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| The Brands. |
Right
before our very eyes, the Chairman of Innoson Group, Chief Dr Innocent
Chukwuma, OFR has 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.
In a
landmark decision on February 27th 2019, the Supreme Court of Nigeria dismissed
GTB’s appeal - SC. 694/2014-
against the judgment of Court of Appeal, Ibadan Division.
The
Court of Appeal, Ibadan division had in its decision of 6th February 2014
dismissed GTB’s appeal against the Federal High Court, Ibadan Division. Thus,
the Court of Appeal affirmed the judgment of the Federal High Court, Ibadan
Division which ordered GTB by way of Garnishee order absolute – to pay N2.4
Billion to Innoson with a 22% interest, per annum, on the judgment sum until
the final liquidation of the judgment debt.
Rather
than obey the judgment of the Court of Appeal, GTB approached the Supreme Court
to challenge the Court of Appeal's decision.
However
in an ruling delivered by Honourable Olabode Rhodes-Vivour JSC on Wednesday,
February 27th2019, the Lord Justices of the Supreme Court (JSC) dismissed GTB’s
appeal and thus affirmed the concurrent judgment of both the Court of Appeal
and the Federal High Court, Ibadan Division which ordered GTB by way of
Garnishee order absolute – to pay N2.4 Billion to Innoson with a 22% interest,
per annum, on the judgment until the final liquidation of the judgment. The
Judgment debt of N2.4B has an accrued interest as at today of about
N6,717,909,849.96 which results to about N8.8 Billion.
Based
on the Supreme Court's decision of 27th February 2019 the counsel to Innoson,
Prof McCarthy Mbadugha ESQ, had approached the Federal High Court, Awka
Division for leave to enforce the judgment having obtained Certificates of
Judgment from the Ibadan Division of the Federal High Court.
Having
obtained the requisite leave, the Federal High Court issued the necessary
process for levying execution - the Writ of Fifa.
Cornel
Osigwe.
S.A to Chief Innocent Chukwuma on Media
S.A to Chief Innocent Chukwuma on Media
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