Alleged N4.7bn judgement against GTB …. Bank says no court of appeal verdict in favour of Innoson

One of the biggest dramas in the long-running case between Innoson and GTB was the award of N4.7bn to Innoson by the Federal High Court, Awka. Based on the Bank’s said letter dated September 26, 2012, communicating the indebtedness of Innoson, Innoson and Mr. Innocent Chukwuma applied to Court for judgement on admission, claiming that the Bank owed Innoson the sum of N559 million.

 

According to a top staff of GTB who spoke with us on the condition of anonymity,  Innoson failed to disclose that it had an indebtedness in excess of N1.6 billion to the Bank out of which the Bank had magnanimously indicated its willingness to grant a waiver of N559 million, subject to payment of the outstanding debt within 30 days from the date of the letter.

 

The High Court in Awka granted Innoson a judgement of N4.7Billion by calculating interest on the default charges and backdating it to 2003, many years before the loan was even granted to innoson. No saying, GTB found this judgment puzzling and appealed at the Court of Appeal.

 

The Appeal Court is yet to sit on this case. This fact is important, because it shows that contrary to widespread rumours, only the Awka High Court awarded Innoson the N4.7Billion. The Appeal court is still yet to hear GTB’s appeal on this judgement. Innoson’s claim that the Court of Appeal upheld the judgement in the High Court in Akwa is false. The Court of Appeal has not heard the matter till date as it is still a pending matter before the Court.