A storm of reactions by Nigerians has greeted a move Innoson Nigeria Limited, owners of Innoson Motors, to take over Guaranty Trust Bank, GTB, following a ruling by the Supreme Court over the bank’s N8.7 billion indebtedness to the company.
Innocent Chukwuma, the company’s chairman, 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.
This online news platform understands that the Supreme Court had in a landmark decision on February 27th 2019, dismissed GTB’s appeal marked SC. 694/2014- against the judgment of Court of Appeal, Ibadan Division.
Similarly, 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.”
Moments after the news broke, Nigerians took to the micro-blogging site, Twitter, to air their opinions on the matter.
some of the reactions below…
Last year I warned my aburo Segun Agbaje, the former MD of GTB, about allowing himself to be used against Innoson Motors by the barbarians. Now the bank has been taken over by Innoson and Segun has lost his job,his reputation and his name and he has been taken to the cleaners.
Anastasia Uchenna – Ozoemena@anasoguegbe
Innoson motors has through a Writ of FiFa taken over Guaranty Trust Bank over an 8.7 billion naira debt
A writ of Fifa, means that Innoson motors has been given authority to seize and take over any property belonging to GTB they find sufficient to defray the sum owed innoson.
Canadian 🇨🇦 Certified Foodie 🍴🍕🍔@theonlyebuka
This is how MD/CEO of Innoson motors would walk when going into the GT Bank HQ #InnosonTakesOverGTB
Waist Beads Fairy 👼💫🌟@Pilz_B
Just like that, INNOSON Motors owns GT Bank?! 😂
Damn it! This Business world is funny
Now that Innoson Motors has taken over GTB, can I say that GTB has been re-TIRED? #InnosonTakesOverGTB
Canadian 🇨🇦 Certified Foodie 🍴🍕🍔@theonlyebuka
This how GT Bank staffs look whenever they see any Innoson motors product #InnosonTakesOverGTB
If you don’t withdraw all your money from @gtbank_help, you are the one that would pay the debt of 8 billion naira GTBank is owning Innoson motors.
I would visit a branch on Monday to effect account closure before they use illegal charges to empty the account.
The truth will always prevail, no matter how you hide. GTB tried to use EFCC and top APC politicians to suppress the truth. http://dailypost.ng/2019/03/29/breaking-n8-7bn-debt-innoson-motors-moves-take-gtbank/ …
BREAKING: N8.7bn debt: Innoson Motors moves to take over GTBank – Daily Post Nigeria
Innoson Nigeria Limited, Nigeria’s indigenous vehicle production company, has instituted a move to take over Guaranteed Trust Bank, GTB, following a ruling
MD/CEO of Innoson motors right now 🤣🤣🤣🌚🌚
Bills Gate And Warren Buffet are not the Best Investor’s anymore. Innoson Motors are. #InnosonTakesOverGTB
I should’ve INVESTED in Innoson Motors if only i knew this will happen. DELM!!! ‼️ #InnosonTakesOverGTB
Don’t ever play monkey business with a businessman’s money. They could have just pay N2.4 Billion to Innoson Motors but they wanted to play smart and now 22% interest has accrued to the tune of N6,717,909,849.96 which results to about about N8.8 Billion #InnosonTakesOverGTB
GTB could have prevented#InnosonTakesOverGTB if only they had paid Innoson Motors the debt when it was still less than 300million naira. Now it has escalated. And the interest is still growing every month.
Lesson: Avoid reckless debts.
The only thing Innoson Motors is taking over are assets that will satisfy the N8.8bn debt. Innoson will value GTB assets and sell them. They won’t touch your money.
Don’t allow false narratives to take over your interpretation of facts.
Said @gtbank logo implies that customers are being caged, they were really prophetic . All customers including Segun Agbaje has now been caged by #Innoson Motors boss.
As for me and my family, we are reaching for the Stars. #InnosonTakesOverGTB