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Court Set To Send GTBank MD, Segun Agbaje, Chairman, Mrs Osaretin To Jail Over Contempt Of Court |RN

GTBank-Innoson-Agbaje

Innoson group CEO, Chief Innocent Chukwuma, GTBank MD, Mr Segun Agbaje

The issue surrounding the case of Innoson motor with GTBank has been taking several unprecedented U-turns that it is most likely that this may get another twist for GTbank.

The reason behind the resistance from GTbank is what has baffled some in different quarters and some have asked the question, if GTBank managing director is pursuing another agenda than pure commercial dealings with Chief Innocent Chukwuma or Innoson Vechicles Manufacturing.

Innoson won their case against GTBank in the Supreme Court but it appears the bank leadership has refused to abide by the rulings of the highest court in Nigeria. This portends a grave danger for the leadership of the bank since they can longer appeal any case to any higher court than the Supreme Court of Nigeria.

Below is the  press statement from Innoson group:

Press Release

Court Set To Commit Guaranty Trust Bank’s MD Segun Agbaje and Its Chairman Mrs Osaretin Demuren To Prison Over Contempt Charge.

The Managing Director of Guaranty Trust Bank Segun Agbaje, Its Chairman Mrs Osaretin Demuren and the Company Secretary Erhi Obebeduo are set to physically appear before the Federal High Court Awka to show cause why they should not be committed for contempt and sent to prison for their willful, deliberate, wanton and unlawful violation of the subsisting Orders of the Supreme Court, Court of Appeal and the Federal High Court, Awka division and or for interfering with or obstructing due administration of Justice as epitomized by acts of hooliganism, thuggery, extreme lawlessness and condemnable impunity exhibited by them on the 29th and 30th of March, 2019 and on the 1st of April 2019.

The relief is contained in an application filed before the court by Counsel to Innoson Nigeria Ltd, Prof McCarthy Mbadugha ESQ against Guaranty Trust Bank on its acts of thuggery, extreme hooliganism and outright lawlessness in breaking into all the properties of GTB which have been distressed and seized by the Court bailiffs/sheriffs while executing a writ of fifa issued by the Court.

It should be recalled that Prof McCarthy Mbadugha ESQ obtained from the Court the requisite leave and necessary process for levying execution- the writ of fifa against GTB who failed to obey the Supreme Court and Court of Appeal’s Order affirming the Garnishee order absolute issued by the Federal High Court Ibadan in Suit No: FHC/L/CS/603/2006- ordering the bank to pay Innoson Nigeria Ltd the judgment sum of N2.4 Billion with a 22% interest, per annum, on the judgment sum until the final liquidation of the judgment. The Judgment debt of N2.4Billion has an accrued interest of over N6.7Billion as at today, thereby resulting in the total outstanding judgment debt being over N9 Billon as at today.

However, GTB through acts of thuggery, hooliganism, lawlessness and outright impunity committed in the company of thugs and hoodlums procured by the cited parties- Segun Agbaje, Mrs Osaretin Demuren, Erhi Obebeduo -obstructed the Court bailiffs/Sheriffs from executing the orders of the Court and also un-distressed and released from seizures all the properties of the banks seized and attached by the bailiffs/Sheriffs. These acts were in furtherance and in realization of the bank’s Press Release on 29th March 2019 that the execution is illegal and fraudulent and that it will resist it by any means necessary.

Innoson Nig Ltd through its counsel Prof McCarthy Mbadugha Esq in its Motion on Notice has sought the following prayers among others;

  • An ORDER of this Honourable Court commanding and or mandating the appearance of the cited parties on a day, date, time and venue as may be deemed fit by this Honourable Court to physically appear and show CAUSE why they should not be committed for contempt and sent to PRISON for the wilful, deliberate, wanton and unlawful violation of the subsisting Orders of this Honourable Court and or interfering with or obstructing the court’s due administration of Justice as epitomized by acts of hooliganism, thuggery, extreme lawlessness and condemnable impunity as exhibited on the 29th and 30th of March, 2019 and on the 1st April, 2019.
  • AN ORDER that the acts of thuggery, extreme hooliganism and outright lawlessness of the garnishee/debtor and or the parties cited in this application in breaking into all the properties of the garnishee/debtor distressed, attached and seized by the bailiffs/sheriffs of the Honourable Court pursuant to a writ of fifa issued by the Honourable Court for that purpose and retrieved those properties, undistressed as well as released them from attachment and or seizure amounts to a grievous contempt of this Honourable Court of the worst specie.

