Indications are that the N400billion civil action instituted by
Innoson Nigeria Limited and its Chief Executive Officer, Dr.
Innocent Chukwuma against Guaranty Trust Bank Plc may have set off
a chain of reaction, the outcome of which may not be palatable to
either of the two parties, if the arguments of financial and
economic pundits is anything to go by.
It would be recalled that Innoson had sued Guaranty Trust Bank
PLC in the High Court of Federal Capital Territory, Abuja, claiming
a total sum of N400 billion damages for injury to their reputation,
moral character, credibility, office, vocation and trade.
Besides, they are also seeking for an order of perpetual
injunction restraining the bank from further defaming them.
According to analysts, although both companies have been
involved in a legal tussle for some years now, they nonetheless
argued that N400billion was too high and capable of affecting the
operations of GTBank, if granted by the court.
However, some legal analysts have argued that there is no amount
of money that can equate to the name and reputation of an
individual or organisation.
Citing Socrates, Edwards Michael, a lawyer said: “Regard your
good name as the richest jewel you can possibly be possessed of.”
In the same vein, the Bible says: “A good name is to be desired
more than gold; being held in high esteem is better than silver or
gold.”
According to Micheal, Innoson and Chief Chukwuma seem to believe
that a good name is priceless, and once stained it could destroy
all a person or company has laboured for over the years.
“The name of Chief Chukwuma has been built into reputable names.
Once smeared, they will lose the trust of the public and also the
patronage of the public, which may lead to the death of the
business and any future endeavour embarked upon by Chukwuma.”
The lawsuit was filed by Innocent Chukwuma’s counsel, Prof
Joseph N Mbadugha Esq, sequel to a recent decision by the Supreme
Court of Nigeria in favour of Innoson Nigeria Ltd. in Appeal No:
SC/694/2014 between GTB v. Innoson Nig Ltd. There, on 12th May
2017, the Supreme Court dismissed GTBank’s Application.
Innoson Nigeria Ltd had won various lawsuits against GTBank,
including 29th July 2011, the Federal High Court, Ibadan Division,
through a garnishee order absolute ordered the Defendants (GTBank)
to pay the sum of N2,048,737,443.6k to Innoson Nigeria Ltd.
GTBank however appealed against the judgment at the Court of
Appeal, Ibadan Division. In a unanimous judgment, delivered on 6th
February 2014, the Court of Appeal dismissed the appeal, affirmed
the judgment of the trial Court and ordered the Defendant (GTBank)
to pay the said sum of N2, 048,737,443.67k to Innoson Nigeria
Ltd.
Not satisfied, GTBank appealed to the Supreme Court on 11
grounds. Subsequently, GTBank sought to amend its notice of appeal
– to adduce fresh evidence – to show that Innoson Nigeria Ltd
obtained the judgment of the Court of Appeal by fraud and
fraudulent suppression of material facts.
Thud GTBank had through its motion on notice in Appeal No:
SC/694/2014 dated the 22nd of January 2016 and filed at the Supreme
Court on the 5th of February 2016, with a 15 paragraph affidavit in
support averred that Innoson Nigeria Ltd obtained the Court of
Appeal Judgment against GTBank in Appeal No CA/I/258/2011 by
fraud.
Similarly, at paragraphs 9 and 10 of the affidavit in support of
the said motion on notice deposed to by Sarah Ugamah on behalf of
GTBank, GTBank said that Innoson Nigeria Ltd fraudulently
suppressed that it was paid the sum of N1, 406,515,845.98 in
liquidation of the judgment debt.
However in a unanimous decision, on 12th May 2017, the Supreme
Court dismissed the 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.
In the fresh suit, Innoson Nigeria Ltd and Chief Innocent
Chukwuma maintained that the words published by GTBank – 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.
In consequence, Innoson Nigeria Ltd and Innocent Chukwuma are
claiming against the GTBank PLC as follows: N100billion exemplary
damages; N100billion for injury to feelings – mental pains and
anxiety; N150billion for injury to reputation and N50billion
general damages.
Innoson Nig Ltd. and Chief Innocent Chukwuma further claim:
– An order that the published words complained of be retracted
by the Defendant – GTBank with an apology published in two National
dailies;
– An order of perpetual injunction restraining the GTBank from
further maligning or otherwise defaming them in the words or
similar words, complained of in this motion;
– An order of perpetual injunction restraining GTBank, its agents,
privies or whomsoever from further defaming the plaintiffs;
– 22% interest on the said sums of money claimed above commencing
on 22nd January 2016 till the date of the judgment and thereafter
at the same rate of 22% interest until the satisfaction of the
judgment debt.
With Guaranty Trust Bank having a shareholders’ funds base of
N546.9 billion, having a N400 billion suit hanging on its neck,
analysts have argued that paying such a judgement debts if found
guilty by the court, such a case will not be in the best interest
of a financial institution like the GTBank that is the custodian of
people’s money.
As the legal battle rages, it is not clear yet how this whole
issue will pan out.
But economic analysts hold the view and very strongly too that
these two organisations will find an amicable way to settle their
differences, so as to have maximum time for their core areas of
operations.
