GTbank to pay Innoson N14bn over illegal charges

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The Supreme on Thursday has ruled out a query by Guarantee Trust Bank (GTBank) asking to uphold of execution of the judgment of the Court of Appeal, Enugu which ordered the bank to pay N6 billion into an interest yielding account controlled by the court in its suit against Innoson Motors.

The long-standing dispute between the GT and the indigenous vehicle-producing company were over a loan the bank granted to Innoson Motors.

GTbank is claiming that the Innoson is still owed, Innoson, on the contrary, suggest that it is the bank that owes him through illegal charges it deducted from his account.

There was a controversy to the litigation in 2017 when the Economic and Financial Crimes Commission (EFCC) charged Innoson Motors and its Chairman, Innocent Chukwuma before a Special Offences Court, Ikeja, Lagos, for forgery.

EFCC claim was as a result of a petition filed in by GTBank suggesting that Chukwuma of Innosons motor has forged documents of importation.

All efforts by EFCC to arrest Chukwuma for the said crime proved abortive as the defendant filed applications notifying the court of the pending case before the Supreme Court.

At the last adjourned date on May 24, 2018, Justice Dada ordered EFCC to declare Chukwuma wanted. Chukwuma on the same day accused the judge of embarrassing him.

Innoson’s legal team which was led by Prof. McCarthy Mbadugha ESQ however 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.

On Thursday, 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, however, 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.

GTBank is expected to comply with the decision of the Apex Court within 14 days as specified by the Court of Appeal. It is not clear whether the bank will also have to pay accrued interest as specified by the appellate court.

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