Chairman of Innoson Group, Chief Dr. Innocent Chukwum
Innoson Nigeria Limited
has obtained a writ of Fifa from the Federal High Court in Awka, Anambra State,
against Guaranty Trust Bank (GTB) to effect the judgment given by the Federal
High Court in Ibadan usatimes.cc and upheld by the Supreme Court of Nigeria.
This was made known in a
press release issued by Cornel Osigwe, the head of corporate communication of
Innocent Nigeria Limited.
Writ of FiFa (Writ of
Fieri Facias) is a
usanews.cc leave of court to execute a judgment obtained by a judgment
creditor in a legal action for debt or damages by levying on the property of
the judgment debtor.
In 2014, the Federal
High in Ibadan had ordered GTB by way of Garnishee order absolute to pay
N2.4billio
news n to Innoson with a 22% interest, per annum, on the judgment sum
until the final liquidation of the judgment debt.
However, GTB appealed
this decision at the appeal up to the supreme court. But, according to
Innosson, the Supreme Court on February 27, 2019, dismissed GTB’s appeal and
upheld the decision of both Federal High Court and the Appeal Court.
The Statement read: “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.
“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 N2.4billion to Innoson with a
22% 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.
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