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.

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 onome.ohwovoriole@nairametrics.com

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