I’m waiting to take over GTBank, Money owed me will surpass their capacity - Innoson chairman

 

Due to "non-payment of his N32 billion," Innocent Chukwuma, head of the Innoson Group, says he is waiting to take over the assets of Guaranty Trust Bank (GTB).

In a conversation with media on Tuesday, Chukwuma warned the bank's capacity would soon be exceeded by the money owing to him.

A business dispute between Innoson and GTB has resulted in a protracted judicial struggle. Innoson had obtained a judgment debt against the bank in suits FHC/L/Cs/603/2006 and FHC/Cs/139/2012, which had grown to approximately N32 billion due to interest.

Innoson had petitioned a federal high court in Lagos in July to get an order allowing GTB to reorganize to a holding company overturned. However, the bank's restructuring was completed, and GTB is now known as Guaranty Trust Holding Company Plc (GTCO Plc).

Throughout the media event, the wealthy businessman recalled how his relationship with the bank had been exceptionally friendly during the tenure of Olutayo Aderinokun, the late GTB MD.

"When Tayo, the former MD, was alive, I was GTBANK's top customer in the southeast." As a result, they established a branch in Nnewi. The new MD took over after Tayo. I'm not even familiar with him. Chukuma added, "I saw him for the first time last year."

"They got into a quarrel over tribe." I'm not sure, but I believe he (GTB) is fighting because of tribal differences. I'm not sure what he's having trouble with.

"But, in the end, I've proven him wrong in every way." I've beaten him in every court we've been to. The only thing left for him to do is pay me what I owe him.

"In any case, he was going to my account and taking money." I found out about it, brought him to court, and won. He has not paid up to this point, and we have taken our case to the Supreme Court. Perhaps he hasn't paid because he wants Nigeria's laws to change as a result of him."

The CEO stated that he would no longer "disturb" the bank by demanding payment of the debt. He claims that he will take over the bank when it is unable to pay the principle amount plus 22 percent accrued interest.

"The beauty of it all is that the money is earning a 22 percent interest rate. So I'm waiting for interest rates to rise past their capacity before I take over the bank," Chukuma explained.

"That's what I'm looking forward to. I'm no longer bothering them. I am promising all of GTB's customers that if I were to take over, I would continue to operate it well.

"They have nothing to be afraid of. "I've never had a business fail, and I'm going to run it better than they are." I'll have no choice but to take over control if they don't pay me."



TheCable

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