You need readers, people have been reaching out to ask questions about Innoson and Gtbank since news broke that Innoson has obtained a Writ of Fifa against GTBank from a high court and has commenced shutting down branches of the bank…This is the balanced position.
Innoson had a business dispute with GTBank regarding the bank’s refusal to pay a judgment debt of 2.4billion Naira that Nnewi Federal High Court gave against the Nigeria Customs in favor of Innoson, having seized his goods, unlawfully.
GTBank refused to pay. Innoson got a Garnishee Order against GTBank to pay the money from the customs account domiciled in the bank and GTBank still refused to pay and proceeded to the Appeal Court.
At the Appeal Court, Ibadan division, the judgment of the High Court Nnewi, was reaffirmed and the court further directed that the 2.4billion judgment debt be paid to Innoson immediately or be kept in an interest yielding account, at 22 percent interest rate per annum, pending the final determination of Gtbank’s appeal at the Supreme Court.
On February 27, 2019, the Supreme Court dismissed GTBank’s appeal against the judgment, (SC l94/2014), leaving GTBank with no where else to appeal to.
Innoson then went back to the Federal High Court, Nnewi, which gave the judgment, to obtain a Writ Of Fifa, to enforce the judgment and recover the judgment debt which has now accrued to over 8.9billion Naira.
A Writ of Fieri Facias (or Writ of Fi Fa) is a document issued by the Clerk of a High Court for the purpose of recording a lien on a judgment debtor’s property. It is a legal instrument by which a creditor may seize the assets of a judgment debtor.
Any person, partnership, or corporation who has obtained a judgment that has not been paid in full may request the issuance of a Writ of Fi Fa. Unlike a warrant of execution, no notice is required to be given.
When the writ of Fifa is implemented, as it is being done now, Innosson can only seize and sell some of the properties of Gtbank to cover the said amount and not exceeding it.
So Innoson is not taking over GTBank. He is recovering his debt from the bank as ordered by the court.