GT Bank Vs Innoson boss ..

GT Bank has finally addressed claims in order for the arrest of a customer.

In a press statement signed by Erhe obebeduo, the Bank implied that it had merely exercised the right to report any untoward criminal activity to the appropriate law enforcement agencies for investigation.

GT also maintained that it would not comment on issues that are currently being investigated or before the law courts. It would, however, continue to exercise its rights in respect of pursuing delinquent loans or any criminal activity.

While the bank did not specifically mention the name of the customer in question, various media reports had stated that the bank was in a dispute with Innocent Chukwuma Chairman/CEO of the Innoson Group. Chukwuma was arrested by the Economic and Financial Crimes Commission (EFCC) for allegedly turning down its invitation after skipping administrative bail. The spokesman for the Innoson Group denied he had jumped bail or had any pending cases with the anti-corruption agency.

The dispute between the company and GTB began in 2012. Innoson Nigeria Ltd. was a customer of Guaranty Trust Bank Plc. Sometime in 2012 Innoson discovered that GTB imposed and debited its current account with over N700 million excess and unlawful charges. GTB failed and refused to refund the N700 million to Innoson.

“Consequently, Innoson commenced suit no: FHC/AWK/CS/139/2012 against GTB and  the court rendered judgment in the sum of N4.7 billion with 22% interest on the judgment debt until satisfaction of the judgment debt in favor of Innoson against GTB.”

Innoson said the court of appeal of Ibadan division affirmed the decision of the federal high court and ordered GTB to pay N2.4 billion to Innoson. The bank had appealed the ruling to the supreme court but lost the case.

With this act performed by the bank, it’s not encouraging for Nigerian to go into innovation because they will be scared that same measured will be taken against them by any other banking institution.

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