Innoson in court, denies owing bank N2.4bn

 
INNOSON Nigeria Limited, has described as untrue, recent media report that it was indebted to Guaranty Trust Bank Plc to the tune of N2.4billion. Innoson is insisting that from the various cases in court, some which had been ruled upon by the Court of Appeal in Enugu and Ibadan, which have now shifted to the Supreme Court, along others suits, it was clear that it was not indebted to the bank.

Dangote, Uduaghan and Innoson

Tracing its history with the bank, the company said that at all material times, it oprates a current account with GTB and it discovered imposed excess and unlawful charges in its current account in the sum of N560million and that the bank was demanding it to pay this to it with the accrued interest thereon, but it requested the bank to credit its account with the N560m and the accrued interest.

The company said that the bank refused this request, as a result, it commenced suit FHC/AWK/CS/139/2012 against the bank before a Federal High Court, Awka and obtained judgement in excess of N4.7billio against the bank.

The bank appealed the judgment to the Court of Appeal, Enugu in appeal CA/E/288/2013. The Court of Appeal, Enugu in its ruling ordered the bank to pay the judgment debt of N5.7bn inclusive of the accrued interest and any interest that would subsequently accrue thereon into an interest yielding account in the name of the Chief Registrar of the court.

On the Customs angle, the company said Nigerian Customs Services sold its goods by auction, following which it commenced suit FHC/L/CS/603/2006 against customs. Thereat, judgment was rendered in excess of N2.4bn in favour of Innoson in the suit against customs. Subsequently, Innoson garnisheed customs’ account with GTB. Through a garnishee order absolute the court ordered GTB to pay the judgment debt of over N2.4bn to Innoson from customs account with it.

The company added that the bank appealed this decision to the Court of Appeal, Ibadan appeal CA/I/258/2011. However, on February 6, 2014, the Court of Appeal, Ibadan dismissed the bank’s appeal, affirmed the decision of the Federal High Court and ordered the bank to pay the judgment debt of over N2.4bn to Innoson from customs account with it.

The company insisted that at all material times, goods imported by Innoson were consigned to GTB under the relevant Bills of lading. The bank endorsed the Bills of lading to Innoson and released same to Innoson. The bank recorded its endorsement and releasing of the Bills of lading to Innoson in its records.