BREAKING: Supreme Court Gives GTB 2wks To Pay Innoson N14bn

The Supreme Court on Thursday ordered Guaranty Trust Bank to pay the CEO of Innoson Motors, Mr. Innocent Chukwuma, the sum of N14 billion.

The apex court in its judgement struck out GTBank’s motion for stay of execution of the Enugu Court of Appeal Division’s order that the bank pays over N6 Billion into an interest yielding account at the Court of Appeal.

Innoson’s legal team which was led by Prof McCarthy Mbadugha ESQ told the Supreme Court that the Judgment debt which arose from excess and unlawful charges which GTB took from Innoson’s account now stood at over N14billion.

According to the judgement, the bank is to pay the sum to the Deputy Chief Register of the Court within 14 days from the date of ruling and which the Deputy Chief Register shall pay same into an interest yielding account in a reputable bank other than Diamond Bank or Mainstreet Bank Plc pending the determination of this appeal.

“The money together with whatever accrues thereon shall be paid to the party who wins the appeal,” Cornel Osigwe, Head Corporate Communications, Innoson Group, said.

Recall that GTBank had challenged the Enugu Court of Appeal decision and filed a motion for stay of execution at the Supreme Court, however the apex Court today struck out the bank’s motion and maintained that it will not hear it’s motion until it obeys the ruling of Court of Appeal.