GTBank vows to resist illegal takeover by Innoson Motors

The management of the Guarantee Trust Bank (GTB) has vowed to take all necessary legal steps to ensure that no illegal or fraudulent execution of court order is carried out on the bank.

The bank was reacting to the claim of Innoson Motors that it had been mandated by the court to ‘take over’ the bank.

In a statement signed by Eric Obededuo, Company Secretary, the Bank said, “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 to a Judgment of the Federal High Court, Ibadan, Oyo State, at one of its branches in Anambra State.

“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 Garnishee Proceedings against the account of the Nigerian Customs Services Board domiciled with the Bank and not against the Bank as an entity.”

Some media organizations had carried a report quoting Innoson Nigeria Limited that it had obtained a writ of fiat from the Federal High Court in Awka, Anambra State, against GTB to effect the judgment given by the Federal High Court in Ibadan and upheld by the Supreme Court of Nigeria.