Law

INNOSON Group Vs GTB: @NGRSupremeCourt Vindicates @Denisaurus_UK Over EFCC Magu’s Backdoor Deal

👤 By Adenike Lucas

The Supreme Court has ordered Guarantee Trust Bank, GTB to pay Innocent Chukwuma, the chairman of Innoson Motor the sum of 14 billion Naira.

The bank was directed by the apex court to pay the judgment debt with 6 billion Naira into an interest yielding account within 14 days, a spokesperson for the company said.

The defendant’s lawyer, Prof McCarthy Mbadugha, welcomed the judge’s decision.

Similarly, a former aviation Minister, Femi Fani-Kayode tweeted a message of support to the CEO of Innoson on his “victory against Guaranty Trust Bank at the Supreme Court.”

Last year, operatives of the Economic and Financial Crimes Commission, EFCC arrested Chief Chukwuma on the order of GTB.

The arrest by Ibrahim Mustafa Magu’s led EFCC which was deemed “illegal,” came as the bank inappropriately deducted 786,205.955.99 from the company’s account from 2004 – 2011.

Instead of paying the money owed to Innoson, the bank allegedly connived with the leader of the EFCC to get the chairman of the Motor Group arrested.

Operatives stormed the Enugu home of the business man, an act that caused many to criticise Mr Magu.

READ ALSO : Innoson’s arrest : Group Blasts EFCC, Demand Magu’s Sack

DENISAURUS News reported then that the Borno Officer, who the Department of State Security Service, DSS, describes as a “liability to corruption fight” filed “dummy charges” against the industrialist in order to carry out a media trial.

READ ALSO : EXPOSEDINNOSON Group Vs GTB: Magu Of EFCC Wrote “Dummy Charge” Against Industrialist For “Media Trial” Purpose

Seems that the anti-graft boss failed to achieve his plans.

In a statement seen by this paper, Cornel Osigwe, the head of corporate communications for Innoson, an indigenous  vehicle company said: “Today, 7th of June 2018, The Supreme Court struck out GTBank’s motion for stay of execution of the Enugu Court of Appeal Division’s order that GTBank pays over N6 Billion into an interest yielding account at the Court of Appeal.

“Innoson’s legal team which was led by Prof McCarthy Mbadugha ESQ told the Supreme Court that the Judgment debt which arose from excess and unlawful charges which GTB took from Innoson’s account now stood at over N14billion.

“The Supreme Court decision follows GTBanks motion for stay of execution at the Supreme Court when the Court of Appeal Enugu Division ruled on 9th Dec, 2014 that the appellant (GTB) is hereby ordered to pay the sum of Five Billion, Nine Hundred and thirty Six Million, One Hundred and Twenty Six Thousand, Two Hundred and Nineteen Naira, One Kobo (N5,936,126,219.01k) to the Deputy Chief Register of the Court within 14 days from the date of ruling and which the Deputy Chief Register shall pay same into an interest yielding account in a reputable bank other than Diamond Bank or Mainstreet Bank Plc pending the determination of this appeal. The money together with whatever accrues thereon shall be paid to the party who wins the appeal.

“GTBank not satisfied with the decision of the ruling of Court of Appeal, filled a motion for stay of execution at the Supreme Court, however Supreme Court today struck out GTB motion for stay of execution and maintained that it will not hear GTBank’s motion for stay of execution until it obeys the ruling of Court of Appeal to pay the said money into an interest yielding account.

“By Supreme Court decision today, GTB is expected within 14 days to pay the sum of over N14Billion judgment debt to the Deputy Chief Registrar of the Court of Appeal Enugu Division and which will now be paid into an interest yielding account in a reputable bank. The money together with whatever interest accrues thereon shall be paid to the party who wins the appeal.”

DENISAURUS News is yet to get a response from GTB.

 

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