GT Bank in more trouble as Court refuses to stop Innoson takeover

A Federal High Court, Awka, Anambra State, south east Nigeria, has refused to suspend the execution of its order embarked by Innoson Nigeria Limited against the GT Bank, one of Nigeria’s leading banks.

The court also refused to set aside the orders it made on March 27, 2019, granting Innoson Nigeria Limited leave to enforce the judgment, issue processes for enforcing the judgment and levying execution of the Writ of Fifa against the bank.

Writ of fifa, otherwise known as writ of fieri facias, is an order of the court that gives an official the right to take a person’s property in order to pay someone the money that person owes them.

The court had on March 27, 2019 granted leave to Innoson to enforce and execute the judgment and Garnishee Order absolute made at the Ibadan Judicial Division on May 18, 2010 and July 29, 2011 respectively.

The order was concurrently affirmed by the Court of Appeal in the judgment of February 6, 2014, and by the Supreme Court in its judgment of February 27, 2019.

In response to the execution of the order of the court, GT Bank approached the court seeking orders to suspend the execution and also set aside the exparte orders made by the Court granting Innoson leave to enforce the judgment.

However, the court on Monday held that the order it made on March 27, 2019, in favour of Innoson Nigeria Limited granting it leave to enforce the judgment and issue processes of execution of the judgment are valid and that all the steps taken to levy executions in pursuance of that order are still valid and are not vacated.

However, the court stayed further proceedings in the matter to enable the Supreme Court hear GTB’s newly filed motion at the Supreme Court in respect of the matter.

Subsequently, the matter was adjourned to October 17, 2019 for hearing of other pending applications. (RS/THE GUARDIAN)