Court ‘Empowers’ Innoson Motors To Take Over GTBank Over N8.8 Billion Dept

Innoson Nigeria Limited has been empowered to take over Guaranteed Trust Bank (GTB) following a judgment given by the Federal High Court in Ibadan and upheld by the Supreme Court of Nigeria.

The company’s chairman, Chief Dr Innocent Chukwuma, was empowered through a “Writ of FiFa from the Federal High Court in Awka, Anambra State, against Guaranty Trust Bank (GTB) over the bank’s N8.8 billion indebtedness to the company.

Writ of FiFa (Writ of Fieri Facias) is a leave of court to execute a judgment obtained by a judgment creditor in a legal action for debt or damages by levying on the property of the judgment debtor.

This was made known in a press release issued by Cornel Osigwe, the head of corporate communication of Innocent Nigeria Limited.

In 2014, the Federal High in Ibadan had 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.

However, on February 27, 2019, the Supreme Court dismissed GTB’s appeal and upheld the decision of both Federal High Court and the Appeal Court. The statement reads:

“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.”

“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.

“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.”