Nigeria’s indigenous motor manufacturing company, Innoson Motors has moved to take over GTBank following a ruling by the Supreme Court over the bank’s N8.7 billion indebtedness to the company.
A statement by Innoson Motors said the Chairman of the company, Innocent Chukwuma, instituted the move through the Writ of FiFa.
The Supreme Court had on Wednesday dismissed GTB’s appeal and affirmed the concurrent judgement of both the Court of Appeal and the Federal High Court, Ibadan, which ordered GTB to pay N2.4 billion to Innoson with a 22 per cent interest per annum.
Cornel Osigwe, spokesman of Innoson Motors in a statement on Friday said the “Judgment debt of N2.4 billion has an accrued interest as at today of about N6,717,909,849.96 which results to about N8.8 billion.
“Based on the Supreme Court’s decision of 27th February 2019 the counsel to Innoson, Prof McCarthy Mbadugha ESQ, had approached the Federal High Court, Awka Division for leave to enforce the judgment having obtained Certificates of Judgment from the Ibadan Division of the Federal High Court.
“Having obtained the requisite leave, the Federal High Court issued the necessary process for levying execution – the Writ of Fifa.”