GTB vs Innoson Motors: S’ Court Orders GTB to Pay N14 Billion in 14 Days.

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The Supreme Court today ordered Guaranty Trust Bank to pay the sum of N14Billion Judgment debt into an interest yielding account to be domiciled with the Deputy Chief Registrar pending the final determination of the suit filed by the Chairman of Innoson Motors, Chief Innocent Chukwuma against the bank.

In a statement Thursday by Cornel Osigwe, Innoson Group’s head of corporate communications, the court struck the motion for stay of execution of the Enugu court of appeal division’s order that GT Bank pays N6 billion into an interest yielding account.

The Supreme Court decision follows GTB motion for stay of execution at the Supreme Court when the Court of Appeal Enugu Division ruled on 9th Dec, 2014 that the appellant (GTB) is hereby ordered to pay the sum of Five Billion, Nine Hundred and thirty Six Million, One Hundred and Twenty Six Thousand, Two Hundred and Nineteen Naira, One Kobo (N5,936,126,219.01k) to the Deputy Chief Register of the Court within 14 days from the date of ruling and which the Deputy Chief Register shall pay same into an interest yielding account in a reputable bank other than Diamond Bank or Mainstreet Bank Plc pending the determination of this appeal. The money together with whatever accrues thereon shall be paid to the party who wins the appeal.

GTB not satisfied with the decision of the ruling of Court of Appeal, filled a motion for stay of execution at the Supreme Court, however Supreme Court today struck out GTB motion for stay of execution and maintained that it will not hear GTB’s motion for stay of execution until it obeys the ruling of Court of Appeal to pay the said money into an interest yielding account.

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By Supreme Court decision today, GTB is expected within 14 days to pay the sum of over N14Billion judgment debt to the Deputy Chief Registrar of the Court of Appeal Enugu Division and which will now be paid into an interest yielding account in a reputable bank.

The money together with whatever interest accrues thereon shall be paid to the party who wins the appeal.

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