By Innocent Anaba

INNOSON Nigeria Limited, has described as untrue, recent media report that it was indebted to Guaranty Trust Bank Plc to the tune of N2.4billion. Innoson is insisting that from the various cases in court, some which had been ruled upon by the Court of Appeal in Enugu and Ibadan, which have now shifted to the Supreme Court, along others suits, it was clear that it was not indebted to the bank.

Dangote, Uduaghan and Innoson

Tracing its history with the bank, the company said that at all material times, it oprates a current account with GTB and it discovered imposed excess and unlawful charges in its current account in the sum of N560million and that the bank was demanding it to pay this to it with the accrued interest thereon, but it requested the bank to credit its account with the N560m  and the accrued interest.

The company said that the bank refused this request, as a result, it commenced suit FHC/AWK/CS/139/2012 against the bank before a Federal High Court, Awka and obtained judgement in excess of N4.7billio against the bank.

The bank appealed  the judgment to the Court of Appeal, Enugu in appeal CA/E/288/2013. The Court of Appeal, Enugu in its ruling ordered the bank to pay the judgment debt of N5.7bn 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.

On the Customs angle, the company said Nigerian Customs Services sold its  goods by auction, following which it commenced suit FHC/L/CS/603/2006 against customs. Thereat, judgment was rendered in excess of N2.4bn in favour of Innoson in the suit against customs. Subsequently, Innoson garnisheed customs’ account with GTB. Through a garnishee order absolute the court ordered GTB to pay the judgment debt of over N2.4bn to Innoson from customs account with it.

The company added that the bank appealed this decision to the Court of Appeal, Ibadan appeal CA/I/258/2011. However, on February 6, 2014, the Court of Appeal, Ibadan dismissed the bank’s  appeal, affirmed the decision of the Federal High Court and ordered the bank to pay the judgment debt of over N2.4bn to Innoson from customs account with it.

The company insisted that at all material times, goods imported by Innoson were consigned to GTB under the relevant Bills of lading. The bank endorsed the Bills of lading to Innoson and released same to Innoson. The bank recorded its endorsement and releasing of the Bills of lading to Innoson in its records.

To this extent, before the bank released any of the Bills of lading to Innoson, it would first enter the particulars or details of the Bill of lading in a book – register – and then both the bank’s officer releasing the Bill of lading and Innoson’s staff collecting the Bill of lading signed the book- the register. The bank released all the Bills of lading to Innoson and they were all dully recorded and signed for in the bank’s record-book.

Again, all the duties paid for the consignments – goods – were paid by the bank. Upon completion of clearing and taking delivery of each consignment, Innoson returned the exchange control copies in relation thereto to the bank for onward transmission to CBN, which the bank transmitted to CBN.

On Economic and Financial Crimes Commission, EFCC, involvement, it said that the commission  discovered in conjunction with NDIC that reconciled and or audited Innoson’s account with GTB that excess and unlawful charges in the sum of N560m was imposed in Innoson’s account with it and was demanding Innoson to pay same to it as its legitimate earnings.

Legitimateearnings

Also, EFCC discovered that the bank had a register wherein it entered the particulars/details of all the Bills of lading it endorsed over to Innoson and that the bank’s staff signed the register for the release of the Bills of lading to Innoson’s staff who also signed his collection/receipt of the Bills of lading from the bank in the register. Consequently, EFCC asked the bank to produce the register but same it yet to be produced.

Innoson added that it sued EFCC and the Police to enforce its fundamental human rights and that of its staff that it alleged was breached in the course of the investigation; and for an order of the court that all the documents that were subject to forensic investigation be sent to independent investigation, viz – FBI and or Scotland yard for analysis.

On the facilities by the bank, Innoson said that the bank granted various facilities to it  which it secured with a legal mortgage of over N4bn and had defrayed them save the excess charges which was a subject  in suit FHC/AWK/CS/139/2012 at the Federal High Court, Awka for which Innoson has subsisting judgment in excess of N6bn in its favour against the bank, while GTB’s case – suit FHC/L/CS/1119/2014 against Innoson at the Federal High Court, Lagos, the bank  never claimed that Innoson was indebted to it in the sum of N2.4bn.

It added that the bank  in suit  FHC/L/CS/1119/2014 at the Federal High Court, Lagos froze Innoson’s account in all the Banks in Nigeria from September 18, 2014 until June 10, 2015 when same  was dismissed and the freezing order set aside. Afterwards, it said that commenced a  N30bn suit against the bank for damages it suffered as a result of the freezing order.