Guaranty Trust Bank has assured its customers that their funds were safe in in the bank following reports that the bank’s properties were being taken over by Innoson Motors in line with a court order.
On Friday, Innoson Nigeria Limited had announced that it obtained a writ of Fifa from the Federal High Court in Awka, Anambra State, against GTB to effect the judgment given by the Federal High Court in Ibadan and upheld by the Supreme Court of Nigeria.
The company said it has a court order to recover N8.8billion
Cornel Osigwe, the Head of Corporate Communication of Innoson, made the announcement, saying: “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.”
“We have taken over GTBank in Awka and Nnewi,” Osigwe subsequently announced, adding that “other branches are coming soon”.
According to Osigwe, “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.”
But GTB, in a statement to clarify the issues, said the judgement is applicable to the account of the Nigerian Customs Service Board domiciled with the bank, rather than the bank as an entity.
“The attention of Guaranty Trust Bank PLC (“the Bank”) has been drawn to statements circulating in the news and social media in respect of a purported enforcement of a judgement of the Federal High court, Ibadan, Oyo state, at one of its branches in Anambra state,” it said in a statement on Friday night.
“The Bank as a law-abiding corporate citizen is taking all necessary legal steps to address this situation and ensure that no illegal or fraudulent execution is carried out.
“It is important to state that the Judgment allegedly in issue is in respect of a Garnishee Proceedings against the account of the Nigerian Customs Service Board domiciled with the Bank and not against the Bank as an entity.
“The Bank remains committed to providing best-in- class customer experience to all its valued customers.”