Nigeria’s biggest lender, Guaranty Trust Bank Plc (GTBank), has disproved “statements circulating in the news and social media in respect of a purported enforcement” of a judgment of the Federal High Court, Ibadan, Oyo State, at one of its branches in Awka, Anambra State, granting Innoson Nigeria Limited leave to execute judgment over a prolonged legal tussle between both companies.
In a statement dated March 29, 2019 and signed by Erhi Obebeduo, company secretary, which was made available to BusinessDay, GTBank said the judgment 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”. Related News
The lender assured that being a law-abiding corporate citizen, it would take “all necessary legal steps to address this situation and ensure that no illegal or fraudulent execution is carried out”.
The Federal High Court in Ibadan had in 2014 ordered GTBank by way of Garnishee order absolute to pay N2.4 billion to Innoson with a 22 percent interest per annum on the judgment sum until the final liquidation of the judgment debt.
The Nigerian car manufacturer had in release by its head of corporate communications, Cornel Osigwe, claimed its chairman, Innocent Chukwuma, obtained a Writ of FiFa from the Federal High Court, Awka, Anambra State on behalf of the company against GTBank to “take over” its assets. The court order was sighted by BusinessDay.
Writ of FiFa (Writ of Fieri Facias) is a leave of court to execute a judgment obtained by a judgment creditor in a legal action for debt or damages by levying on the property of the judgment debtor.
The car maker said the court order was to enforce the judgement given by the Federal High Court in Ibadan and affirmed the Supreme Court of Nigeria.
“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,” Innoson said.
The Nigerian car manufacturer said rather than GTBank to obey the judgment of the Court of Appeal, it approached the Supreme Court of Nigeria to challenge the decision.
Innoson further explained that by the judgement of Federal High Court, Ibadan, the N2.4 billion has accrued interest of about N6,717,909,849.96 which results to about N8.8 billion as at Friday, March 29.
OLUWASEGUN OLAKOYENIKAN
