The Chairman of Innoson Group, Mr. Innocent Chukwuma, has vowed to take over Guaranty Trust Bank’s assets saying that, from the look of things, the bank is incapable to paying up what it allegedly owes him.
Chukwuma said GTBank, which has restructured into a subsidiary of Guaranty Trust Holding Company (GTCO), owes him N32 billion, and its accruing 22 percent interest.
The automaker had been in a court battle with the bank, and requested the Federal High Court in Lagos to prevent GTBank from restructuring into GTCO, but that did not stop the process.
The Innoson boss had filed and won suit FHC/L/Cs/603/2006 and FHC/Cs/139/2012. Seven years later, Chukwuma claimed that the court had ordered he can take over GTBank, but the latter dismissed his claim.
But the industrialist said on Thursday that he would no longer force the payment of his debt, stating that he will wait until the debt becomes a financial burden on GTBank.
Chukwuma revealed that the his rift with GTBank started when its late founder, Olutayo Aderinokun, vacated his position and a new MD took over.
The automobile maker said: “I was GTBANK’s best customer in the South-east when Tayo, the former MD, was alive. Because of that, they opened a branch in Nnewi. After Tayo, the new MD took over. I don’t even know him. I saw him for the first time last year.”
Chukwuma alluded that the new MD began to play the tribal card, but he had been defeating the bank since their court tussle started.
“They started fighting about tribe. I am not certain about this but I think the reason he (GTB MD) is fighting is because of tribe. I don’t know exactly what his problem is.
“But finally, I have proved him wrong in everything. I have defeated him in all the courts we went to. The only thing left is for him to pay me what he owes me.
“He was going to my account and taking money anyhow. I discovered it, took him to court and won. Up till now, he hasn’t paid and we have gone up to Supreme Court. Maybe he hasn’t paid because he wants Nigeria to change their law because of him.”
Chukwuma further stated that, “The beauty of the whole thing is that the money is attracting the interest of 22 percent. So, I am waiting for the interest to be above their capacity so I can take over the bank,” adding that is “what I am waiting for. I am not disturbing them anymore.
“I am assuring all the customers of GTB that if I take over, I would still run it well. They shouldn’t fear. I haven’t done any business that fails.
“I will run it better than them. If they cannot pay me, I have no choice but to take over the management.”