• About
  • Advertise With Us
  • Home
  • Privacy Policy
Sunday, June 22, 2025
  • Login
Jungle Journalist Media Limited
  • NEWS
  • POLITICS
  • ECONOMY & BUSINESS
  • GAMES & SPORTS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH & FOOD
  • NIGER DELTA
  • SECURITY / MILITARY
No Result
View All Result
  • NEWS
  • POLITICS
  • ECONOMY & BUSINESS
  • GAMES & SPORTS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH & FOOD
  • NIGER DELTA
  • SECURITY / MILITARY
No Result
View All Result
Jungle Journalist Media Limited
No Result
View All Result
  • NEWS
  • POLITICS
  • ECONOMY & BUSINESS
  • GAMES & SPORTS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH & FOOD
  • NIGER DELTA
  • SECURITY / MILITARY

Home » ECONOMY & BUSINESS » Innoson Motors Asks Court To Set Aside Order Sanctioning GTB’s Scheme To Transmute To GTB Holdco

Innoson Motors Asks Court To Set Aside Order Sanctioning GTB’s Scheme To Transmute To GTB Holdco

by Jungle Journalist
July 13, 2021
9
SHARES
94
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

The Federal High Court, Lagos Judicial Division has been asked to, among others, set aside its ex parte order sanctioning GTB’s scheme to transmute to Guaranty Trust Holding Company PLC; and to stay further recognition of Guaranty Trust Holding Company Plc. as a financial or non-financial holding company and or as a legal entity until it pays its total outstanding judgment debt of Thirty Two Billion, Eight Hundred and Seventy-Five Million, two Hundred and Four Thousand, Nine Hundred and Eighty-Four Naira, Thirty-Eight Kobo (N32,875,204,984.38) to Innoson Nigeria Ltd.

This was contained in a Motion-on-Notice brought before the court by counsel to Innoson Nigeria Ltd, Chukwuebuka I Okolo Esq of McCarthy Mbadugha & Co. seeking an order of the court to discharge and set aside the ex parte order granted to Guaranty Trust Bank Plc. on 16th of June 2021 and to set aside every step the bank took pursuant to the said ex parte order. The counsel further sought an order of the court to stay further recognition of Guaranty Trust Bank Holding Company Plc. as a financial or non-financial company and or as a legal entity.

GTB, in an abuse of court process obtained an ex parte order from the Federal High Court, Lagos Judicial Division on 16th of June 2021 to proceed with the registration of GTB HOLDCO beam despite its knowing that an application for injunctive orders by Innoson Nig Ltd in Suit No: FHC/EN/CS/161/2020 is at all material time pending in FHC Enugu Division to restrain it from transmuting to a Private and or a Financial Holding Company until it pays over N32Billion judgment debt it owed Innoson.

Recall that in November 2020, Innoson Nigeria Ltd sought an order of perpetual injunction restraining the Corporate Affairs Commission from deregistering GTB as a public limited liability company and re-registering it as a private limited liability company until GTB pays the total outstanding judgment debt of N32,875,204,984.38.

While the case in the Enugu Division of Federal High Court is still pending, GTB against its corporate governance rules and in a classical abuse of court process filed and got an exparte order from Federal High Court, Lagos Division and without disclosing to the court that the subject matter of its application is already subjudice because injunctive orders have been sought in Suit No: FHC/EN/CS/161/2020, as well as the subject matter of this pending in the Enugu Division of Federal High Court, to restrain GTB from proceeding with the said scheme both in a pending interlocutory and in the substantive suit already served on GTB and they have filed a memorandum of appearance and other processes in the suit.

ReadAlso

No Content Available

Innoson has therefore asked the Federal High Court to set aside and discharge the ex-parte order it granted GTB and a further order to stay further execution of the 16th of June 2021 order it granted it and also an order of the court to stay further recognition of Guaranty Trust Bank Holding Company Plc. as a financial or non-financial company and or as a legal entity.

“It is unfortunate that GTB has refused to pay over N32Billion judgment debt to Innoson Nig Ltd arising from suit Nos: FHC/L/Cs/603/2006 and No. FHC/Cs/139/2012 respectively.

“It is interesting to state that no court in Nigeria has set aside the decisions of these judgment debts against GTB even though GTB has appealed both decisions even to the Supreme Court; rather the decisions have been affirmed by the appellate courts in Appeal Nos. CA/I/258/2011, SC.694/2014, and in CA/E/288/2013 in which till date GTB has refused to obey the Court of Appeal’s order that it pay the judgment debt subject of this particular appeal into an interest-yielding account.

Cornel Osigwe

Head of Corporate Communications and Affairs,

IVM Innoson Group

Tags: Guaranty Trust BankInnoson
Share4Tweet2Send
Previous Post

OBIANO’S RECONCILIATION COMMITTEE – MERCANTILE &     FRANCHISE MINDSET OF APGA’S BoT CHAIRMAN

Next Post

You Were Still A Student When North And South Agreed On Rotational Presidency, Ohanaeze Tells Yahaya Bello

You MayAlso Like

INTERNATIONAL / DIASPORA

US bombs three nuclear sites in Iran

June 22, 2025
INTERNATIONAL / DIASPORA

Iran’s leader Khamenei picks three successors, skips son over assassination scare

June 22, 2025
NATIONAL

2027: Atiku, Obi’s New Coalition Party Unveils  National Chairman, Secretary —See Details

June 22, 2025
COMMUNITY REPORTS

Ogilisi Igbo Commends Gov Josh Stein of North Carolina USA for Proclaiming June 14 “Igbo Day”

