Innoson through a Writ of Fifa has taken over GTB – What this really means

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