BREAKING: N8.7bn debt: Innoson Motors moves to take over GTBank - Daily Post Nigeria

Innoson Nigeria Limited, Nigeria’s indigenous vehicle production company, has instituted a move to take over Guaranteed Trust Bank, GTB, following a ruling by the Supreme Court over the bank’s N8.7 billion indebtedness to the company.

In a landmark decision on February 27th 2019, the Supreme Court had dismissed GTB’s appeal marked SC. 694/2014- against the judgment of Court of Appeal, 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 per cent interest, per annum, on the judgment sum until the final liquidation of the judgment debt.

However, in a ruling delivered by Honourable Olabode Rhodes-Vivour JSC on Wednesday, “the Lord Justices of the Supreme Court 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.

Waiting a minute our money nko?

Not necessarily 'take over.' They'd seize/take over assets worth the amount owed. Why are our news headlines coined to be specious.

Your headline is not only misleading but, a disgrace to Journalism. You can do better next time, and the save most illiterates and or misinformed Nigerians the stress of spreading your fake news.

Innoson, according to an insider that knows him confided in me that, he is a v patient man. He can follow a case for life especially when he is very sure that, he will scale thru. I pity Jimi Agbaje bros He was warned but Yoruba factor against an Ibo man made him to fall in a pit

Gtbank it would have been better to loose the battle and win the war. I guess it is too late now.

😎😎😎😎😎

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