Skip to main content

#BREAKING: Court 'Empowers' Innoson Motors To Take Over GTB’s Properties.


Innoson Nigeria Limited, Nigeria’s indigenous vehicle production company, has instituted a move to take over Guaranteed Trust Bank, GTB, following a ruling by the Supreme Court over the bank’s N8.7 billion indebtedness to the company.

The company’s chairman, Chief Dr Innocent Chukwuma, made the move through a “Writ of FiFa taken over Guaranty Trust Bank PLC for and on half of Innoson Nigeria Ltd” as a result of the Bank’s indebtedness to Innoson Nigeria Ltd.

In a landmark decision on February 27th 2019, the Supreme Court had dismissed GTB’s appeal marked 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 per cent 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 a ruling delivered by Honourable Olabode Rhodes-Vivour JSC on Wednesday, “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.”

A statement by the Innoson group’s Head of Corporate Communications, Cornel Osigwe disclosed that “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.”


Daily Post.

Comments

Popular posts from this blog

Say 'Hello' To Armless Bae, The New Queen Of Social Media!

Guyssssss!A new model is trending on social media. Her name is Ashley and in addition to modeling on Instagram, she’s also a student at North Carolina A&T. She's hot gorgeous, no doubt. BUT Ashley has an unusual feature – she was only born with one arm. But instead of that being a HANDICAP . .. it’s actually made her a lot more interesting. Here are her pics . . .

WWE Releases Hit Row, Tegan Nox, John Morrison, Drake Maverick, And More.

WWE has released 8 Superstars from their contracts. John Morrison, Top Dolla, Ashante Adonis, Isaiah Swerve Scott, Tegan Nox, Drake Maverick, Jaxson Ryker and Shane Thorne.

Iran's keeper Zohreh Koudaei accused of being a man.

  Iranian women's football team goalkeeper, Zohreh Koudaei, has been accused of being a man by the Jordan Football Association after she saved two penalties for a crucial win against Jordan.  As a result of these saves in a penalty shoot out which ended 4-2, Iran earned a place at the Women’s Asian Cup for the first time in the country’s history. The cup will take place in India in 2022.  Jordan FA is now asking for a gender verification check. Lol. Jordan FA President Prince Ali Bin Al-Hussein took to Twitter to share a letter to the Asian Football Confederation calling for an official investigation into the sex of Koudaei.