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Supreme Court Slams GTB, to pay N14billion Over Case with Innoson

Supreme Court Slams GTB, to pay N14billion Over Case with Innoson

Guaranty Trust Bank (GTBank), must cough out N14billion in the next 14 days to settle Innoson Group, Nigeria’s first indigenous vehicle manufacturing company, with which it has been at loggerheads, the Supreme Court, ordered on Thursday.

The nation’s highest court, reached the decision by striking out the bank’s appeal over the verdict of the Court of Appeal, Enugu Division, which had given judgement in favour of the industrialist in the business-gone-sour incident, which had seen both parties in and out of the courts for almost a decade.

Specifically, the apex court, struck out the bank’s motion for stay of execution of the Court of Appeal, Enugu Division’s order that it should pay over N6 Billion into an interest yielding account at the Court of Appeal.

A statement by Cornel Osigwe, Head, Corporate Communications, Innoson Group, on Thursday, June 7, stated that: “Innoson’s legal team which was led by Prof McCarthy Mbadugha ESQ told the Supreme Court that the Judgment debt which arose from excess and unlawful charges which GTB took from Innoson’s account now stood at over N14billion.“The Supreme Court decision follows GTBanks motion for stay of execution at the Supreme Court when the Court of Appeal Enugu Division ruled on 9th Dec, 2014 that the appellant (GTB) is hereby ordered to pay the sum of Five Billion, Nine Hundred and thirty Six Million, One Hundred and Twenty Six Thousand, Two Hundred and Nineteen Naira, One Kobo (N5,936,126,219.01k) to the Deputy Chief Register of the Court within 14 days from the date of ruling and which the Deputy Chief Register shall pay same into an interest yielding account in a reputable bank other than Diamond Bank or Mainstreet Bank Plc pending the determination of this appeal. The money together with whatever accrues thereon shall be paid to the party who wins the appeal.

“GTBank not satisfied with the decision of the ruling of Court of Appeal, filled a motion for stay of execution at the Supreme Court, however Supreme Court today struck out GTB motion for stay of execution and maintained that it will not hear GTBank’s motion for stay of execution until it obeys the ruling of Court of Appeal to pay the said money into an interest yielding account.

“By Supreme Court decision today, GTB is expected within 14 days to pay the sum of over N14Billion judgment debt to the Deputy Chief Registrar of the Court of Appeal Enugu Division and which will now be paid into an interest yielding account in a reputable bank. The money together with whatever interest accrues thereon shall be paid to the party who wins the appeal

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