Innoson: GTB’s stance on court judgement incorrect


Innoson Nigeria Ltd. has denied the claim by Guaranty Trust Bank (GTB) that the recent court judgement obtained by the motor company was against the Nigerian Customs Service, not the bank.

Following reports in some sections of the media last Friday, that Innoson Nigeria Ltd. had started enforcing a court judgement it obtained against GTB by sealing off some branches of the Tier 1 lender in Anambra State, Company Secretary of GTB, Erhi Obebeduo, issued a statement debunking the reports.

The bank had claimed that: “The judgement allegedly in issue is in respect of Garnishee Proceedings against the account of the Nigerian Customs Service Board domiciled with the Bank and not against the Bank as an entity.”

However, in a press release signed by Head of Corporate Communications at Innoson Group, Cornel Osigwe, the motor firm described the GTB statement as “nothing short of being economical with the truth.”

Innoson said: “The Garnishee order absolute issued by the Federal High Court Ibadan, in Suit No: FHC/L/ CS/603/2006 ordered GTB to pay Innoson Nigeria Ltd. the judgement sum of N2.4 billion with a 22% interest, per annum, on the judgement sum until the final liquidation of the judgement. “GTB appealed the Federal High Court’s decision up to the Supreme Court and lost.

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