  • AN ORDER that the acts of thuggery, extreme hooliganism and outright lawlessness of the cited parties in obstructing and in stopping the Sheriffs/bailiffs of the Honourable Court from attaching, seizing and distressing the properties of the Garnishee/Debtor amounts to wilful and contemptuous violation of the subsisting orders of this Honourable Court as well as obstructing and interfering with the course of justice and due administration of justice.

  • AN ORDER denying the Garnishee/Debtor, the cited parties – contemnors – or any other person affiliated or related to them, their counsel further or other audience or an opportunity to seek judicial intervention or palliatives before this Honourable Court – or any other Court of the Federal High Court until they purge themselves of contempt.

Cornel Osigwe
Head Corporate Communications
Innoson Group

 

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Innoson To GTBank: Convert N8.7 bn Judgement Debt To Shares |The Republican News

Innoson versus GTBank

Owing to the inability of Guaranty Trust Bank (GTB) to comply with the Supreme Court’s judgement ordering it to pay N8.7 billion to Innoson Nigeria Ltd., the company has asked the bank to convert the said sum or part of it to shares for its benefit. This was contained in a statement issued yesterday by Innoson Group’s Head of Corporate Communications, Cornel Osigwe.

The company had earlier written the bank through its lawyer, McCarthy Mbadugha, demanding the payment of the judgement sum and accrued interest. In the letter dated 25th March, 2019, addressed to Managing Director of GTB, the lawyer recalled that, “On 20th December, 2010, the Federal High Court, Ibadan Division, delivered judgement in suit No. FHC/L/ CS/603/2006 between Innoson Nigeria Ltd. and Nigeria Customs Service in favour of Innoson Nigeria Ltd in the following terms: (I) N700,200,000; (II) 22 per cent interest per annum on the said sum from commencement of action; and (III) 22 per cent interest per annum on the said sum from the date of judgement till final liquidation of judgement sum.”

It was further added that the same court, on 29th July, 2011, in a garnishee order, directed the bank to pay N2,048,737,443.67, being the principal judgement and accrued interest. Innoson’s lawyer further noted that dissatisfied with the orders, the bank lodged several appeals up till the Supreme Court where a final decision was reached on 27th February, 2019 affirming the lower court’s judgement. Consequently, the lawyer is demanding the payment of N8.7 billion, representing judgement sum and accrued interest from GTB, to his client.

However, in the statement issued by Osigwe as a follow-up to the letter, Innoson further demanded the immediate payment of the money from the bank or that in the alternative, the money should be converted to shares for its benefit. According to Osigwe, the request was sequel to claims by the bank that paying the debt will not only affect its operations negatively, but will also erode its capital base. “Innoson Nigeria Ltd. is aware that GTB had earlier deposed to an affidavit in the court that its banking operation will be seriously and adversely affected, and also its capital base eroded if it complies with the order of the court.

“Based on the foregoing and in furtherance of the letter to GTB by counsel to Innoson Nigeria Ltd., McCarthy Mbadugha, on 25th March, 2019, that it pays the N2.4 billion judgement debt to Innoson Nigeria Ltd. with the accrued interest of N6,717,909,849.96, Innoson Nigeria Ltd., therefore, demands from GTB that if its banking operation will be seriously and adversely affected, and its capital base eroded as a result of the N8.7 billion judgement debt, that it should, as a matter of utmost urgency, convert the said sum or part of it into shares and allot same to Innoson Nigeria Ltd,” the statement partly reads.

Osigwe further noted that in order to stop Innoson from continuing with taking over its assets in execution of the judgement, GTB approached the Federal High Court, Ibadan on Friday, 5th April 2019 and requested the court, through a motion for a stay of execution and or for an injunction restraining Innoson from continuing with executing the judgement. According to him, the Federal High Court sitting in Ibadan refused to grant the bank an injunction to restrain Innoson from continuing to execute the judgement. (New Telegraph)

 

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