Innoson Vs Guarantee Trust Bank(GTB)

Innoson Vs Guarantee Trust Bank(GTB)

In 2004, Innoson imported about 25 containers of motorcycle CKDs. After paying the legal duties, the Nigerian Customs illegally siezed the containers and sold off the items.

–Innoson approached the Court and was awarded 2.4 billion naira together with interest from the date to run till the money is paid.

Nigerian Customs had an account with GTB credited with over 10billion naira. Innoson obtained a garnishee order nisi against the cash in the account. This Order simply means a directive to the bank to appear before the court to show why the money in that account belonging to the Nigerian Customs should not be credited to Innoson to clear the judgment debt.

–GTB could not show reasons and the Court made the order absolute- meaning the bank should pay the judgment sum to Innoson and not allow the Nigerian Customs to access the fund. The Customs did not appeal or protest the order.

Instead of complying (a matter which doesn’t affect them), GTB appealed against the judgment to the Court of Appeal. The court affirmed the decision of the lower Court. GTB appealed to the Supreme Court and failed again.

–While the appeals lingered on, the interest increased to over 6billion naira, putting the total sum acruable to Innoson at over 8.8billion naira. By this time, the Nigerian Customs has accessed the same funds the Court ordered to be paid to Innoson. That’s how GTB incurred huge liability, a price it is now mandated to pay for crying more than the bereaved.

At this point, GTB is the party technically owing Innoson as it was the party that denied Innoson access to the sum the Court awarded them. Given the final judgment from the Supreme Court, Innoson obtained an order from a Federal High Court in Awka to attach or confiscate GTB’s properties they can lay hands on to offset the judgment debt.

Innoson is simply demanding the money the Court once ordered GTB to release to them. The company doesn’t care whether or not Customs has absconded with the money.

Innoson has not taken over GTB’s banking business. The company’s interest is in the properties and the company will confiscate as many it can until it has satisfied the sum.