TAIWO FAROTIMI
The controversy between GT Bank and Innoson Group, one of the corporate customers of bank is yet to be resolved. While Innoson insists that the bank is indebted to it and has been asked to pay a judgement debt of N14 billion, the bank says reports in this light are misleading. In a release dated June 11, the bank advised against believing what it called “malicious” statement. However , the bank did not mention the party involved in its statement.
What really is the true situation?
Below are statements from the two parties:
First, GT Bank:
RE: False Reporting of Court Proceedings Concerning GTBank
Lagos Nigeria – June 11, 2018
The attention of Guaranty Trust Bank Plc (“the Bank”) has been drawn to false, mischievous and malicious statements circulating in the news and social media in respect of a purported directive by the Supreme Court of Nigeria to the Bank to make payments to one of its debtor Customers.
The Bank’s Customers and the General Public are hereby kindly urged to disregard these false statements as nothing could be further from the truth. There was no directive or Order issued by the Supreme Court of Nigeria to the Bank to make any payment to any of its debtor Customers.
The Bank as a highly responsible corporate citizen will in accordance with its culture and tradition refrain from making comments about on-going litigation matters and will continue to focus on using legal means to recover its bad debts. It must be emphasised that the Bank remains undeterred in its recovery drive against recalcitrant debtors.
We again reiterate that there is no iota of truth in the falsehood being peddled by desperate and mischievous elements and the General Public should disregard same in its entirety.
The Bank remains committed to providing best-in-class customer experience to all its valued Customers.
We thank you for your continued support and patronage.
Yours faithfully,
For: Guaranty Trust Bank Plc
Now, the statement from Innoson:
“On December 9, 2014, the court of appeal, Enugu division, delivered a ruling and ordered Guaranty Trust Bank Plc (GTB), to, within 14 days, pay a judgment debt of about N6 billion to the deputy chief register of the court who shall pay same into an interest yielding account pending the determination of GTB’s appeal,” the statement read.
“However, GTBank not satisfied with the ruling of the court of appeal headed to the Supreme Court and filed a motion for stay of the execution of the order.
“The public should also note that the judgment debt of N6 billion arose as a result of excess and unlawful charges which GTBank took from Innoson’s account domiciled with it.
“On June 7, 2018, the Supreme Court struck out the application filed by GTBank on the stay of execution of the order of court of appeal. The N6 billion judgment debt as at June 7, 2018 is over N14 billion.”
“We are therefore right to state: GTB shall pay Innoson’s N14 billion judgment debt into an interest yielding account within 14 days.”
Innoson’s statement was signed by Cornel Osigwe, head of corporate communications.
The statement also hinted that GT Bank has filed an appeal at the court of appeal, Enugu Division that complying with the order will adversely affect operations and deplete depositors’ funds.
So, when will the legal battle started in 2013 be brought to an end?
