N8.7bn DEBT: Drama as GTB resists takeover of its branch by Innoson

Apr 02, 2019

Guaranty Trust Bank (GTB) has resisted attempts to take over its branch by Innoson Group of companies.

Innoson and GTB have had a long running case over alleged indiscriminate charges on Innoson’s account with the bank.

Following GTB’s show of resistance, Innoson warned that the bank’s resistance amount to contempt of the court order, and vowed to invoke the full weight of the law against GT bank.

At Ogui road branch of GTB in Enugu, on Monday, officials prevented Innoson and its team of lawyers and security personnel from executing the seal order.

There was a mild drama as customers made panic withdrawals.

Bank manager of the Ogui road branch told Innoson lawyers and security men that they should not seal the bank, and argued that the order the court gave was execution order to pay Innoson its money but not to seal the bank.

 

“The court did not tell you to seal our bank, what they gave was an execution order to pay him his money. If they gave you order to seal it let us see the paper from court which orders you to do so.

“We are not above the law. Everybody knows that Supreme Court is the apex court in the land, once they say it that’s final, but we have not seen the paper from the Supreme Court that gave the order, and until we see that, we will not allow you to seal our bank.” the branch manager said.

Innoson’s head of communications, Cornel Osigwe however said that it’s next line of action would be contempt charge against the bank for obstructing court’s execution order.

Osigwe said “This goes to show the character of the company that we’re dealing with. The character of the company that has failed to obey court judgement, the character of the company that has consistently used kangaroo style and method as their bank relationship management to their best customers.

“We’re a law abiding company, the writ of Fifa execution was carried out by the court bailiff through due process of the law. We shall commence contempt proceedings against the Branch manager and the Managing Director. Nobody is bigger than the court in Nigeria.”

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