Reports have it that the Chairman of Innoson Group, Chief Dr Innocent Chukwuma, is shutting down properties belonging to Guaranty Trust Bank (GTB) in order to recover a judgment debt of N8.7billion.
Cornel Osigwe, Head of Corporate Communications, Innoson Group, said in a statement on Friday that Innoson is acting through a Writ of Fifa.
Reports say the bank branches in Awka and Nnewi in Anambra State have been shut down.
GTB is yet to react to the reports which is sending confusion to bank customers.
Reports saying Innoson was taking over GTB could be misleading. Newspeakonline understands that if the bank refuses to pay the debt, some of its properties could be sold by Innoson to recover the amount.
Osigwe’s statement reads: “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 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 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.”