The Supreme Court of Nigeria has ordered the management of Guaranty Trust Bank (GTBANK)to pay Innocent Chukwuma, chairman of Innoson Group a sum of N12 billion within 14 days.
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This judgement is capable of affecting the bank. We gathered that GTBank has a good financial standing, declaring over 200 Billion in profit in the last financial year. Two finance editors, Festus Akanbi and Emele Onu, declared in a post on Facebook that the judgement awarded to innoson against Gtbank will definately affect the bank.
In a statement 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.