Innoson CEO files N400bn suit against GT Bank

Innocent Chukwuma, chief executive officer (CEO) of Innoson Nigeria Limited, has filed a N400 billion lawsuit against Guaranty Trust Bank.

According to a statement, the suit was filed based on an injury to Chukwuma’s reputation and that of his company.

The statement said he sought an an order of perpetual injunction restraining the bank from further defaming him.

The lawsuit which was filed by Joseph N. Mbadugha, Chukwuma’s counsel, is the aftermath of a recent ruling by the Supreme Court of Nigeria in a case between GTB vs Innoson Nig Ltd in favour of the latter on May 12, 2017.

On July 29, 2011, the federal high court, Ibadan division, had ordered the defendants (GT Bank) to pay the sum of N2.48 billion to Innoson Nigeria.

The defendants appealed the judgement at the court of appeal, Ibadan division and the court dismissed the appeal, affirming the judgement in a ruling delivered on February 6, 2014.

GT Bank then appealed at the supreme court on 11 grounds, amending it notice of appeal dated January 22, 2016 to say that Innoson obtained previous judgements by fraudulent suppression of material facts.

“Similarly, at paragraphs nine and 10 of the affidavit in support of the said motion on notice deposed to by Sarah Ugamah on behalf of GT Bank, GT Bank said that Innoson Nigeria Ltd fraudulently suppressed that it was paid the sum of N1.4 billion in liquidation of the judgment debt,” the statement read.

“However in a unanimous decision, on 12th May 2017, the supreme court dismissed GTBank’s said motion on notice; and while dismissing the motion, supreme court stated, inter alia, that GT Bank engaged in double speaking and in a frivolous frolic in bringing the application.

“The words published by GT Bank, that it obtained the court of appeal judgment by fraud and fraudulent suppression of the fact that Innoson Nig. Ltd. was paid the sum N1, 406,515,845.98 in final liquidation of the judgment debt – implies that Innocent Chukwuma and Innoson Nigeria Ltd are dubious, dishonest, dishonorable, and untrustworthy, of questionable character, fraudster, criminally deceptive, cheats and obtaining money through false pretenses.”

The breakdown of the lawsuit is as follows: N100 billion exemplary damages; N100 billion for injury to feelings – mental pains and anxiety; N150 billion for injury to reputation and N50 Billion general damages.