As the legal battle between a limited lability company,Innosons group of company and Guaranty Trust Bank rages on the company has reacted to allegations and issues publish in some National Daily Newspapers Contrary to allegations of the bank that Innoson company is owing GTB some money the company had refused to pay, the company alleged that the bank is indebted to it as indicated by various court judgement which the bank had refused to pay.
In one of such cases Innoson operates an account with GTB, subsequently the company discovered that GTB had imposed excess and unlawful charges in its account in the sum of N560milion and accrued interest,the company demanded for a refund the bank refused ,as a result of which the company commenced legal action in suit number FHC/AWK/CS/139/2012 against GTB at the Federal high court Awka and obtained judgement in the sum of N5.7Billion GTB appealed against the judgement at the appeal court Enugu Division Appeal Number CA/E/288/2013, the appellate court ordered that the bank to pay the judgement debt of N5.7billion with accrued interest into an interest yielding account in the name of the chief Registrar of the court.
In another suit, innoson goods were auctioned by the Nigerian customs service, the company initiated legal action against the Nigerian Custom service in suit FHC/L/CS/603/2006.judgement was rendered in the sum of N2.4Billion in favour of innoson company, through a garnishee the court ordered GTB to pay the judgement sum debt to innoson from custom account with the bank.
GTB appealed against the decision of the court at the court of appeal Ibadan Division On 6th of February,2014, the court of appeal at Ibadan affirmed the decision of the Federal high court and ordered GTB to pay the judgement sum of 2.4Billion to innoson from customs account domicile with it. On the consignment of goods and bill of lading which the bank alleged were illegally cleared by the company, the company contended that, the goods imported by innoson company were consigned to GTB under the relevant bills of lading, the bank endorsed the bills of lading to the company and released same to the company, in addition all the duties on the goods were paid by GTB.
This matter had been investigated by the Economic and financial crime commission by the former Inspector General of Police Mohammed Abubakar, GTB was asked to produce the register where details of endorsement of bill of lading are entered but the bank claimed that the register was burnt by fire. With this answer the former Inspector General of Police then cautioned the bank over frivolous allegation and asked Innoson’s representative to go.
While EFCC in conjunction with NDIC also reconciled and audited innoson’s account with GTB and discovered that the bank imposed excess and unlawful charges in the sum of N560million in Innoson’s account and was demanding the company to pay to it as its legitimate earning. Consequently, the company contended that the claim of the bank is a ruse aimed at the bank not honouring the various judgement debts of over N10Bilion it owes Innoson.