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Friday, March 29, 2019

Innoson Vehicles Acquires GTBank Through "WRIT OF FIFA" - See What It Means

Innoson Vehicles made a press release on Friday that it has been given the go ahead by the Supreme High Court, Abuja to seize all properties owned by Guarantee Trust Bank (GTB) through writ of fifa.
Innoson vehicles won a court case against Guarantee Trust Bank (GTB) at the Court of Appeal, Ibadan Division on 16th February 2014, and the bank was ordered to pay Innoson the sum of #2.4 billion, with a 22% annual interest. Rather than obeying the judgement of the Court of Appeal and pay the said money, GTB decided to appeal further at the Supreme Court. Meanwhile the interest kept pilling up. 

GTB lost again at the Supreme Court, which now left them with no more appeal! Now what they owe Innoson has risen from #2.4 billion to #8.8 billion plus on interest. Apparently, GTB are yet to pay. 

The lawyers to Innoson have Applied for a Writ of Fifa. What this means is that once it is granted, they would have the authority to seize and take over any property belonging to Guarantee Trust Bank (GTB) that they can lay hands on, which is sufficient to defray the total sum of #8.8 billion they now owe Innoson.

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