*FREE INNOSON NOW*

-

#Innoson group Vs GTBank : 30 Key Points you need to know about their dispute

1 - At all Material time , Innoson Nigeria Ltd operates a Current Account with GTBank .

2 - Innoson obtained , and had repaid same , a loan of N1.3billion from GTB Which was secured with a legal mortgage of its properties valued at more than N1.4billion .

3 - Innoson discovered that GTBank imposed excess and unlawful charges in its Current account .

4  Innoson Group Complained to GTBank on his discovery of access charges on his account .

5 - Both parties ( Innoson and GTBank ) agreed to invite an independent auditing firm that will be agreed by both parties .

*6*- At the end , MULTI-WINGS Consulting Firm of Auditors was invited to properly audit Innoson Nigeria Ltd Current account No 0043753636 domiciled with Nnewi Branch of GTBank . The audit covers a period from March 2004 to Dec 2011 .

7 - After the account was audited , it was discovered that GTBank has been illegally deducting excess bank charges on its overdraft facility to the Innoson to the tune of seven hundred and Eighty-Six Million, Two Hundred and Five Thousand , Nine Hundred and Fifty-Five Naira , Ninety Nine kobo ( N786,205,955.99).

8 -  GTBank was shocked at the audit report when the report was forwarded to it .They replied in their letter to Innoson on 20th January , 2012 that it will investigate the issue raised and will get back to Innoson on the Conclusion of its investigation .

9 - In the month of September 2012 , GTBank wrote to Innoson that from their personal audit report , the excess bank charges was Five Hundred and Fifty-Nine Million , three Hundred and Seventy-Two naira ,Nine kobo ( N 559.3Million).

10 - Innoson agreed to their version and decided to accept payment from it in the spirit of amicable resolution.

*11*- Innoson also requested that the said agreed amount of N559.3million be paid with a 22% interest rate because Innoson had been repaying all his loan with GTBank at 22% interest rate.

12 - GTBank refused and said that the best they can repay excess and illegal deduction is at 7% interest rate . This led to another disagreement between Innoson and GTBank .

13 - As a result , in 2012 , Innoson sued GTBank at Federal High Court Awka with Suit No : FHC/Awk/Cs/2012 .

14 - Federal High Court, Awka delivered Judgement in favour of Innoson in excess of N4.7billion against GTBank.

Delivering Judgement in suit no : FHC /Awk/ CS / 139/2012 , the FHC awarded N4.7billion to Innoson Motors against GTBank .
The court also ordered GTBank to pay 22 % (percent ) interest on the Judgement debt until all the payment had been made to Innoson .

15 - In 2013 , GTBank appealed against the judgement to the Court of Appeal, Enugu Division, appoxite appeal No: CA/E/288/2013 .

16 - The Court of Appeal , Enugu in a Considered ruling ordered GTBank to pay the Judgement debt of N6billion Inclusive of the accrued interest and any interest that would subsequently accrue thereon into an interest yielding account in the Name of the Chief Registrar of the Court .

17 - In its various affidavits, particularly at the Court of Appeal in suit no : CA/E/288/2013 , GTBank deposed that if it pays the outstanding Judgement debt of N6billion , much less the N8.5billion , it could go bankrupt and be out of business .

18 - GTBank went to the Supreme Court .The case is still in the Supreme Court , while the Judgement debt is about N8billion now to be paid to Innoson by GTBank .

#Another Cases:
IBADAN Cases : Innoson /GTBank/Nigerian Custom Service :

19 -  Nigerian Customs Service Auctioned Innoson goods .

20 - Innoson challenged the action Nigerian Custom Service for auctioning its goods at Federal High Court , Ibadan .

21 - On July 29 ,2011, In a Garnishee Order Absolute , the Federal High Court sitting in Ibadan ordered GTBank to Pay Innoson #2,048,737,443,67 (#2billion) from Nigerian Customs account in GTBank .

22 - Rather than Comply with the Garnishee Order Absolute of the Court , GTBank on February 6, 2015 appealed the Judgement , but the Court of Appeal in Appeal no. CA/1/258/2011 affirmed the Judgement of the Federal High Court and ordered GTBank to pay the Judgement debt of #2,048,737,443.67 (#2.048billion) to Innoson .

23 - GTBank , instead , appealed to the Supreme Court against the Court of Appeal's decision where GTBank claimed through a motion in suit no : Sc /694/2014, that the Court of Appeal Judgement in Ibadan (CA/I/258/2011) was procured by suspicious means .

24 - On May 12,  2017 , Supreme Court in its wisdom and rightly , dismissed that unfounded and exasperating claim of GTB against Innoson .

25 - As a result , Innoson commenced a N400 billion suit against GTBank , in the suit No: FCT /HC/CV/2448/2017 at the High Court of the Federal Capital Territory, Abuja .

#Another issues

26 - Consequently , in order to save itself from paying the outstanding Judgement debts to Innoson , the GTBbank filed a petition against Innoson alleging forgery  which led to the suit No : FHC /L/565C/2015 by Police .

