The financial dispute between Chairman of Innoson Group, Innocent Chukwuma, Guarantee Trust Bank Plc, took different dimension on Friday, March 29, 2019, when the industrialist commenced enforcement of a garnishee Guarantee Trust Bank Plc, GTB, for and on behalf of Innoson Group Nigeria Limited.
Innoson Group on Friday obstructed commercial operations in all GTB Plc branches across Nigeria, shutting down the banks towards enforcing the Federal High Court, Awka, Anambra State, order to seal GTB pending the payment of about N8 billion debt the bank owes Innoson Group Nigeria Limited.
The Innoson Group and GTB Plc have been engaged in legal battle in the court for about 11 years on the reported debt of over N8 billion that accrued from excess and illegal charges the GTB Plc deducted from Innoson’s account.
Justice Olabode Rhodes-Vivour of the Supreme Court had in February 2019 set aside the appeal by GTB, upholding the judgment of the Court of Appeal and the Federal High Court, Ibadan, Oyo State, which ordered GTB to pay N2.4 billion to Innoson with a 22 per cent interest per annum which cumulated to over N8 billion.
Subsequently, the Federal High Court, Awka, Anambra State, Friday, March 29, 2019, issued an execution order on the Supreme Court judgment.
The sealing of the bank’s branches caused unexpected obstructions on the transactions of the customers of GTB, with multiplier effect on their businesses.