The management of Guarantee Trust Bank Plc (GTBank) has resolved to take all necessary legal steps to ensure that “no illegal or fraudulent execution is carried out against the Bank”.
In a notice sent to the Nigerian Stock Exchange (NSE) on Friday and obtained on Saturday morning, the Bank explained that as a law-abiding corporate citizen, is taking all necessary legal steps to address the situation.
In the notice titled: Re: Purported Enforcement of a Judgment Against GTBank, the Bank said: “It is important to state that the Judgment allegedly in issue is in respect of Garnishee Proceeding against the account of the Nigerian Customs Service Board domiciled with the Bank and not against the Bank as an entity”.
GTBank added: “The Bank remain committed to providing best-in-class customer experience to all its valued customers”.
Innoson Nigeria Limited on Friday disclosed that it obtained a writ from the Federal High Court in Awka, Anambra State, against Guaranty Trust Bank (GTBank) to implement the judgment given by Nigerian courts over the disputes between it and the bank.
In a statement signed by its spokesperson, Cornel Osigwe, the Company said a judgement given by the Federal High Court in Ibadan was upheld by the Supreme Court of Nigeria.
A Writ of Fieri Facias (or Writ of Fi Fa) is a document issued by the court for the purpose of effecting court judgment on a debtor’s property. It is also the legal instrument by which the assets of a judgment debtor may be seized.
Innoson claimed its Chairman, Innocent Chukwuma, has been mandated to “take over” GTB after the supreme court dismissed GTB’s appeal against the judgement of the appeal court in Ibadan.
The statement said:“The Chairman of Innoson Group, Chief Dr. Innocent Chukwuma, OFR has through a Writ of FiFa taken over Guaranty Trust Bank PLC for and on behalf 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 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 N2.4billion 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,” the company said.
The company in its statement said a ruling delivered by Supreme Court Justice Olabode Rhodes-Vivour dismissed GTB’s appeal and thus affirmed the concurrent judgment of both the Court of Appeal and the Federal High Court, Ibadan Division.
The ruling, it said, ordered GTB to pay N2.4 billion to Innoson with a 22 per cent interest, per annum, on the judgment until the final liquidation of the judgment.
“The Judgment debt of N2.4bn has an accrued interest as at today of about N6,717,909,849.96 which results to about N8.8 billion,” the statement said.
“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.”
