The Supreme Court has ordered GTBank to pay the sum of N14 billion judgement debt to the Deputy Chief Registrar of the Court of Appeal, Enugu Division, within 14 days.
The said sum is to be paid into an interest yielding account in any reputable bank.
The Court of Appeal sitting in Enugu had in December 2014, ordered the bank to pay about N6 billion into an interest yielding account in the case between the Bank and Innoson Motors.
Innoson had sued the bank for unlawful charges deducted from his account.
Not satisfied with that ruling, the bank headed to the Supreme Court for a stay of execution.
However, at the apex court, Innoson’s legal team, headed by Prof. McCarthy Mbadugha, informed the court that the debt had risen to N14 billion.
A release signed by Head, Corporate Communications, Innoson Group, Cornel Osigwe, said the Supreme Court in its ruling Thursday struck out the motion and insisted it would not hear the motion until the bank obeyed the ruling of the appelate court.
The money, in addition to whatever interest that accrues on it shall be paid to the party who wins the appeal.
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The case arose following Innoson’s discovery that the bank had made excess deductions on his current account to the tune of N786,205,955.99.
The bank however disputed the figure and conducted it’s own audit which came up with the sum of N559.3 million.
This was accepted by Innoson which requested the bank to repay the money with a 22% interest.
When the parties could not come to an agreement on the percentage of interest to be paid by the bank, Innoson took the matter to the Federal High Court sitting in Awka with Suit No : FHC/Awk/Cs/2012 .
The court delivered judgement in favour of Innoson in excess of N4.7 billion against GTBank and also ordered it to pay 22 % interest on the judgement debt until all the payment had been made to Innoson.
In 2013, GTBank appealed against the judgement at the Court of Appeal, Enugu Division.
