Nigerians React As Innoson Motors Makes Move To ‘Take Over’ GTBank

A storm of reactions by Nigerians has greeted a move Innoson Nigeria Limited, owners of Innoson Motors, to take over Guaranty Trust Bank, GTB, following a ruling by the Supreme Court over the bank’s N8.7 billion indebtedness to the company.

Naija News had reported earlier that Innocent Chukwuma, the company’s chairman, made the move through a “Writ of FiFa taken over Guaranty Trust Bank PLC for and on half of Innoson Nigeria Ltd” as a result of the Bank’s indebtedness to Innoson Nigeria Ltd.

This online news platform understands that the Supreme Court had in a landmark decision on February 27th 2019, dismissed GTB’s appeal marked SC. 694/2014- against the judgment of Court of Appeal, Ibadan Division.

Similarly, the Court of Appeal, Ibadan division had in its decision of 6th February 2014 dismissed GTB’s appeal against the Federal High Court, Ibadan Division.

Thus, the Court of Appeal affirmed the judgment of the Federal High Court, Ibadan Division which ordered GTB by way of Garnishee order absolute – to pay N2.4 Billion to Innoson with a 22 per cent interest, per annum, on the judgment sum until the final liquidation of the judgment debt.

Rather than obey the judgment of the Court of Appeal, GTB approached the Supreme Court to challenge the Court of Appeal’s decision.

However, in a ruling delivered by Honourable Olabode Rhodes-Vivour JSC on Wednesday, “the Lord Justices of the Supreme Court (JSC) dismissed GTB’s appeal and thus affirmed the concurrent judgment of both the Court of Appeal and the Federal High Court, Ibadan Division which ordered GTB by way of Garnishee order absolute – to pay N2.4 Billion to Innoson with a 22% interest, per annum, on the judgment until the final liquidation of the judgment.”

Moments after the news broke, Nigerians took to the micro-blogging site, Twitter, to air their opinions on the matter.

Naija News captured some of the reactions below…

Last year I warned my aburo Segun Agbaje, the former MD of GTB, about allowing himself to be used against Innoson Motors by the barbarians. Now the bank has been taken over by Innoson and Segun has lost his job,his reputation and his name and he has been taken to the cleaners. pic.twitter.com/XDUAFo4fzV

— Femi Fani-Kayode (@realFFK) March 29, 2019

Innoson motors has through a Writ of FiFa taken over Guaranty Trust Bank over an 8.7 billion naira debt

A writ of Fifa, means that Innoson motors has been given authority to seize and take over any property belonging to GTB they find sufficient to defray the sum owed innoson.

— Anastasia Uchenna (@anasoguegbe) March 29, 2019

This is how MD/CEO of Innoson motors would walk when going into the GT Bank HQ #InnosonTakesOverGTB pic.twitter.com/MW7Jk60b7l

— Ebuka ❁ (@theonlyebuka) March 29, 2019

https://twitter.com/Pilz_B/status/1111643658779004928

Now that Innoson Motors has taken over GTB, can I say that GTB has been re-TIRED? #InnosonTakesOverGTB pic.twitter.com/XMGs8HfilO

— CHIEF JUSTICE 🎤 (@ChidubemNJ) March 29, 2019

This how GT Bank staffs look whenever they see any Innoson motors product #InnosonTakesOverGTB pic.twitter.com/huP2sRyKPi

— Ebuka ❁ (@theonlyebuka) March 29, 2019

https://twitter.com/TosinOlugbenga/status/1111694377116684289

The truth will always prevail, no matter how you hide. GTB tried to use EFCC and top APC politicians to suppress the truth. https://t.co/FeGV6iUUE0

— Wetin Naija (@WetinNaija) March 29, 2019

MD/CEO of Innoson motors right now 🤣🤣🤣🌚🌚 pic.twitter.com/vz3FS9kRxe

— kidsbeingdumb (@kidsbeingdumb) March 29, 2019

Bills Gate And Warren Buffet are not the Best Investor's anymore. Innoson Motors are. #InnosonTakesOverGTB pic.twitter.com/PbQnOwLCdY

— JEREMY FRANKSON (@jerryfrankson) March 29, 2019

I should've INVESTED in Innoson Motors if only i knew this will happen. DELM!!! ‼️ #InnosonTakesOverGTB pic.twitter.com/xpuo1MpEl7

— JEREMY FRANKSON (@jerryfrankson) March 29, 2019

Don't ever play monkey business with a businessman's money. They could have just pay N2.4 Billion to Innoson Motors but they wanted to play smart and now 22% interest has accrued to the tune of N6,717,909,849.96 which results to about about N8.8 Billion #InnosonTakesOverGTB pic.twitter.com/NyS8rzJ2a2

— Bigbross ComedyTV (@Bigbrosscomedy) March 29, 2019

https://twitter.com/RealNonsoNwagbo/status/1111692946632515584

The only thing Innoson Motors is taking over are assets that will satisfy the N8.8bn debt. Innoson will value GTB assets and sell them. They won’t touch your money.

Don’t allow false narratives to take over your interpretation of facts.

#InnosonTakesOverGTB pic.twitter.com/7vbSWzdYWw

— king koko. (@korie_tweets) March 29, 2019

When @Sterling_Bankng
Said @gtbank logo implies that customers are being caged, they were really prophetic . All customers including Segun Agbaje has now been caged by #Innoson Motors boss.

As for me and my family, we are reaching for the Stars. #InnosonTakesOverGTB pic.twitter.com/w9MhcMGg2u

— HON. FADESHOLA OJAMOMI (@fadeojamomi) March 29, 2019