Innoson seals 7 branches of GTB over N8.7 billion debt, bank reacts

Innoson seals 7 branches of GTB over N8.7 billion debt, bank reacts

Innoson Nigeria Limited has sealed seven branches of Guaranty Trust Bank (GTB) to recover it’s N8.7 billion.

Legit.ng gathers that the vehicle company took to Twitter on Saturday, March 30, to make the disclosure.

The spokesperson for Innoson, Cornell Osigwe, said the company would seal more of GTB branches nationwide to recover the N8.7 billion owed to the motor company.

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According to Daily Trust, the branches are: one in Nnewi, two in Onitsha, two in Awka and two in Enugu.

Osigwe said: “We will seal more of their properties to recover our money and from next week, we shall move to GTB head office to enforce the judgement of courts. We will sell those properties to get our money back."

Recalled that Osigwe had in a statement on Friday, March 29, said: “The Chairman of Innoson Group, Chief Dr. Innocent Chukwuma, OFR hast through a Writ of Fi Fa 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 had dismissed GTB’s appeal in a suit number 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 thee Federal High Court, Ibadan Division."

However, Guaranty Trust Bank refuted the news that a Federal High Court in Awka, Anambra state, granted Innoson Nigeria Limited leave to take over the bank’s properties.

GTB said that the judgment is a judgment against the account of the Nigerian Customs and Excise Board domiciled with GTBank and not against GTBank as an entity.

The bank said: “GTBank as a law-abiding corporate citizen is taking all necessary legal steps to address this situation and ensure that no illegal or fraudulent execution is carried out."

Meanwhile, Legit.ng previously reported that the Nigeria Police Force expressed readiness to partner with Innoson Vehicle Manufacturing Company Limited for the production of Armoured Personnel Carriers (APC) to assist in crime fighting.

Former inspector general of police, Ibrahim Idris, expressed the readiness on Friday, October 26, 2018, at the inauguration of IVM Granite vehicle, 2019 edition manufactured by the indigenous company in Nnewi, Anambra.

Idris commended Innoson for providing camouflaged vehicles for the Nigerian Army to tackle insecurity.

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Idris, who was represented by the deputy inspector general in charge of Logistics and Supply, Agboola Oshodi-Glover, also called on other organisations to support the locally made vehicles.

He said: “Innoson is making history. This type is rare. I congratulate you and want to assure you that police will give you all the necessary supports you need."

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Source: Legit

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