the judgment of the Federal High Court, Ibadan Division which requested GTB by the method for Garnishee request supreme – to pay N2.4 Billion to Innoson with a 22 percent interest per annum, on the judgment total until the last liquidation of the judgment obligation.
Instead of complying with the judgment of the Court of Appeal, GTB moved toward the Supreme Court to challenge the Court of Appeal’s choice.
In any case, in a decision conveyed by Honorable Olabode Rhodes-Vivour JSC on Wednesday, “the Lord Justices of the Supreme Court (JSC) expelled GTB’s appeal and in this way asserted the simultaneous judgment of both the Court of Appeal and the Federal High Court, Ibadan Division which requested GTB by method for Garnishee request total – to pay N2.4 Billion to Innoson with a 22% interest, per annum, on the judgment until the last liquidation of the judgment.”
An announcement by the Innoson group’s Head of Corporate Communications, Cornel Osigwe uncovered that “The Judgment obligation of N2.4B has an accumulated enthusiasm as at today of about N6,717,909,849.96 which results in about N8.8 Billion.
“In light of the Supreme Court’s choice of 27th February 2019 the advice to Innoson, Prof McCarthy Mbadugha ESQ, had moved toward the Federal High Court, Awka Division for leave to authorize the judgment having acquired Certificates of Judgment from the Ibadan Division of the Federal High Court
“Having gotten the imperative leave, the Federal High Court issued the essential procedure for imposing execution – the Writ of Fifa.”