Innoson Chief: I’ll Soon Takeover GTBank

Innoson Vs GTBank: Supreme Court Makes U-turn On Judgement
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The chairman of Innoson Group, an automobile company, Innocent Chukwuma has expressed confidence that sooner than expected, GTBank (now known as GTCO) would belong to him.

Speaking with journalists, Chukwuma said GTBank is owing to him N32 billion, adding that the money would soon surpass the financial institution’s capacity to pay.

According to the business magnate, by the time the money owed surpassed GTBank’s financial capability, he would have no choice but to takeover from the present management. understands that GTBank and Innoson have been spending time together in court due to a prolonged legal dispute.

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.

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In July 2021, 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 GTBank.

His words: “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.

They started fighting about the 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 the 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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