GTBank Reacts To Innoson’s Claim Of Takeover

The Guarantee Trust Bank has reacted to the alleged takeover of its bank by Innoson Motors, saying it was taking necessary steps to resolve the issue.

This comes after Innoson, in a statement by its Head of Corporate Communications, Cornel Osigwe, on Friday, announced that it obtained a writ of Fifa from the Federal High Court in Awka, Anambra State to effect a ruling by the Federal High Court in Ibadan to take over GTBank.

The vehicle manufacturer claimed yesterday that the Judgment had been upheld by the Supreme Court of Nigeria, adding that it had begun the process of taking over the bank.

“The Chairman of Innoson Group, Chief Dr. Innocent Chukwuma, OFR has through a Writ of FiFa taken over Guaranty Trust Bank PLC for and on behalf of Innoson Nigeria Ltd as a result of the bank’s indebtedness to Innoson Nigeria Ltd. In a landmark decision on February 27th 2019, the Supreme Court of Nigeria dismissed GTB’s appeal — SC. 694/2014 — against the judgment of Court of Appeal, Ibadan Division,” said Osigwe.

“We have taken over GTBank in Awka and Nnewi,” Osigwe subsequently announced, adding that “other branches are coming soon,” he said.

But reacting, GTBank urged its customers not panic as their funds were in safe custody. The bank clarified that the judgement being referred to by Innoson is applicable to the account of the Nigerian Customs Service Board domiciled with the bank and not the bank as an entity.

“The attention of Guaranty Trust Bank PLC (“the Bank”) has been drawn to statements circulating in the news and social media in respect of a purported enforcement of a judgement of the Federal High court, Ibadan, Oyo state, at one of its branches in Anambra state,” it said in a statement on Friday night.

“The Bank as a law-abiding corporate citizen is taking all necessary legal steps to address this situation and ensure that no illegal or fraudulent execution is carried out.

“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,” GTBank said in a press statement signed by its company secretary, Erhi Obebeduo.