Chairman Innoson Group, Innocent Chukwuma

The Chairman of Innoson Group, Dr. Innocent Chukwuma, 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, in an over N8.7 billion Judgment debt.

This was contained in a statement obtained from the company’s website by Cornel Osigwe, head of corporate communication Innocent Nigeria Limited.

According to the statement, “having obtained the requisite leave the Federal High Court issued the necessary process for levying execution – the Writ of Fifa.”

(Writ of Fieri Facias) is a leave of court to execute a judgment obtained by a judgment creditor in a legal action for debt or damages by levying on the property of the judgment debtor.

Recall that 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”.

Osigwe stated further that 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 27, 2019, the 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 N2.4 billion 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, 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.

Story by: Theresa Igata