GTB vs INNOSON: Bank Directors Woo Innosson for Deposits



By John Okoh

The recent order by the Supreme Court that Guaranty Trust Bank, GTB, should pay Innoson Motors an eye-popping N14b has made some banks to unleash their directors on the Nnewi home of the carmaker boss, Innocent Chukwuma, to solicit for a chunk of the money as deposits.

According to a dependable sources, the bank directors are in charge of marketing and two so far have approached Chief Chukwuma, the boss of Innoson motors, a car manufacturing company based in Nnewi, Anambra State in southeastern Nigeria.

“The bank directors came from two new generation banks, one is in Asaba in Delta State and the other is in Enugu, Enugu state,” said the source, adding “they are in charge of marketing in their banks. The one from Delta simple asked for N1b while the other stated any amount in the neighbourhood of N2b to N3b. All of them promised ‘Oga’ generous facilities of their respective banks”.

One of the banks had undergone acquisition and change of name during the regime of Dr. Chukwuma Soludo as Central Bank governor and was acquired under a new name after the bank downsizing exercise carried out by Sanusi Lamido as Central Bank governor.

The other, also a new generation bank, recently acquired another new generation bank though the acquisition was sold to the public as a merger.

Asked about the automaker’s response to the banks requests, the source said the business mogul was still weighing the options, considering that the case between his company and GTB was yet to be resolved financially.

The Federal High Court sitting in Ibadan had on April 5, 2019, refused to hear or grant GTB an injunction to restrain Innoson from continuing to levy execution against it. The court also refused to stay execution.

Cornel Osigwe, Head Corporate Communications, in a statement said despite the decision of the Supreme Court on February 27th 2019, dismissing the appeal by Guaranty Trust Bank (GTB) and affirming the concurrent judgment of Court of Appeal, Ibadan division and Federal High Court Ibadan, which ordered GTB by way of Garnishee Order Absolute to pay Innoson Nigeria Ltd the sum of N2.4 Billion with a 22 per cent interest, per annum, on the judgment sum until the final liquidation of the judgment debt, the bank is yet to comply with this order.

He noted that in order to stop Innoson from continuing with the take over its assets in execution of the aforesaid judgment, GTB approached the Federal High Court, Ibadan on Friday, 5th April 2019 and requested the court, through a motion, to stay execution and or for an injunction restraining Innoson from continuing with executing a judgment which the Supreme Court has affirmed when it dismissed the GTB’s appeal against the Court of Appeal’s decision affirming the High Court’s judgment and order in favour of Innoson.

Following the slow response of GTB to the apex court ruling, Innoson motors had approached the bank again for a mandate to get his money and the court reportedly gave the bank two weeks to comply.

In fact the interest on the money has mounted to the current N14b, which is exciting the interests of the bank directors asking Innoson for deposits.

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