The Supreme Court, on Thursday, struck out GTBank’s motion for stay of execution of the Enugu Court of Appeal Division’s order that GTBank pays over N6billion into an interest yielding account at the Court of Appeal.
Innoson’s legal team led by Prof McCarthy Mbadugha told the Supreme Court that the Judgment debt which arose from excess and unlawful charges which GTB took from Innoson’s account has exceeded N14billion.
The Supreme Court decision follows GTBank’s motion for stay of execution at the Supreme Court following the ruling of the Court of Appeal Enugu Division on December 9, 2014 ordering it (GTB) to pay the sum of Five Billion, Nine Hundred and thirty Six Million, One Hundred and Twenty Six Thousand, Two Hundred and Nineteen Naira, One Kobo (N5,936,126,219.01k) to the Deputy Chief Register of the Court within 14 days from the date of ruling and which the Deputy Chief Register shall pay same into an interest yielding account in a reputable bank other than Diamond Bank or Mainstreet Bank Plc pending the determination of this appeal. The money, together with whatever accrues thereon, shall be paid to the party that wins the appeal.
But dissatisfied with the decision, GTBank filed a motion for stay of execution at the Supreme Court.
However, the Supreme Court on Thursday, struck out GTB’s motion for stay of execution and maintained that it will not hear the bank’s motion for stay of execution until it obeys the ruling of Court of Appeal.
By Supreme Court decision, GTB is expected within 14 days to pay over N14billion judgment debt to the Deputy Chief Registrar of the Court of Appeal Enugu Division and which will now be paid into an interest yielding account in a reputable bank..