Indications are that the N400billion civil action instituted by
Innoson Nigeria Limited and its Chief Executive Officer, Dr.
Innocent Chukwuma against Guaranty Trust Bank Plc may have set off
a chain of reaction, the outcome of which may not be palatable to
either of the two parties, if the arguments of financial and
economic pundits is anything to go by.
It would be recalled that Innoson had sued Guaranty Trust Bank
PLC in the High Court of Federal Capital Territory, Abuja, claiming
a total sum of N400 billion damages for injury to their reputation,
moral character, credibility, office, vocation and trade.
Besides, they are also seeking for an order of perpetual
injunction restraining the bank from further defaming them.
According to analysts, although both companies have been
involved in a legal tussle for some years now, they nonetheless
argued that N400billion was too high and capable of affecting the
operations of GTBank, if granted by the court.
However, some legal analysts have argued that there is no amount
of money that can equate to the name and reputation of an
individual or organisation.
Citing Socrates, Edwards Michael, a lawyer said: “Regard your
good name as the richest jewel you can possibly be possessed of.”
In the same vein, the Bible says: “A good name is to be desired
more than gold; being held in high esteem is better than silver or
gold.”
According to Micheal, Innoson and Chief Chukwuma seem to believe
that a good name is priceless, and once stained it could destroy
all a person or company has laboured for over the years.
“The name of Chief Chukwuma has been built into reputable names.
Once smeared, they will lose the trust of the public and also the
patronage of the public, which may lead to the death of the
business and any future endeavour embarked upon by Chukwuma.”
The lawsuit was filed by Innocent Chukwuma’s counsel, Prof
Joseph N Mbadugha Esq, sequel to a recent decision by the Supreme
Court of Nigeria in favour of Innoson Nigeria Ltd. in Appeal No:
SC/694/2014 between GTB v. Innoson Nig Ltd. There, on 12th May
2017, the Supreme Court dismissed GTBank’s Application.
Innoson Nigeria Ltd had won various lawsuits against GTBank,
including 29th July 2011, the Federal High Court, Ibadan Division,
through a garnishee order absolute ordered the Defendants (GTBank)
to pay the sum of N2,048,737,443.6k to Innoson Nigeria Ltd.
GTBank however appealed against the judgment at the Court of
Appeal, Ibadan Division. In a unanimous judgment, delivered on 6th
February 2014, the Court of Appeal dismissed the appeal, affirmed
the judgment of the trial Court and ordered the Defendant (GTBank)
to pay the said sum of N2, 048,737,443.67k to Innoson Nigeria
Ltd.
Not satisfied, GTBank appealed to the Supreme Court on 11
grounds. Subsequently, GTBank sought to amend its notice of appeal
– to adduce fresh evidence – to show that Innoson Nigeria Ltd
obtained the judgment of the Court of Appeal by fraud and
fraudulent suppression of material facts.
Thud GTBank had through its motion on notice in Appeal No:
SC/694/2014 dated the 22nd of January 2016 and filed at the Supreme
Court on the 5th of February 2016, with a 15 paragraph affidavit in
support averred that Innoson Nigeria Ltd obtained the Court of
Appeal Judgment against GTBank in Appeal No CA/I/258/2011 by
fraud.
Similarly, at paragraphs 9 and 10 of the affidavit in support of
the said motion on notice deposed to by Sarah Ugamah on behalf of
GTBank, GTBank said that Innoson Nigeria Ltd fraudulently
suppressed that it was paid the sum of N1, 406,515,845.98 in
liquidation of the judgment debt.
However in a unanimous decision, on 12th May 2017, the Supreme
Court dismissed the 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.
In the fresh suit, Innoson Nigeria Ltd and Chief Innocent
Chukwuma maintained that the words published by GTBank – 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.
In consequence, Innoson Nigeria Ltd and Innocent Chukwuma are
claiming against the GTBank PLC as follows: N100billion exemplary
damages; N100billion for injury to feelings – mental pains and
anxiety; N150billion for injury to reputation and N50billion
general damages.
Innoson Nig Ltd. and Chief Innocent Chukwuma further claim:
– An order that the published words complained of be retracted
by the Defendant – GTBank with an apology published in two National
dailies;
– An order of perpetual injunction restraining the GTBank from
further maligning or otherwise defaming them in the words or
similar words, complained of in this motion;
– An order of perpetual injunction restraining GTBank, its agents,
privies or whomsoever from further defaming the plaintiffs;
– 22% interest on the said sums of money claimed above commencing
on 22nd January 2016 till the date of the judgment and thereafter
at the same rate of 22% interest until the satisfaction of the
judgment debt.
With Guaranty Trust Bank having a shareholders’ funds base of
N546.9 billion, having a N400 billion suit hanging on its neck,
analysts have argued that paying such a judgement debts if found
guilty by the court, such a case will not be in the best interest
of a financial institution like the GTBank that is the custodian of
people’s money.
As the legal battle rages, it is not clear yet how this whole
issue will pan out.
But economic analysts hold the view and very strongly too that
these two organisations will find an amicable way to settle their
differences, so as to have maximum time for their core areas of
operations.
Read more https://nairalaw.com/innoson-gtb-draw-battle-line-over-n400b-lawsuit/