Monday, 17 January 2022

Innoson Motors Vs GT Bank Saga; Supreme Court Notice Error, Reverses Earlier N2.4bn Awarded Innoson

The Supreme Court has reversed its earlier ruling on a N2.4 billion judgment given in favour of Innoson Motors Nigeria Limited by the Court of Appeal. 

The apex court had dismissed the Guarantee Trust Bank (GTB)’s appeal in the February 27, 2019 in a ruling delivered by the Court of Appeal, Ibadan, Oyo State. 

In a ruling on Friday, a five-man panel of the Supreme Court led by Justice Olulayode Ariwoola admitted that the apex court erred when it dismissed GTB’s appeal on the appellate court’s ruling.

Justice Tijani Abubakar wrote the lead judgement which was read by Justice Abdu Aboki on Friday. 

He noted that the Supreme Court Registrar erred by failing to draw the panel’s attention to the GTB’s appeal which had sought a relisting of the appeal. 

The Innoson Group and GTB are embroiled in a long standing dispute over an outstanding N4.2 billion debt by the bank. 

The justice was quoted as saying “I am convinced that at the material time that the appellant’s appeal was inadvertently dismissed by this court, there was in place, a valid and subsisting brief of argument filed by the applicant"

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