Supreme Court Judgement: Innoson Clarifies, Berates GTBank
Says Supreme Court judgement against GTB no one else
Innoson Group has shed more light on the Supreme Court judgement against GTBank on Friday.
The Head of Corporate Communications, Innoson Group, Mr. Cornel Osigwe made the clarification in a press release following an enquiry by ElombahNews.
Recall that GTBank in its response signed by Erhi Obebeduo claimed that “the judgment allegedly in issue is in respect of Garnishee Proceedings against the account of the Nigerian Customs Service Board domiciled with the Bank and not against the Bank as an entity”.
In a statement titled “The Enforcement Of Judgment Against Guaranty Trust Bank”, Mr. Osigwe said that by this claim GTB is nothing short of being economical with the truth.
He explained that the current judgement “was between GTB and Innoson Nigeria Ltd and no other person”.
He stated: “The Garnishee order absolute issued by the Federal High Court Ibadan in Suit No: FHC/L/CS/603/2006 ordered GTB to pay Innoson Nigeria Ltd the judgment sum of N2.4 Billion with a 22% interest, per annum, on the judgment sum until the final liquidation of the judgment.
“GTB appealed the Federal High Court’s decision up to the Supreme Court and lost.
“From the Supreme Court’s decision, you will find that the case was between GTB and Innoson Nigeria Ltd and no other person.
“For emphasis, in a garnishee proceeding, once an order of garnishee nisi is made, the garnishee is required by law to set the amount involved aside and will not allow the judgment debtor to withdraw from it.
“If the order is made absolute, the garnishee pays the money to the judgment creditor and incurs no liability for doing that but if the order is not made absolute the garnishee returns the money to the judgment debtor.”
Explaining why GTBank is liable in the apex court verdict, he said GTB held unto the money from the time the order was made absolute since 29th July 2011 and has been using for its business.
Osigwe said: “In this case, the order was made absolute since 29th July 2011 and GTB held unto the money from that time and is using for its business.
“It follows that by the time the order was made absolute it was no more the judgment debtor’s money but rather that of Innoson Nigeria Ltd who is the judgment creditor.
“If a garnishee refuses to comply with the order, then, it becomes a judgment debtor, as GTB has become in the present case, against whom execution of the order will issue.”
Therefore, he concluded by saying that “there is no merit or force in the GTB’s press statement” as the Garnishee order absolute was against GTB and no one else.
“It is only GTB and no one else that will comply with the order.
“In the circumstance, the order will be executed against GTB and no one else,” he noted.
Watch video of the court order being executed by Innoson Group: