Supreme Court Orders GTB To Pay Innoson N14bn Judgement Debt

The Supreme Court yesterday, admitted that Guarantee Trust Bank (GTB) should pay about N14bn illegal charges allegedly deducted from the account of Innoson Nigeria Limited, to a trustee account, pending the determination of the substantive matter.

The apex court struck out a motion for stay of execution filled by the bank, thereby favouring the December 2014 ruling of the Court of Appeal, Enugu Division, which ordered Guarantee Trust Bank to pay N5.9 billion into an interest yielding account of the court.

Counsel to Innoson, Prof McCarthy Mbadugha, however argued that the money which amounts to excess and unlawful charges deducted from Innoson’s account now stood at over N14billion.

The Court of Appeal had on December 9, 2014 ordered GTB to pay the sum of N5, 936,126,219.01k to the Deputy Chief Register of the Court within 14 days from the date of ruling and that 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 the appeal.

According to the ruling, the said fund together with whatever accrues thereon shall be paid to the party who wins the appeal.

Unsatisfied with the court’s decision, GTB filed a motion for stay of execution at the Supreme Court. But the Supreme Court struck out the motion as it maintained that it would not entertain any motion until the 2014 decision of the Court of Appeal is complied with.

Following the decision of the apex court, GTB is expected to within 14 days, pay the sum of over N14billion 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.