Innoson Group Vows To Takeover Nigeria’s Financial Institution, GTBank – Daily Post

Cornel Osigwe, Head of Corporate Communications, said this in a statement, while reacting to GTBank response

He
said: “GTB in a press statement signed by Erhi Obebeduo, claimed that
“the judgment allegedly in issue is in respect of Garnishee Proceedings
against the account of the Nigerian Customs Service Board domiciled with
the Bank and not against the Bank as an entity”. GTB by this claim is
nothing short of being economical with the truth.

“The Garnishee
order absolute issued by the Federal High Court Ibadan in Suit No:
FHC/L/CS/603/2006 ordered GTB to pay Innoson Nigeria Ltd the judgment
sum of N2.4 Billion with a 22% interest, per annum, on the judgment sum
until the final liquidation of the judgment.

“GTB appealed the
Federal High Court’s decision up to the Supreme Court and lost. From the
Supreme Court’s decision, you will find that the case was between GTB
and Innoson Nigeria Ltd and no other person.

“For emphasis, in a
garnishee proceeding, once an order of garnishee nisi is made, the
garnishee is required by law to set the amount involved aside and will
not allow the judgment debtor to withdraw from it; and if the order is
made absolute, the garnishee pays the money to the judgment creditor and
incurs no liability for doing that but if the order is not made
absolute the garnishee returns the money to the judgment debtor.

“In
this case, the order was made absolute since 29th July 2011 and GTB
held unto the money from that time and is using for its business. It
follows that by the time the order was made absolute it was no more the
judgment debtor’s money but rather that of Innoson Nigeria Ltd who is
the judgment creditor; if a garnishee refuses to comply with the order,
then, it becomes a judgment debtor, as GTB has become in the present
case, against whom execution of the order will issue. Therefore, there
is no merit or force in the GTB’s press statement.

“Furthermore and interestingly, the Garnishee order absolute was against GTB and no one else; and it is only GTB and no one else that will comply with the order; in the circumstance, the order will be executed against GTB and no one else.”

Source:- Dailypostng