27 - On February 17, 2016 , Police properly and Competently withdraw the charges against Innoson , saying they needed to properly investigate the bank's complaints first and see if they had merits .

28 - On September 1 , 2014 ,  GTBank secured an ex parte order on Innoson Nigeria Limited, dated September 1, 2014 with suit no FHC/L/CS/1119/2014 , filed before a Federal High Court in Lagos , between GTBank and Innoson Nigeria Limited , issued by *Justice Okon Abang* , ordering that , pending the hearing and the determination of the substantive suit , all Commercial Banks in Nigeria were restrained from accepting in any manner whatsoever to any mandate or instruction presented to them by Innoson Companies or any of its agents or nominees for withdrawal of any sum of money standing to the credit of any account maintained by the company in all the banks.

29 - However , on June 10, 2015 , *Justice Saliu Saidu* of the Federal High Court , Lagos , in a Considered ruling set aside the ex parte order of September 1, 2014 , by Justice Okon Abang and the writ of summon as well .

30 - Innoson then slammed a N30 billion suit on Guaranty Trust Bank for what it had suffered in monetary terms and reputational terms during the months when the accounts of its companies in all Nigerian banks were frozen.
With Innoson winning both cases at the High Court and both cases at the Appeal Court, and GTB appealing, both cases are awaiting the verdict of the Supreme Court. Meanwhile the fresh N30 billion naira suit has just gone to the High Court to start its legal journey.

....

In all , Innoson has won two High Court cases and two Appeal Court cases all against GTBank .

Innoson as at today has Judgement debt over about N10billion based on 22% interest rate against GTBank .

#Questions for EFCC :

(i) Now where is the EFCC coming from in all these ?

(ii) Does EFCC actually understand their duties here ?

(iii) Is EFCC by their action not sabotaging Nigerian economy ?

(iv)  If EFCC should to arrest any of the parties , shouldn't GTBank who dubiously deducted Innoson money from his account and have debt of about N8billion to pay Innoson that they should arrest ?

Ikechukwu Emeka Onyia ©2017

For :Team #FreeInnoson

Let's keep Sharing this ...

Comments

Post a Comment

Popular posts from this blog

The Latest Aso Ebi Styles -Vol. 279

-
Image
Bride @ada_obiako MUA @sweettamara_ Event planner:Deco @alexeventss Beads @tranonsbead George @george_by_ruverodesigns Hair stayed @jovoria_beauty Enjoy! @therealrhonkefella in @rhonkefellacollections Makeup by @peaceibadin_mua Makeup by @breghabeautystudio @bukkymajek in @kubisfabrics #AsoEbiBella George- @lekrystal_georgeplace Tailored by- @misterboya Tana’s gele- @jumrashasooke Make up- @theglammed #meettheegbos @ameeree_ @tanaadelana x @jemimasway #meettheegbos George- @lekrystal_georgeplace Snatching- @jbliving Asooke- @jumrashasooke Make up- @theglammed @sharon_ie aderinsola.f in @fablanebyderin Fabric- @glitz_allure_fabrics @aderinsola.f#tillie2019 @y_glam Bride and her #AsoEbiBella @uniquecouture_trends #kpakpando19 #AsoEbiBella @diomarrh Makeup @glam_drop Aso oke @houseofasooke Beads @justbeadit_ng Purse @maronyworld @ree_nkosi Dress by @orapelengmodutle @reggielipsy Makeup @reggies_makeovers Braids by @kuzistyl Outfit – Esi Rita Fashion hou...
Read more

