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Innoson claims it has won an N8 billion judgment debt against GT Bank (Explained)

Innoson Vehicles, yesterday claimed it had been awarded an N8 billion judgment against Guaranty Trust Bank.

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The case between GT Bank and Innoson Motors took another turn yesterday after the local car manufacturer sent out a tweet with the heading “Innoson Takes over GTB over N8.7 Billion Judgment debt; as Supreme Court Dismiss GTB’s Appeal”

In a series of tweets published by the company, it claimed it “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.”. It also claimed this was based on “a landmark decision” on February 27th, 2019, where “the Supreme Court of Nigeria dismissed GTB’s appeal – SC. 694/2014- against the judgment of the Court of Appeal, Ibadan Division.”

See thread below;

Innosons’ claim against GT Bank

UPDATE

The judgment allegedly in issue is in respect of garnishee proceedings against the account of the Nigeria Customs Service domiciled with the bank, and not the bank as an entity. 

The bank as a law-abiding corporate citizen is taking all necessary steps to address the situation and to ensure that no illegal or fraudulent execution is carried out.

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Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via [email protected]

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Economy & Politics

Breaking: Senatorial, State House of Assembly bye-elections postponed – INEC

Senatorial and State House of Assembly bye-elections slated to hold on October 31 in 11 states have been postponed by INEC.

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Nigeria's election delay

The 6 Senatorial and 9 State House of Assembly bye-elections slated to hold on October 31 in 11 states of the Federation has been postponed by the Independent National Electoral Commission (INEC). The vacancies were as a result of death and resignation of previous members.

According to the statement issued by its National Commissioner & Chairman, Information and Voter Education, Festus Okoye Esq., INEC said the decision was taken after meeting with the 37 Resident Electoral Commissioners (RECs) on Thursday.

Though the commission did not categorically state the reason for the postponement, feelers are that it may not be unconnected with the raging #EndSARS protests across the nation.

 

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Details shortly…

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ENDSARS

#EndSARS: President Buhari issues stern warning to hoodlums

The President has issued a warning to hoodlums who have hijacked the #EndSARS protest to promote unrest.

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You are working for Nigeria, not for personal interests, Buhari warns MDAs, This is how much the Federal Government borrowed from Pension Funds in 2019, Increased productivity and higher employment rate required for inclusive growth - IFC , Of visions, plan and budget,FG to review petrol price in April, President Buhari holds National Security Council Meeting with IGP, Defence Minister, VP, and others, President Buhari issues stern warning to hoodlums in his state of the Nation address to Nigerians

President Buhari, in his state of the Nation address to Nigerians this evening has warned hoodlums and the conflict entrepreneurs who have hijacked the #EndSARS protest to promote unrest.

The President explained that the choice to demonstrate peacefully is a fundamental right of citizens as enshrined in Section 40 of the Constitution and other enactments.

“I must warn those who have hijacked and misdirected the initial, genuine and well-intended protest of some of our youths in parts of the country, against the excesses of some members of the now-disbanded Special Anti-Robbery Squad (SARS),” he said.

President Muhammad Buhari frowned against the desperate and inhumane actions of mobsters, arsonists and hoodlums which has led to the loss of human lives, sexual violence, attacks on correctional facilities, as well as public and private properties which were completely destroyed or vandalized.

(READ MORE:#EndSARS: Police officers who participated in abuse of citizens must be fished out – Governors’ Forum)

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He explained that these bad actions will not be tolerated, as it is not in line with the legitimate expression of grievance of the youth of the country. He reiterated that the Government shall continue to ensure that liberty and freedom, as well as the fundamental rights of all citizens, are protected.

What you should know from the President’s State of the Nation address

The President reiterated that the government has the obligation to protect lives and properties, and ensure that the citizens go about their daily businesses freely and protected from acts of violence.

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However, he appealed to protesters to note and take advantage of the various well-thought-out initiatives of this administration designed to make their lives better and more meaningful, and resist the temptation of being used by some subversive elements to cause chaos with the aim of truncating our nascent democracy.

The President, however, warned the youth that doing otherwise will amount to undermining national security as well as law and order, which under no circumstances will be tolerated.

President Buhari thus called on the youths to discontinue the street protests and constructively engage the government in finding solutions, as their voices have been heard loud and clear.

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ENDSARS

#EndSARS: President Buhari tells Youths to discontinue street protests

The President has advised the protesters to discontinue the street protests, but rather, engage the government in finding solutions.

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President Muhammadu Buhari has called on the #EndSARS protesters to discontinue their street protests and rather constructively engage the government in finding solutions.

The President disclosed this during his national broadcast on Thursday.

He said, “I call on our youths to discontinue the street protests and constructively engage government in finding solutions. Your voice has been heard loud and clear and we are responding.

“The choice to demonstrate peacefully is a fundamental right of citizens as enshrined in Section 40 of our Constitution and other enactments; but this right to protest also imposes on the demonstrators the responsibility to respect the rights of other citizens, and the necessity to operate within the law.

“And I call on all Nigerians to go about their normal businesses, and enjoin security agencies to protect lives and properties of all law-abiding citizens without doing harm to those they are meant to protect.”

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