Chairman of Innoson Group, Innocent Chukwuma has revealed that he is strategically waiting to take over Guaranty Trust Bank (GTB).
Gatekeepers News reports that Chukwuma disclosed that he is waiting for the interest on the money GTBank is owing him to surpass their capacity before he takes over the bank.
Innoson and GTBank have had a business conflict resulting in a legal battle.
The automobile manufacturer was secure judgment debt against the bank in suit FHC/L/Cs/603/2006 and FHC/Cs/139/2012 respectively, which increased to over N32 billion due to accumulated interest.
Innoson, in July, prayed to a federal high court in Lagos to set aside an order authorising GTB to restructure to a holding company. Although, the bank was able to complete the restructuring as GTB is now known as Guaranty Trust Holding Company Plc (GTCO Plc).
At a press briefing on Tuesday, Chukwum noted that he had shared a cordial relationship with the bank in the past during the tenure of the late MD, Olutayo Aderinokun.
In his words: “I was GTBANK’s best customer in the south-east when Tayo, the former MD, was alive. Because of this, they opened a branch in Nnewi. After Tayo, the new MD took over. I don’t even know him. I saw him for the first time last year.
“They started fighting about tribe. I am not certain about this but I think the reason he (GTB) is fighting is because of tribe. I don’t know exactly what his problem is.
“But finally, I have proved him wrong in everything. I have defeated him in all the courts we went to. The only thing left is for him to pay me what he owes me.
“He was going to my account and taking money anyhow. I discovered it, took him to court and won. Up till now, he hasn’t paid and we have gone up to supreme court. Maybe he hasn’t paid because he wants Nigeria to change their law because of him.”
The Innoson boss noted that he would no longer “disturb” the bank to pay the debt, saying he would take over the bank when it gets to the point that the bank cannot pay the principal amount plus 22 percent accrued interest.
“The beauty of the whole thing is that the money is attracting the interest of 22 percent. So, I am waiting for the interest to be above their capacity so I can take over the bank,” Chukuma said.
“That’s what I am waiting for. I am not disturbing them anymore. I am assuring all the customers of GTB that if I take over, I would still run it well. They shouldn’t fear. I haven’t done any business that fails.
“I will run it better than them. If they cannot pay me, I have no choice but to take over the management.”
