The Guaranty Trust Bank has debunked the report that a Federal High Court in Awka, Anambra State has granted Innoson Nigeria Limited leave to take over the bank’s properties.

The bank explained that the judgment allegedly in issue, is a judgment against the account of the Nigerian Customs and Excise Board domiciled with GTBank, and not against GTBank as an entity.

The attention of GTBank has been drawn to the purported enforcement of a Judgment of the Federal High Court, Ibadan at one of its branches in Anambra State.

“GTBank as a law-abiding corporate citizen is taking all necessary legal steps to address this situation and ensure that no illegal or fraudulent execution is carried out,” the bank said in a statement yesterday.

The bank called on the public to disregard the story.

Innoson had claimed that it obtained a writ of FiFa from the Federal High Court, Awka, Anambra State, against the bank to effect the judgment given by the Federal High Court in Ibadan and upheld by the Supreme Court of Nigeria.

Cornel Osigwe, the Head of Corporate Communication of Innoson Nigeria Limited, made this known in a statement on Friday.

Writ of FiFa (Writ of Fieri Facias) is a leave of court to execute a judgment obtained by a judgment creditor in a legal action for debt or damages by levying on the property of the judgment debtor.

Osigwe said that GTB, however, appealed this decision up to the Supreme Court. But, according to Innoson, the Supreme Court on February 27, 2019, dismissed GTB’s appeal and upheld the decision of both Federal High Court and the Appeal Court.

The Statement read: “The Chairman of Innoson Group, Chief Dr. Innocent Chukwuma, OFR has through a Writ of FiFa taken over Guaranty Trust Bank PLC for and on behalf of Innoson Nigeria Limited as a result of the bank’s indebtedness to Innoson Nigeria Ltd. In a landmark decision on February 27th 2019, the Supreme Court of Nigeria dismissed GTB’s appeal — SC. 694/2014 — against the judgment of Court of Appeal, Ibadan Division.”