Supreme Court orders GTB to pay Innoson N12bn

The Supreme Court of Nigeria has ordered the management of Guaranty Trust Bank to pay Innocent Chukwuma, chairman of Innoson Group the sum of N12 billion within 14 days.

In a statement released on Thursday by Cornel Osigwe, Innoson Group’s head of corporate communications, the court struck out the motion for stay of execution of the Enugu court of appeal division’s order that GT Bank pays N6 billion into an interest yielding account.

The Supreme Court decision follows the bank’s motion for stay of execution at the Supreme Court when the Court of Appeal Enugu Division ruled on December 9, 2014 that the appellant (GTB) is hereby ordered to 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 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.

GTB
Supreme Court

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 Court of Appeal, filled a motion for stay of execution at the Supreme Court, however Supreme Court today struck out GTB 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 the Court of Appeal to pay the said money into an interest yielding account.

By the Supreme Court decision, GTB is expected within 14 days to 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.

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