Court refuses to Grant GTB’s Motion against Innoson

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Segun Agbaje, GTB managing director
Segun Agbaje, GTB managing director

The Federal High Court dismisses Guaranty Trust Bank motion against Innoson Group’s execution of judgement against the bank

THE Federal High Court, Awka Division, on May 20, 2019, refused to grant GTB’s prayers for orders staying or suspending the execution embarked by Innoson Nigeria Ltd; and to further set aside the orders made by the court on  March 27, granting Innoson Nigeria Ltd leave to enforce the judgment, issue processes for enforcing the judgement and levying execution- the Writ of Fifa against Guaranty Trust Bank.
Realnews reports that the Federal High Court, Awka Division on March 27th, 2019 granted leave to Innoson Nigeria Ltd to enforce and execute the judgment and Garnishee Order Absolute made by the court coram Shakarho, J at the Ibadan Judicial Division on May 18, 2010 and July 29, 2011, respectively. This order was concurrently affirmed by the Court of Appeal in the judgment  February 6, 2014 and by the Supreme Court in its judgement of February 27, 2019.
A statement issued by Cornel Osigwe, head of Corporate Communications,

Innoson Group and made available to Realnews stated that as Innoson Nigeria Ltd commenced the tedious act of the execution, GTB rushed to the court vide its desperate motion on notice seeking orders staying or suspending the execution embarked by the company. The bank also sought orders setting aside the exparte orders made by the court granting Innoson leave to enforce the judgement and to issue the processes of executing same.
The court further held that the order it made on March 27th, 2019 in favor of Innoson Nigeria Ltd granting it leave to enforce the judgement and issue processes of its execution are valid. It also stated that all the steps taken to levy executions in pursuance of that order are still valid and are not vacated; whilst all the prayers by GTB in its motion of April 1, 2019, are not granted.
However, the court stayed further proceedings – proceedings relating to contempt against GTB, Segun Agbaje, its managing director, Osaretin Demuren, chairman and Erhi Obebeduo, secretary – to enable the Supreme Court hear GTB’s newly filed motion in respect of the matter.
Subsequently, the matter was adjourned to October 17, 2019, for hearing of the pending contempt application.
Realnews recalls that through a motion on notice dated April 24, 2019, Innoson Nigeria Ltd asked the court to commit GTB and its managing director chairman and secretary  for contempt of court for its acts of thuggery, extreme hooliganism and outright lawlessness in breaking into all the properties of GTB which have been distressed and seized by the court bailiffs/sheriffs while executing a writ of fifa issued by the Court, undistressed them and as well released them from attachments and seizures.
– May 23, 2019 @ 1:00 GMT |
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