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Home / Business / What transpired between INNOSON and GTB – GTB Stole Over N700 Million. Lessons for new and potential Entrepreneurs

What transpired between INNOSON and GTB – GTB Stole Over N700 Million. Lessons for new and potential Entrepreneurs


At every significant moment, Innoson Nigeria Ltd operates a current account with GTB. Innoson then discovered that the GTB imposed illegal surpluses and taxes on his checking account.
Both sides have agreed to invite an independent auditing firm that will be approved by both parties. Multiwings Consulting Firm of Auditors was asked to correctly view Innoson Nigeria Limited current account No. 0043753636 which domiciled in Nnewi Branch of GTB (Anambra State). The audit was intended to cover between the period of March 2004 to December 2011.

After the account was examined, it was discovered that the GTB illegally removed unnecessary bank charges on its overdraft facility to Innoson to the tune of Seven Hundred and Eighty-Six Million, Two Hundred and Five Thousand, Nine Hundred and Fifty-Five Naira, Ninety Nine Kobo (N786,205,955.99).

When the report was forwarded to GTB, they were shocked by the audit report. They responded in their letter to Innoson on January 20, 2012, that they will examine the issue raised and return to him once the investigation is complete.

In September 2012 he wrote GTB to Innoson that from their personal audit report, the excess bank charges was Five Hundred and Fifty-Nine Million, Three Hundred and Seventy-Four Thousand, Seventy-Two Naira, Nine Kobo (N559,374,072.29k). Innoson agreed to their version and decided to accept payment from it in the spirit of amicable resolution and for peaceful co-existence.
Innoson also asked that the agreed amount N559, 374,072.09k paid with the 22% rate because it had repaid all of its GTB debt at 22%. The GTB refused and stated that the maximum they can pay is 7%. This led to another contradiction between Innoson and GTB.

As a result, Innoson commenced suit No: FHC/AWK/CS/2012 against GTB at the Federal High Court, Awka and obtained judgment in excess of N4.7 Billion against GTB.
GTB appealed against the judgment to the court of Appeal, Enugu Division, appetite Appeal NO: CA/E/288/2013. The court of Appeal Enugu in a considered ruling ordered GTB to pay the judgment debt of N6 Billion inclusive of the accrued interest and any interest that would subsequently accrue thereon into an interest yielding account in the name of the Chief Registrar of the Court. GTB is yet to obey this judgment; however it went to the Supreme Court. The matter is yet to be resolved at the Supreme Court. Today that judgment debt is about N8 Billion.
GTB, having seen that the Judgment debts Innoson had against them is too much for them to bear and instead of calling Innoson to seek an out-of-court negotiation, they decided to initiate a trump-up charge against Innoson with an allegation of falsification of shipping documents and representing them as genuine in order to force Innoson negotiate with it from a position of weakness.
Excess charges are unlawful, illegal and fraudulent and it is a crime
For over 5 years that GTB had admitted it debited unlawfully excess charges from Innoson’s account; Innoson is yet to get his money from GTB
The reason why GTB have failed to pay their indebtedness to Innoson is still unclear.
Earlier on, the Federal High Court and Court of Appeal division in Ibadan had ordered GTB to pay the N2.4Billion belonging to Custom to Innoson. GTB is yet to obey this court judgment.
Irrespective of all the persecution Innoson got from GTB, he still persevered; he still fought his dream of establishing the first Vehicle Manufacturing company in Nigeria which today is a Pride to our Nation.
Innoson represents a hope and a guide to upcoming and young entrepreneurs who hopes to make a difference in our Nation. As a result, we are using this medium to bring this issue of illegal GTB charges to the attention of Nigerians in general and entrepreneurs in particular. #BewareofGTB



1. Always Monitor your money: do not neglect bank charges on your company accounts. Always promote to explain the basis of all bank charges deducted from your account.

2. Get an accountant / accountant: they will help you discover fraudulent activity from your bank in your account.

3. Request full details in advance: when you take a loan from your bank or bank, request that all bank charges be paid in advance before accepting the money. Be prepared to warn you if sudden and hidden costs start to occur.

4. Request all the terms stated in writing: someone can deny verbal agreements including their banker. Therefore, always request a written document for any terms or agreements that have been met with your banker.

5. Request full payment with interest of 22%: In the event that you get your bank to steal from you illegally through fraudulent bank charges, it is legally legitimate that you repay all the money for two weeks with the interest

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