…the N2Billion Crisis Between Innoson Motors and GTBank

…How Segun Agbaje Alledged Refuses to let go of the Bank Affairs

…Many Fraud activities within the Bank Reveals

Guaranty Trust Holding Company Plc formerly known as Guaranty Trust Bank is synonymous to fraud according to information gathered.

For many years, the bank has been the news indicted from one fraudulent activity to the other dragging the name of the bank and its customers to the mud.

If the bank is not engaging in illegal deduction, it will be over charging innocent customers on already paid loans, infact they Withheld customer’s CBN loan for four years.

Recently, some customers took to Twitter to register their dissatisfaction over the illegal deduction of their money by the bank.

One of the bank branches in Ojodu was at the centre of the fresh crisis of illegal deduction and transaction gone sour with one Mr Tunji.

It was gathered that, for some time, Mr Tunji who has not been operating his account for many years decided to reactivate his account. Surprisingly, he was told he has five hundred-thousand-naira Loan on it which simply means a staff of the Bank has been using the account to commit fraud.

After dragging the bank on social media, he was asked to be patient with the bank so the issue could be resolved. He was later told that the error was internal somewhere within the bank system.

However, he was called a few days ago with apologies following which the case became a social media issue thus provoking other complains from other customers. @Nwokocha_P_O

Meanwhile, sources have disclosed that the bank is in a serious mess because the former Managing Director MD and the chief executive officer CEO Segun Agbaje is yet to let go of some of the bank activities rendering the current MD Miriam Olusanya redundant.

It is also no longer news that the financial house has been in and out of court over the issue with Innoson Motors under Segun Agbaje which has been inherited by Miriam Olusanya.

This legal battle between Innoson GTB dates back to 2011 when Innoson Nigeria said it realised that GTBank had wrongly debited its account with charges in excess of N700m (then:$4.7m; now: $1.9m) but has dragged up to billions in naira.

The bank is allegedly owing Innoson over N30 billion in accrued interest by 22 percentage

“GTBank is only prolonging the dooms day, if they like they should change their names as many times as possible, once I’m ready, I will take over the bank.” according to Innoson Motors boss.

A case GTBank has been allegedly instigating Economic and Financial Crimes Commission (EFCC) to victimize Innoson Motors’ lawyer, in many reports.

In a landmark decision on February 27th 2019, the Supreme Court of Nigeria dismissed GTB’s appeal – SC. 694/2014- against the judgment of Court of Appeal, Ibadan Division.

“The Court of Appeal, Ibadan division had in its decision of 6th February 2014 dismissed GTB’s appeal against the Federal High Court, Ibadan Division.

“Thus, the Court of Appeal affirmed the judgment of the Federal High Court, Ibadan Division which ordered GTB by way of Garnishee order absolute – to pay N2.4 Billion to Innoson with a 22% interest, per annum, on the judgment sum until the final liquidation of the judgment debt.

“Rather than obey the judgment of the Court of Appeal, GTB approached the Supreme Court to challenge the Court of Appeal’s decision.

“However in a ruling delivered by Honourable Olabode Rhodes-Vivour JSC on Wednesday, February 27th2019, the Lord Justices of the Supreme Court (JSC) dismissed GTB’s appeal and thus affirmed the concurrent judgment of both the Court of Appeal and the Federal High Court, Ibadan Division which ordered GTB by way of Garnishee order absolute – to pay N2.4 Billion to Innoson with a 22% interest, per annum, on the judgment until the final liquidation of the judgment.

“The Judgment debt of N2.4B has an accrued interest as at today of about N6,717,909,849.96 which results to about N8.8 Billion.

“Based on the Supreme Court’s decision of 27th February 2019 the counsel to Innoson, Prof McCarthy Mbadugha ESQ, had approached the Federal High Court, Awka Division for leave to enforce the judgment having obtained Certificates of Judgment from the Ibadan Division of the Federal High Court.

“Having obtained the requisite leave, the Federal High Court issued the necessary process for levying execution – the Writ of Fifa.”

Nigerians however need to note that, excess charges are unlawful, illegal and fraudulent and it is a crime and what should be the fate of Gtbank customers.

All efforts to get reaction of the bank prove abortive.