Local News

Innoson Motor Demand GTBank to Pay Debt of N32.87 Billion

Innoson motor and indigerians car producing company n Nigeria owned by a Nigerian Innocent Chuckuma ( Founder of Innoson Motor). Then IMV’s has been in the list of the price for the past winner of the popular Big Brother Naija Tv reality show.

 

The company has a case with GTBank in 2014 which was charged to 2018. The Federal High Court in Lagos Nigeria has been asked by Innoson Nigeria Limited to stop GTbank from the restructuring of Guaranty Trust Bank to Guaranty Trust Holding Company of their debt which is to be redeemed according to the head of cooperating communication for Innoson cornel Osigwe Guaranty Trust Bank is indebted to the car making company to the tune of N32, 875, 984.38 (This is huge). Innoson motor

The head of corporate communication; Cornel Osigwe said that a request was made to the count to set aside a June 16 judgment that would permit the financial institution to proceed with its restructuring.

 

 

Guarantee Trust Bank has already restructured into a holding company, but Innoson wants the process stopped to ensure Guarantee Trust Bank as an entity refills the judgment.

There has been a long battle between Nigerian Limited is based on alleged illegal charges on the automotive account by to Segun Agbaje led company.

 

 

In 2018, the Supreme Court ordered Guarantee Trust Bank to pay N4 billion reported deducted from Innoson Nigeria Limited’s account. The amount must be paid pending the determination of the court case between them, which arose from a 2014 order by the Enugu Court of Appeal, which directed the bank to deposit N 5.9 billion in interest yielding account.

As the court case was prolonged the amount of the debt increased due to the interest rate. The capital is new about N32.87 billion.

In 2018, Guaranty trust Bank denied any knowledge of a court order which directed it to pay N 14 billion into an account.

The CEO of cars45 said that Innoson struggles against foreign brands. The chief executive officer of Cars45 Soumobroto Ganguly; said Africans don’t have pride in products made in Africa compared to foreign products and Innoson needs government support for car importation.

The CEO said govt needs to patronize Innoson as well in order to become a major client of the local car manufacturer and encourage a high volume of production which will also boost the economy.

 

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The Distribution of PHED in Bayelsa State | Bluetv Media July 16, 2021 at 7:33 am

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