June 21, 2025
ENTERTAINMENT

Njoku Success Officially Signed as Brand Ambassador for Buzzy.ng in Abuja

June 19, 2025
EDUCATION

Igwe Asadu Endorses Upcoming Face of Eastwing/Southeast Aviation Summit

June 19, 2025
Next Post

You Were Still A Student When North And South Agreed On Rotational Presidency, Ohanaeze Tells Yahaya Bello

Discussion about this post

Recent Posts

  • US bombs three nuclear sites in Iran
  • Iran’s leader Khamenei picks three successors, skips son over assassination scare
  • 2027: Atiku, Obi’s New Coalition Party Unveils  National Chairman, Secretary —See Details
  • Ogilisi Igbo Commends Gov Josh Stein of North Carolina USA for Proclaiming June 14 “Igbo Day”
  • Njoku Success Officially Signed as Brand Ambassador for Buzzy.ng in Abuja
ADVERTISEMENT

Recent Comments

  • Ogbuenyi Sunday on Anambra police arrest river-bathing prophet ‘Onye Eze Jesus’
  • Stephen CE on List of international stars who have joined #EndSARS/#EndSWAT and what they said

Trending

Ogilisi Igbo Commends Gov Josh Stein of North Carolina USA for Proclaiming June 14 “Igbo Day”

2027: Atiku, Obi’s New Coalition Party Unveils  National Chairman, Secretary —See Details

US bombs three nuclear sites in Iran

US Expands Travel Ban to 25 African Countries Including Ethiopia, Ghana, Nigeria, Others

Innoson Motors Asks Court To Set Aside Order Sanctioning GTB’s Scheme To Transmute To GTB Holdco

Iran’s leader Khamenei picks three successors, skips son over assassination scare

ADVERTISEMENT

2027: We will vote Atiku if Shettima is dropped – APC members warn

Igwe Asadu Endorses Upcoming Face of Eastwing/Southeast Aviation Summit

Njoku Success Officially Signed as Brand Ambassador for Buzzy.ng in Abuja

OBITUARY: Nwada-One of Iweze: A Bloom That Graced Our Time

    ADVERTISEMENT

    Popular Stories

    • BREAKING: Gunmen Take Over Onitsha-Owerri Road, Set Over 10 Vehicles, Goods Worth Billions Ablaze

      2796 shares
      Share 1118 Tweet 699
    • JUST IN: CBN Governor, Godwin Emefiele sacked

      1821 shares
      Share 728 Tweet 455
    • BREAKING: Finland police arrests Simon Ekpa 

      1032 shares
      Share 413 Tweet 258
    • BREAKING: IReV Portal Shows Labour Party Won 19 States Plus FCT, PDP 8, APC 7, NNPP 2 States—Baba-Ahmed

      665 shares
      Share 266 Tweet 166
    • NEWS FLASH: Peter Mbah of PDP cruising to victory, wins 14 LGAs in Enugu guber polls 

      537 shares
      Share 215 Tweet 134
    • JUST IN: Daughter of Benin billionaire/CEO of Uyi Technical commits suicide

      510 shares
      Share 204 Tweet 128

    ABOUT US

    Jungle Journalist Media Limited

    Jungle Journalist Media Limited

    Jungle Journalist is an online news and information resource centre dedicated to accurate and timely news reports.

    Read More >>

    CONNECT WITH US

    SECTIONS

    • AGRICULTURE
    • BIZARRE
    • BREAKING
    • BUILDING & PROPERTIES
    • COLUMNIST
    • COMMUNITY REPORTS
    • ECONOMY & BUSINESS
    • EDUCATION
    • ELECTRICITY
    • ENTERTAINMENT
    • GAMES & SPORTS
    • HEALTH & FOOD
    • HOLIDAYS
    • INDIGENOUS REPORTS
    • INTERNATIONAL / DIASPORA
    • LAW & HUMAN RIGHTS
    • LEGISLATION
    • MEDIA INDUSTRY
    • MONEY & BANKING
    • NATIONAL
    • NEWS
    • NIGER DELTA
    • NORTH
    • OBITUARY
    • OIL & GAS
    • OPINION
    • PHOTOS / VIDEOS
    • POLICE / CRIME
    • POLITICS
    • RELIGION & WORSHIP
    • SCIENCE / TECHNOLOGY
    • SECURITY / MILITARY
    • SOCIAL MEDIA
    • SOUTH-EAST
    • SOUTH-SOUTH
    • SOUTH-WEST
    • TRADITION & CULTURE
    • TRANSPORT & AVIATION
    • WOMEN & CHILDREN
    • YOUTH
    No Result
    View All Result

    NEWS SOURCES

  • Punch
  • Nigerian Tribune
  • The Nation
  • Thisday
  • DailyTrust
  • The Sun
  • Daily Independent
  • PM News
  • Vanguard
  • Premium Times
  • Sahara Reporters
  • The Guardian
  • Leadership
  • Daily Times Of Nigeria
    • About
    • Advertise With Us
    • Privacy Policy

    © 2021 Jungle Journalist Media Limited - Web Designed by AfeesHost.

    No Result
    View All Result
    • NEWS
    • POLITICS
    • ECONOMY & BUSINESS
    • GAMES & SPORTS
    • EDUCATION
    • ENTERTAINMENT
    • HEALTH & FOOD
    • NIGER DELTA
    • SECURITY / MILITARY

    © 2021 Jungle Journalist Media Limited - Web Designed by AfeesHost.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In