The Chairman of Innoson Group, Dr Innocent Chukwuma, has through a Writ of FiFa taken over Guaranty Trust Bank PLC.
Through a Writ of FiFa, Innoson has taken over GTB over an 8.7 billion naira debt, as the Supreme Court dismissed the bank’s appeal.
What this means
A writ of Fifa, simply means that Innoson motors has been given authority by the court to seize and take over any property belonging to GTB, which they find sufficient to defray the sum owed them.
Some reactions from Nigerian Twitter users over the issue
Innoson Motors VS @gtbank. What is GTB corporate communications doing about this? Time to role out your crisis communication plan or don't the bank have one? Are they not going to take charge of the narrative?
Damage control is expensive. #InnosonTakesOverGTB
— Emmanuel Aremoh (@AREMOHEMMANUEL) March 29, 2019
Education seems to be a serious matter in Nigeria. Innoson Motors obtains a Writ of FiFa against Gtbank, Twitter Nigeria says #InnosonTakesOverGTB
— A Spartan and a Spade (@Funmibankes) March 29, 2019
GTB could have prevented#InnosonTakesOverGTB if only they had paid Innoson Motors the debt when it was still less than 300million naira. Now it has escalated. And the interest is still growing every month.
Lesson: Avoid reckless debts.
— Nonso Nwagbo (@RealNonsoNwagbo) March 29, 2019
The only thing Innoson Motors is taking over are assets that will satisfy the N8.8bn debt. Innoson will value GTB assets and sell them. They won’t touch your money.
Don’t allow false narratives to take over your interpretation of facts.
— King Koko (@korie_tweets) March 29, 2019
Instead of GTBank Nigeria inviting INNOSON motors to amicably settle their differences, GTB used EFCC to arrest & harras INNOSON CEO. Now hunted has taken over 2 GTB branches (Awka & Nenwi) in a Supreme court landmark judgement.
— Peter Okereke PhD. (@OkerekePhd) March 29, 2019