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GTBank, Expert React To Claimed Takeover By Innoson

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Guaranty Trust Bank, otherwise known as GTBank, as well as other meaningful Nigerians have reacted to the claimed takeover of the bank by Innoson Motors.

Recall that the image maker of Innoson Motors, Mr. Cornel Osigwe had, on Friday, released a statement saying that Innoson has taken ownership of GTBank following a Supreme Court ruling.

In a statement made available to ElombahNews, Mr. Osigwe wrote:

The Chairman of Innoson Group, Chief Dr Innocent Chukwuma, OFR has through a 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.

Chairman of Innoson Group, Chief Dr Innocent Chukwuma

In a landmark decision on February 27th 2019, the Supreme Court of Nigeria dismissed GTB’s appeal – 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% 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 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.

The court had 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.

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.

Reacting, GTBank stated that the takeover is unrealistic as “the issue is in respect of Garnishee Proceedings against the account of the Nigeria Customs Service Board and not against the bank as an entity”.

See the attached statement below:

Also, an anonymous expert analyst with ElombahNews, speaking with respect to the court judgement, said that “the image maker of Innoson Motors… made false presentation of a court ruling”.

He wrote:

It’s like the image maker of Innoson Motors, Cornel Osigwe has as before, made false presentation of a court ruling.

If you ever believed that Innoson can seal GTBank or take ownership of it as falsefully reported, then your head need to be examined.

Rather than spreading FAKE news, ask the following questions.

Do lawyers have legal power to seal a bank?

Even if the said ruling as reported by Cornel Osigwe is correct, who enforced it or are Innoson lawyers and his team of ignorant supporters now law enforcement agents?

Why did the comedians who turned themselves into law enforcement agents focused their comedy in banks within Anambra instead of beginning the laughable enforcement at the Bank’s headquarters?

Cornel Osigwe should watch it and hope this won’t end up as previous FAKE NEWS he reported against the Supreme Court that forced Innoson company to delete its tweets from its official handle?[END]

Cornel Osigwe is yet to react to the GTBank statement after ElombahNews confronted him with the statement as at publication time.

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