Supreme Court Orders GTBank to Pay Innoson N14bn in 2 Weeks

Supreme Court Orders GTBank to Pay Innoson N14bn in 2 Weeks

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The Supreme Court of Nigeria Thursday ordered GTBank to pay Innoson Group N14billion within 14 days.

In its ruling Thursday, the apex court also struck out the bank’s motion for stay of execution of the Enugu Court of Appeal Division’s order that it should pay over N6billion into an interest-yielding account at the Court of Appeal.

A statement by Cornel Osigwe, head, corporate communications, Innoson Group, stated that “Innoson’s legal team which was led by Prof. McCarthy Mbadugha, Esq, told the Supreme Court that the Judgment debt, which arose from excess and unlawful charges which GTB took from Innoson’s account, now stood at over N14bn.

“The Supreme Court decision follows GTBank’s motion for stay of execution at the Supreme Court when the Court of Appeal Enugu Division ruled on 9th Dec, 2014, that the appellant (GTB) should pay the sum of Five Billion, Nine Hundred and thirty Six Million, One Hundred and Twenty Six Thousand, Two Hundred and Nineteen Naira, One Kobo (N5,936,126,219.01k) to the Deputy Chief Register of the Court within 14 days from the date of the ruling and which the Deputy Chief Register shall pay same into an interest yielding account in a reputable bank other than Diamond Bank or Mainstreet Bank Plc pending the determination of this appeal. The money together with whatever accrues thereon shall be paid to the party who wins the appeal.

“GTBank, not satisfied with the decision of the ruling of Court of Appeal, filed a motion for stay of execution at the Supreme Court. However, the Supreme Court today struck out GTB’s motion for stay of execution and maintained that it will not hear GTBank’s motion for stay of execution until it obeys the ruling of Court of Appeal to pay the said money into an interest-yielding account.

“By Supreme Court’s decision today, GTB is expected within 14 days to pay the sum of over N14bn judgment debt to the Deputy Chief Registrar of the Court of Appeal Enugu Division and which will now be paid into an interest yielding account in a reputable bank. The money together with whatever interest accrues thereon shall be paid to the party who wins the appeal.”

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