32Billion Debt: Innoson group asks court to withdraw order permitting GTB to restructure

Starting in 2011, Innoson Group began it case against GT bank over allegations of refusal to pay overdue debt totalling about 8.9 Billion Naira from accumulation of a twenty two percentage interest over several years while it itself, faces investigations by the Nigerian government over fraud allegations. 

This business dispute syems from GTBanks extension of credit to innoson group in 2009.  Under the terms of the loan as agreed to by innoson  groups, the In 2009, interest on imported goods was soley the banks as the original shipping documents was in the custody of the bank. Ownership could only be transferred by GTBank after the conditions of agreement have been fulfilled. 

Chukwuma in behalf of Innoson groups, requested the shipping documents from GTBanks but was refused based on the standing arrangements. In June 2011, the bank noticed that Innoson had gone on to procure the imported good with out their knowledge.

Recently, the Federal high court in Lagos has received a request to withdraw the order granting the restructuring of Guaranty trust Bank into a holding company.

The head of corporate communications and affairs at Innoson Group, Cornel Osigwe, said that this is die to the debt the bank owes the group amounting to N32,875,204,984.38- interest inclusive.

According to the counsel to Innoson Nigerian Ltd, Chukwuebuka Okolo, the actions of Guaranty trust bank is a display of disregard of court process  having knowledge of a pending application by Innoson.

The case still is in court awaiting the next rulling.

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