Innoson urges court to set aside order on GTB restructuring

Innoson Nigeria Limited has implored the Federal High Court, Lagos, to set aside an order granting Guaranty Trust Bank (GTB) permission to undergo restructuring to a holding company.

The company made the call in a statement issued on Sunday by its Head of Corporate Communications, Cornel Osigwe.

Osigwe said Innoson asked the court to stay the order granted to the bank on June 16 until it pays its total outstanding judgment debt of N32, 875,204,984.38 to the company.

The two companies are engaged in a long-running legal battle over the judgment debt.

Innoson had secured judgment debt against the bank in suit no FHC/L/Cs/603/2006 and FHC/Cs/139/2012 respectively.

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The funds increased to N32 billion due to accumulated interest.

In November 2020, GTB had obtained an approval-in-principle from the Central Bank of Nigeria (CBN) to commence a formal process for restructuring to a financial holding company (Holdco).

In a motion on notice brought before the court by counsel to Innoson Nigeria Limited, Chukwuebuka Okolo, the plaintiff asked the court to set aside every step the bank took pursuant to the said ex parte order.

The company is also seeking an order of the court to stay further recognition of GTB as a financial or non-financial company and or as a legal entity.

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