N8.7bn Debt: We are taking GTBank — Innoson insist

Innoson Nigeria Limited has said the court judgment it obtained to enforce its garnishee order would be executed on Guaranty Trust Bank (GTB) and not the Nigerian Customs Service.

Cornel Osigwe, the Head of Corporate Communications of Innoson Group, said on Sunday in reaction to an earlier statement by GTB that the writ of FiFa secured by the motor company was against NCS’s account domiciled in the bank.

It was reported on Friday that a Federal High Court in Awka, Anambra State, had empowered Innoson to effect the garnishee order absolute issued by the Federal High Court in Ibadan and upheld by the Supreme Court of Nigeria, against GTB.

The motor company in the statement said its chairman, Innocent Chukwuma, had ‘taken over’ the assets of the bank.

Reacting to this, GTB said the judgment was not against it but applicable to the account of NCS.

“It is important to state that the Judgment allegedly in issue is in respect of a Garnishee Proceedings against the account of the Nigerian Customs Service Board domiciled with the Bank and not against the Bank as an entity.

“The Bank remains committed to providing best-in- class customer experience to all its valued customers," the bank said.

But, Innoson insisted that the judgment was against GTB as neither NSC nor any other entity was named in the suit, stating that GTB is “economical with the truth”.

The statement reads in part: “The order was made absolute since 29th July 2011 and GTB held unto the money from that time and is using for its business.

“It follows that by the time the order was made absolute it was no more the judgment debtor’s money but rather that of Innoson Nigeria Ltd who is the judgment creditor; if a garnishee refuses to comply with the order, then, it becomes a judgment debtor, as GTB has become in the present case, against whom execution of the order will issue. Therefore, there is no merit or force in the GTB’s press statement.

“Furthermore and interestingly, the Garnishee order absolute was against GTB and no one else; and it is only GTB and no one else that will comply with the other; in the circumstance, the order will be executed against GTB and no one else. Please, be guided accordingly.”