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N32bn debt: I’m waiting to take over GTbank, Innoson boss vows

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2 years ago

November 19, 2021

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Chairman of Innoson Vehicle Group, Innocent Chukwuma has vowed to take over Guarantee Trust Bank over the bank’s inability to pay him the money owed after a court had given judgement in his favour.

Innoson Motors had secured a judgment debt against the GTBank now GTCO in a suit FHC/L/Cs/603/2006 and FHC/Cs/139/2012 which rose to over N32 billion due to accumulated interest and in July, Innoson had asked a Federal High Court which sat in Lagos to set aside an order permitting GTB to restructure to a holding company.

But the bank completed the restructuring, which made GTbank now known as Guaranty Trust Holding Company Plc (GTCO Plc).

According to Chukwuma, he discovered that the bank was taking money out of his account, and took the bank to court, a case which he won.

READ ALSO: N32bn debt: Innoson seeks order to block GTBank’s Holding company plans

“Up till now, he hasn’t paid the fine imposed by the court and we have gone up to the Supreme Court. Maybe he hasn’t paid because he wants Nigeria to change their law because of him.”

According to the report earlier published in The Cable, Innocent Chukwuma averred that “I’m waiting to take over GTBank.”

In an interview with journalists, he said the money owed him by the bank would soon surpass their capacity, as the battle between them and GTBank have been long prolonged.

Innocent Chukwuma recounted that his relationship with the GTBank had been extremely cordial during the tenure of the late MD of the bank, Tayo Aderinokun, “I was GTBank’s best customer in the south-east when he was alive and they even opened a branch of the bank in Nnewi.

But after after the death of Tayo, a new MD whom I saw for the first time last and they started fighting about tribe. I am not certain about this but I think the reason he GTBank is fighting is because of tribe. I don’t know exactly what his problem is.

“But finally, I have proved him wrong in everything. I have defeated him in all the courts we went to. The only thing left is for him to pay me what he owes me.

“He was going to my account and taking money anyhow. I discovered it, took him to court and won. Up till now, he hasn’t paid and we have gone up to Supreme Court. Maybe he hasn’t paid because he wants Nigeria to change their law because of him.”

The CEO explained that he would no longer “disturb” the bank to pay the debt.

According to him, he would take over the bank when it gets to the point that the bank cannot pay the principal amount plus 22 percent accrued interest.

“The beauty of the whole thing is that the money is attracting the interest of 22 percent. So, I am waiting for the interest to be above their capacity so I can take over the bank, “That’s what I am waiting for. I am not disturbing them anymore. I am assuring all the customers of GTBank that if I take over, I would still run it well. They shouldn’t fear. I haven’t done any business that fails.

“I will run it better than them. If they cannot pay me, I have no choice but to take over the management.”