Categories: Business

GTB Shows Signs Of Sinking Brand As Innoson CEO Moves To Take Over Bank

GTB Shows Signs Of Sinking Brand As Innoson CEO Moves To Take Over Bank

EKO HOT BLOG reports that Guaranty Trust Holding Company PLC, GTbank, has shown signs of a sinking brand as Innoson Vehicle Manufacturing, IVM, CEO, Chief Innocent Ifediaso Chukwuma, moves to take over the bank over failure to repay debts.

Chukwuma says he is close to taking over GTbank.

Chukwuma made the statement during an interactive zoom meeting he had with journalists on Sunday in Anambra State.

This online media platform recalls that the legal battle between Innoson and GTB dates back to 2011 when Innoson Nigeria said it realised that GTBank had wrongly debited its account with charges in excess of N700m (then:$4.7m; now: $1.9m) but has dragged up to billions in naira.

The bank is allegedly owing Innoson over N30 billion in accrued interest by 22 per cent.

Commenting on the development, Chukwuma said, “The way GTB is going about the case is disappointing; however, at the right time, we will move in and take over the bank.

“GTBank is only prolonging the doomsday, if they like they should change their names as many times as possible, once I’m ready, I will take over the bank.”

Meanwhile, the Supreme Court had last Friday reversed its earlier dismissal of an appeal by GTBank against an N2.4 billion judgment given in favour of Innoson Motors Nigeria Limited by the Court of Appeal in Ibadan, Oyo State.

In a judgment delivered on Friday, a five-man panel, led by Justice Olukayode Ariwoola, held unanimously that the Court erred when, in a ruling on February 27, 2019, it dismissed the appeal marked SC/694/2014 filed by GTB.

In the lead judgment, written by Justice Tijani Abubakar but read by Justice Abdu Aboki, the apex court held that it was misled by its Registry, which failed to promptly bring to the notice of the panel that sat on the case on February 27, 2019, that GTB had already filed its appellant’s brief of argument.

The judgment was on an application by GTB seeking the re-listing of the appeal on the grounds that it was wrongly dismissed. The Supreme Court noted that had the panel that sat on the case on February 27, 2019, been notified of the existence of the appellant’s brief of argument, it would not have dismissed GTB’s appeal for lack of diligent prosecution.

Relying on Order 8 Rule 16 of the Supreme Court’s Rules, Justice Abubakar, held that the apex court has the power to set aside its decision in certain circumstances, like any other court.

He said such circumstances include where there is any reason to do so, where any of the parties obtained judgment by fraud or deceit, where such a decision is a nullity or where it is obvious that the court was misled into giving a decision.

Abubakar held that the circumstances of the GTB case fell into the category of the rare cases where the Supreme Court could amend or alter its own order on the grounds that the said order or judgment did not present what it intended to record.

“I am convinced that at the material time that the appellant’s appeal was inadvertently dismissed by this court, there was a valid and subsisting brief of argument filed by the applicant. It will be unjust to visit the sin of the court’s Registry on an innocent, vigilant, proactive and diligent litigant.

“The order dismissing the appeal was, therefore, made in error. It ought not to have been made if all materials were disclosed. The application is, therefore, meritorious and hereby succeeds,” he said.

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Paul Mbagwu