The Supreme Court of Nigeria has ordered the management of Guaranty Trust Bank to pay Innocent Chukwuma, chairman of Innoson Group a sum of N12 billion within 14 days.
In a statement released on Thursday by Cornel Osigwe, Innoson Group’s head of corporate communications, the court struck the motion for stay of execution of the Enugu court of appeal division’s order that GT Bank pays N6 billion into an interest yielding account.
The Supreme Court decision follows GTBanks motion for stay of execution at the Supreme Court when the Court of Appeal Enugu Division ruled on 9th Dec, 2014 that the appellant (GTB) is hereby ordered 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.
READ ALSO : Pen Robbery Is Worse Than Armed Robbery
The money together with whatever accrues thereon shall be paid to the party who wins the appeal.
GTBank not satisfied with the decision of the ruling of Court of Appeal, filled a motion for stay of execution at the Supreme Court, however Supreme Court today struck out GTB motion for stay of execution and maintained that it will not hear GTBank’s motion for stay of execution until it obeys the ruling of Court of Appeal to pay the said money into an interest yielding account.
By Supreme Court decision today, GTB is expected within 14 days to pay the sum of 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.
The money together with whatever interest accrues thereon shall be paid to the party who wins the appeal.
More to follow…
READ ALSO : AGF Disagrees With National Assembly Over No-Confidence Vote On IGP
Are you an artiste? Do you want your music to go viral and reach a large number of audience? Promote your music and Submit your story on Ujuayalogusblog.com by clicking here. For Advert Inquiries Tel/+44(0)7590363984 Subscribe to Ujuayalogusblog.com
For More: Visit Us at Uju Ayalogu's Blog
No comments:
Post a Comment