Innoson Motors Drags GTBank to Court, Demands N400bn

Innoson Nig. Ltd., a local car manufacturer,
has filed a lawsuit against Guaranty Trust
Bank for character assassination and
defamation.

According to The Punch, the company
together with its founder, Chief Innocent
Chukwuma, took the matter to a High Court
sitting in Abuja and are demanding N400bn
as damages for injury to their reputation,
moral character, credibility, office, vocation
and trade.
They also seek an order of perpetual
injunction restraining GTBank from further
defaming them.
The lawsuit, which was filed by the counsel
to Chukwuma, Prof. Joseph Mbadugha, is
sequel to a recent decision by the Supreme
Court in favour of Innoson Nigeria Ltd. on
May 12, 2017, where an application by the
financial institution was dismissed.
A Federal High Court sitting in Ibadan, Oyo
State, had on July 29, 2011, ordered the
bank to pay N2bn to the car manufacturer
but appealed against the judgment.
The appellate court in the state upholding
the verdict of the lower court, on February 6,
2014, mandated the financial institution to
pay the said sum to Innoson.
Unsatisfied by the ruling, GTBank sought
relief at the Supreme Court but its
application was dismissed.
In the fresh suit filed, the car manufacturer
and Chukwuma maintained that claims by
GTBank that it obtained the Court of Appeal
judgment by fraud and fraudulent
suppression of the fact that the company
was paid the sum of N1, 406,515,845.98 in
final liquidation of the judgment debt,
implies that both parties were dubious,
dishonest, dishonorable, and untrustworthy
among other things.
Apart from the N400bn damages
demanded, Innoson and Chukwuma are
asking that the published words be
retracted by the defendant with an apology
published in two national dailies.

No Result