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Innoson Floors GTBank At Supreme Court

GTB to pay Innoson’s N14b judgment debt into an interest yielding account, says Supreme Court

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Chief Innocent Chukwuma, CEO of Innoson is a happy man as his company, Innoson Group floored Guarantee Trust Bank [GTBank] at the Supreme Court on Thursday.

The decision of the apex court was disclosed to ElombahNews by Head Corporate Communications, Innoson Group, Mr. Cornel Osigwe in a statement.

According to Mr. Osigwe, the Supreme Court ordered GTBank to pay Innoson N14 billion judgment debt into an interest yielding account,

The statement reads in full:

Today, 7th of June 2018, The Supreme Court struck out GTBank’s motion for stay of execution of the Enugu Court of Appeal Division’s order that GTBank pays over N6 Billion into an interest yielding account at the Court of Appeal.

 Innoson’s legal team which was led by Prof McCarthy Mbadugha ESQ told the Supreme Court that the Judgment debt which arose from excess and unlawful charges which GTB took from Innoson’s account now stood at over N14billion.

The Supreme Court decision follows GTBanks motion for stay of execution at the Supreme Court when the Court of Appeal Enugu Division ruled on 9th Dec, 2014 that the appellant (GTB) is hereby ordered to pay the sum of Five Billion, Nine Hundred and thirty Six Million, One Hundred and Twenty Six Thousand, Two Hundred and Nineteen Naira, One Kobo (N5,936,126,219.01k) to the Deputy Chief Register of the Court within 14 days from the date of ruling and which the Deputy Chief Register shall pay same into an interest yielding account in a reputable bank other than Diamond Bank or Mainstreet Bank Plc pending the determination of this appeal. The money together with whatever accrues thereon shall be paid to the party who wins the appeal.

GTBank not satisfied with the decision of the ruling of Court of Appeal, filled a motion for stay of execution at the Supreme Court, however Supreme Court today struck out GTB motion for stay of execution and maintained that it will not hear GTBank’s motion for stay of execution until it obeys the ruling of Court of Appeal to pay the said money into an interest yielding account.

By Supreme Court decision today, GTB is expected within 14 days to pay the sum of over N14Billion judgment debt to the Deputy Chief Registrar of the Court of Appeal Enugu Division and which will now be paid into an interest yielding account in a reputable bank.

The money together with whatever interest accrues thereon shall be paid to the party who wins the appeal. [End]

Chief Chukwuma was recently declared wanted  by a Lagos High Court judge.

It is expected that the Judge will withdraw her order and recuse herself from the suit.


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