Reviewed by the BabyCenter Medical Advisory Board Updated April 2017 IN THIS ARTICLE Ovulation problems Endometriosis Poor egg quality Polycystic ovarian syndrome Tubal factors Unexplained fertility problems Eleven percent of reproductive-age couples in the United States have trouble conceiving or sustaining a pregnancy. About one-third of these cases are due to female fertility problems, one-third to male fertility problems, and the rest to factors involving both partners or to unexplained causes. If you've had regular, unprotected sex for more than a year without conceiving (or six months if you're older than 35), see your doctor. About 65 percent of couples that get treatment for a fertility problem are eventually able to have a successful pregnancy, according to Resolve, the national infertility association. The success rates below are based on averages gathered from large groups of patients. Each couple is unique, so think of the success rate for any treatment as a general snapshot, not a prediction of your chances of having a baby. Read on to learn more about female infertility and available fertility treatments. Ovulation problems An ovulation problem occurs when eggs don't mature in the ovaries or when the ovaries fail to release a mature egg. This is sometimes known as premature ovarian failure. Ovulation problems are common in women with infertility. Possible symptoms: Absent or infrequent periods, unusually light or heavy menstrual bleeding, or lack of such premenstrual symptoms as bloating or breast tenderness. Possible solutions: Managing body weight if it's too low or too high, taking fertility drugs (with or without artificial insemination), and having in vitro fertilization (IVF). Success rates: Thirty to 40 percent of women taking clomiphene citrate to induce ovulation become pregnant by the third treatment cycle. When fertility drugs to increase egg production are combined with artificial insemination, the pregnancy rate is between 10 and 20 percent per treatment cycle. The percentage of IVF treatment cycles resulting in a live birth (in which one or more babies are born) is about: 40 percent for women age 34 and under 31 percent for women age 35 to 37 21 percent for women age 38 to 40 11 percent for women age 41 to 42 5 percent for women age 43 and over Endometriosis Endometriosis is a condition that occurs when tissue normally found in the lining of the uterus (endometrial tissue) grows outside the uterus, usually in the abdomen or pelvis. Possible symptoms: Some women have no symptoms, while others have painful periods or intercourse, heavy bleeding or unusual spotting, and general pelvic pain. advertisement | page continues below Possible solutions: Surgery to remove endometrial tissue or open blocked fallopian tubes, fertility drugs (with or without artificial insemination), and IVF. Success rates: A large study found that 30 percent of women with infertility related to early stage endometriosis conceived naturally within three years after having laparoscopic surgery to remove endometrial tissue. When women with early stage endometriosis are treated with fertility drugs and artificial insemination, the pregnancy rate is between 9 and 15 percent per treatment cycle. The live birth rate per treatment cycle for women with endometriosis who undergo IVF ranges from 2 to 42 percent, depending on the woman's age. Poor egg quality The quality and number of eggs the ovaries produce – naturally or with fertility treatment – declines significantly after age 35. Possible symptoms: None. advertisement | page continues below Possible solutions: Fertility drugs, IVF using your own eggs, IVF with donor eggs or donor embryos. Success rates: Women who have IVF using donor eggs have an approximate 55 percent chance of having a baby per IVF cycle. Polycystic ovarian syndrome Polycystic ovarian syndrome (PCOS) is a condition in which small follicles in the ovaries don't develop into the larger, mature follicles that release eggs. It's also characterized by hormone imbalances and unpredictable ovulation patterns. Possible symptoms: irregular periods, excessive hair growth, acne, and obesity. Possible solutions: Lifestyle modifications (like diet and exercise), clomiphene citrate, injected fertility drugs, ovarian drilling (a surgical procedure that can trigger ovulation), and IVF. In women with glucose intolerance, the diabetes drug metformin (Glucophage) can also help restore regular ovulation. advertisement | page continues below Success rates: Many overweight patients who lose 5 to 10 percent of their body weight start ovulating regularly. For women with PCOS who take clomiphene citrate, the pregnancy rate per treatment cycle is about 18 percent. For women treated with ovarian drilling, about 50 percent get pregnant within one year. Tubal factors Blocked or damaged fallopian tubes prevent sperm from getting to your egg and also prevent the fertilized egg from getting to your uterus. Leading causes of tube problems include pelvic inflammatory disease, sexually transmitted infections (such as chlamydia), and previous sterilization surgery. Possible symptoms: None. Possible solutions: Surgery to open the tubes. If surgery fails, or if the tubes are too damaged to repair, they may be removed before having IVF in order to improve your chances of pregnancy. Success rates: Conception rates after surgery vary widely, depending on the location and severity of the tube blockage and the amount of postoperative scar tissue that develops. advertisement | page continues below Couples with tubal factor infertility who try IVF have a 22 percent chance on average of having a baby per IVF treatment cycle. This depends on the woman's age, extent of tubal disease or whether the tubes have been removed, and several other factors. Unexplained fertility problems Your doctor may diagnose an unexplained fertility problem if there's no obvious reason for your infertility (meaning all test results are normal). Some experts believe subtle differences in the way the reproductive system works may cause this type of infertility. This can include differences in follicle development, sperm function, or the fertilization process. Experts also theorize that lifestyle factors – such as being significantly underweight or overweight, regularly consuming too much caffeine or alcohol, and smoking – may be contributing factors as well. Possible symptoms: None. advertisement | page continues below Possible solutions: Fertility drugs (with or without artificial insemination) or IVF. Success rates: For couples with unexplained infertility, the pregnancy rate is between 9 and 26 percent per treatment cycle when fertility drugs are used in combination with artificial insemination. With IVF, the live birth rate is about 30 percent per treatment cycle, but that figure varies depending on age.

-
Image
Reviewed by the  BabyCenter Medical Advisory Board Updated April 2017 Ovulation problems Endometriosis Poor egg quality Polycystic ovarian syndrome Tubal factors Unexplained fertility problems Eleven percent of reproductive-age couples in the United States have trouble conceiving or sustaining a pregnancy. About one-third of these cases are due to female fertility problems, one-third to male fertility problems, and the rest to factors involving both partners or to unexplained causes. If you've had regular, unprotected sex for more than a year without conceiving (or six months if you're older than 35),  see your doctor . About 65 percent of couples that get treatment for a fertility problem are eventually able to have a successful pregnancy, according to Resolve, the national infertility association. The success rates below are based on averages gathered from large groups of patients. Each couple is unique, so think of the success rate for ...
Read more