Innoson Motors Secures Legal Backing To Take Over GTB’s Properties

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Innoson Motors Secures Legal Backing To Take Over GTB’s Properties

The head of corporate communication of Innoson Nigeria Limited, Cornel Osigwe announced at a press release that the company has obtained a writ of Fifa from the Federal High Court in Awka, Anambra State against Guaranty Trust Bank (GTB). This gives Innoson the legal right to claim ownership of GTB properties worth the amount of money the bank owes the company.

In 2014, the Federal High in Ibadan ordered GTB by way of Garnishee order absolute to pay the sum of N2.4 billion to Innoson with a 22% interest per annum until the debt was liquidated. The bank, however, contested the judgment first at the appeal court and later the supreme court. On February 27, 2019, the supreme court dismissed GTB’s appeal, upholding the decision of the Federal High Court and the Appeal Court.

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GTB and Innoson Motors has for sometime now been involved in a legal battle over unlawful charges on Innoson’s account with the bank. Although the automobile company won the case twice, they were unable to get compensation for damages because GTB contested the court’s decisions.

The bank eventually claimed that Innoson illegally brought in vehicle parts with fake documents. But even this could not change the outcome of the case. The N2.4bn judgement debt that the federal high court ordered GTB to pay accrued interest of about N6,717,909,849.96 making the money N8.8 billion. The Writ of FiFa obtained by Innoson allows the judgement given by the court to take effect.

After the supreme court’s judgement, Osigwe said that they have taken over GTBank in Awka and Nnewi. “And more are coming soon,” he added.

Do you think the court’s judgement was fair? We will like you to tell us what you think.

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