Uproar, mockery on Facebook as some claim Innoson has taken over GTBank

Controversy has continued to rage on Facebook over a statement issued by Innoson Group, a vehicles manufacturing company, that it has obtained a nod from court to take over Guaranty Trust Bank.
Some sympathetic with Innoson have been eagerly broadcasting the ‘victory’, while others are shading them for what they call their stark ignorance.
Critics of the take-over chant are asking whether the promoters ever attended any school.
As is usually the case in Nigeria, the arguments are also carrying ethnic coloration in some repects.
Innoson had, in a statement first shared on its Twitter page on Friday, said the Supreme Court upheld the ruling earlier given at the Federal High Court in Ibadan.
According to the piece signed by Innoson’s Head of Corporate Communications, Cornel Osigwe, the company has, indeed, automatically taken over the bank.
It reads: “The Chairman of Innoson Group, Chief Dr Innocent Chukwuma, OFR has through a Writ of FiFa taken over Guaranty Trust Bank PLC for and on behalf of Innoson Nigeria Ltd as a result of the Bank’s indebtedness to Innoson Nigeria Ltd. In a landmark decision on February 27th 2019, the Supreme Court of Nigeria dismissed GTB’s appeal – SC. 694/2014- against the judgment of Court of Appeal, Ibadan Division.
“The Court of Appeal, Ibadan division had in its decision of 6th February 2014 dismissed GTB’s appeal against the Federal High Court, Ibadan Division.
“Thus, the Court of Appeal affirmed the judgment of the Federal High Court, Ibadan Division which ordered GTB by way of Garnishee order absolute – to pay N2.4 Billion to Innoson with a 22% interest, per annum, on the judgment sum until the final liquidation of the judgment debt.
“Rather than obey the judgment of the Court of Appeal, GTB approached the Supreme Court to challenge the Court of Appeal’s decision.
“However in an ruling delivered by Honourable Olabode Rhodes-Vivour JSC on Wednesday, February 27th2019, the Lord Justices of the Supreme Court (JSC) dismissed GTB’s appeal and thus affirmed the concurrent judgment of both the Court of Appeal and the Federal High Court, Ibadan Division which ordered GTB by way of Garnishee order absolute – to pay N2.4 Billion to Innoson with a 22% interest, per annum, on the judgment until the final liquidation of the judgment.
“The Judgment debt of N2.4B 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.”
Many are, however, wondering whether the need to collect N8.8bn from the bank amounts to taking it over when it is actually worth trillions.
T douse the tension, GTBank has also issued a statement, saying it is taking steps to ensure no fraudulent take-over is done.
It says in a statement signed by its Company Secretary, Erhi Obebeduo, “The attention of Guaranty Trust Bank Plc (“the Bank”} has been drawn to statements circulating in the news and social media in respect of a purported enforcement of a Judgment of the Federal High Court, Ibadan, Oyo State. at one of its branches in Anambra State.
“The Bank as a law-abiding corporate citizen is taking all necessary legal steps to address this situation and ensure that no illegal or fraudulent execution is carried out.
“It is important to state 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.
“The Bank remains committed to providing best-in-class customer experience to all its valued Customers.”