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#MoneyMatter : Innoson Motors Empowered To Take Over GTB’s Properties
Innoson Nigeria Limited has obtained a writ of Fifa from the Federal High Court in Awka, Anambra State, against Guaranty Trust Bank (GTB) to effect the judgment given by the Federal High Court in Ibadan and upheld by the Supreme Court of Nigeria.
This was made known in a press release issued by Cornel Osigwe, the head of corporate communication of Innocent Nigeria Limited.
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.
In 2014, the Federal High in Ibadan had ordered GTB by way of Garnishee order absolute to pay N2.4billion to Innoson with a 22% interest, per annum, on the judgment sum until the final liquidation of the judgment debt.
However, GTB appealed this decision at the appeal up to the supreme court. But, according to Innosson, the Supreme Court on February 27, 2019, dismissed GTB’s appeal and upheld the decision of both Federal High Court and the Appeal Court.
The Statement read: “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 N2.4billion 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 a 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 N2.4billion to Innoson with a 22% interest, per annum, on the judgment until the final liquidation of the judgment.
“The Judgment debt of N2.4bn 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.”
The motor company and GTB had been in a long legal battled over alleged indiscriminate charges on Innoson’s account with the bank.
GTB later claimed that Innoson fraudulently brought in vehicle parts with forged documents. However, the motor company denied this allegation, saying the allegation was an effort of defect from the real issue of ineptness against him.
“We have taken over GTBank in Awka and Nnewi,” Osigwe subsequently announced, adding that “other branches are coming soon”.
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Public Alert No. 0011/2019 – Recall of Eva Premium Table Water 75cl Due to Change in Colour and Presence of Particles.
The National Agency for Food and Drug Administration and Control (NAFDAC) has directed Nigerian Bottling Company Limited to recall Eva Premium Table Water 75cl as a precautionary step pending investigation by the Agency. The company voluntarily reported to NAFDAC on June 20, 2019, a change in colour of the product from colourless to light green and presence of particles in two lots.
The affected Eva Premium Table Water 75cl was produced between 22nd and 23rdMay, 2019 at Nigerian Bottling Company Limited, Asejire, Ibadan, Oyo State.
The details of the affected Eva Premium Table Water 75cl are:
Name of Product. Production Date. Best Before Date
Eva Premium Table Water 75cl. 22/05/19.14.27 AC4220520
Eva Premium Table Water 75cl. 23/05/19.15.15 AC4230520
Eva Premium Table Water 75cl produced by Nigerian Bottling Company is registered by NAFDAC. The NAFDAC Registration Nu…
THE General Superintendent of Deeper Life Bible Church, Pastor William Kumuyi, Saturday, maintained that the church will not be handed over to ‘rascals’ who are not portraying the image of Christ in their character.
Kumuyi made the declaration via a satellite broadcast from headquarters of the church in Lagos, while teaching on the topic, ‘Fear Not: The Promise Is Still Good’ during the Faith Clinic session at the ongoing Deeper Life National December Retreat, holding at the Deeper Life Conference Centre (DLCC), which started on Friday, December 21 and ends December 25.
He said the church will not condone any form of rascality and rebellion because the word of God never encourages that and is a strange behaviour capable of taking one to hell fire.
He said: “We are not going to hand the church over to rascals, over to rebellious people that want to scatter everything that is good that the Lord is doing. If you …