As shareholders give GTBank the nod to change from a public liability company to a private one, Innosn Motors has kicked against the move.
It has dragged the bank to court, saying it can’t embark on the process until it pays the judgement debt of N32.8bn it owes the vehicle manufacturers.
The companies have been at loggerheads for some time, though they used to be business friends.
GTBank’s Managing Director, Segun Agbaje, announced the move for the completion of the process after a meeting with the shareholders ratified it.
But Innoson not only dragged it to court, it also joined other institutions that include the Central Bank of Nigeria and the stock exchange commission, asking the court to stop them from endosring the decapitalisation until the money is paid.