Court Verdict On Takeover Of GTBank By Innoson Motors Over N32bn Debt: Customers In Panic Withdrawal Of Money
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Court Verdict On Takeover Of GTBank By Innoson Motors Over N32bn Debt: Customers In Panic Withdrawal Of Money


LAGOS – Disturbed by the threat of the chairman, Innoson Group, Innocent Chukwuma to takeover the Gtbank over accumulated N32bn debt, customers are in panic withdrawal of their money from the institution branches in Lagos.

The customers who besieged some branches on the Island expressed fear that the Chairman of Innoson may bring another policy that may affect them and their savings in the bank.

It was also gathered that those who went to the bank to withdraw on Friday have vowed to alert others to come and withdraw their money on Monday.

It would be recalled that Chukwuma, in an interview with some journalists, said he is waiting to take over the assets of Guaranty Trust Bank (GTB) due to “non-payment of his N32 billion”.

According to him, the money owed him by the bank would soon surpass their capacity, this has, however, created panic among customers of the bank who are in a quagmire over leadership of the bank.

The customers who took to social media to express fear and pessimism said they will beseige the bank today and on Monday to withdraw their savings over uncertainty over leadership and the huge debt.

It will be recalled that Innoson and GTB have had a business dispute leading to a prolonged legal battle.

Innoson had secured judgment debt against the bank in suit FHC/L/Cs/603/2006 and FHC/Cs/139/2012 respectively, which rose to over N32 billion due to accumulated interest.

In July, Innoson had asked a federal high court in Lagos to set aside an order permitting GTB to restructure to a holding company.

But the bank completed the restructuring — GTB is now known as Guaranty Trust Holding Company Plc (GTCO Plc).

The billionaire businessman, at the media briefing, recounted that his relationship with the bank had been extremely cordial during the tenure of Olutayo Aderinokun, late MD of GTB.

“I was GTBANK’s best customer in the south-east when Tayo, the former MD, was alive. Because of this, they opened a branch in Nnewi. After Tayo, the new MD took over. I don’t even know him. I saw him for the first time last year,” Chukuma said.

“They started fighting about tribe. I am not certain about this but I think the reason he (GTB) 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,” Chukuma said.

“That’s what I am waiting for. I am not disturbing them anymore. I am assuring all the customers of GTB 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.”


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