Innoson Denies Reports Recanting N14bn Judgement Debt against GTB


Christopher Isiguzo in Enugu

The Innoson Vehicle Manufacturing (IVM) has dismissed as false and malicious reports in some sections of online news medium and blogs suggesting that its Chairman, Chief Innocent Chukwuma, has recanted from the company’s earlier position that the Supreme Court had asked the Guaranty Trust Bank (GTB) to pay a judgment debt of N14 billion into an interest yielding account.

The company, in a press statement signed by Mr. Cornel Osigwe, Head of Corporate Communications in Enugu on Sunday insisted that those “deceitful media reports with caption ‘Innoson Recants, Says Court Never Awarded Him N14 billion Against GTB’ were meant to discredit the company.

“We want to state categorically that at no time did we ever recant from our position that GTBank shall within 14 days pay the sum of over N14 billion judgment debt to the Deputy Chief Registrar of the Court of Appeal, Enugu Division and which shall be paid into an interest yielding account in a reputable bank.

“Also, there was never a time the company spokesperson Cornel Osigwe published an apology anywhere to admit to have posted a false report on what transpired at the Supreme Court.

“For the records, every press statements released and signed by the Head of Corporate Communications of Innoson Group, Cornel Osigwe, is first sent to the media houses and then published in his personal Facebook page:, which has been his official media communication to the social media world.

“We maintain that by the Supreme Court’s decision on 7th of June 2018, and as a result of the struck out application of the motion for stay of the execution filed by GTBank.

“GTBank is advised within 14 days from the date of the Supreme Court decision striking out its application to obey the order of the Court of Appeal and pay the judgment debt to the Deputy Chief Register of the Court and which sum of money the Deputy Chief Register shall pay into an interest yielding account in a reputable bank,” the statement noted.