BREAKING: Innoson Motors Take Over GTBank, Seal Several Branches – See List/Photos


SAHARANEWS – Nigeria’s indigenous vehicle production company, Innoson Nigeria Limited says it has sealed seven branches of Guaranty Trust Bank (GTB) to recover its N8.8bn.

Innoson’s Head of Corporate Communication, Cornell Osigwe made the declaration while speaking with newsmen on Saturday.

This comes less than 24hours after the company said it has obtained a court order to “take over” GTB over the bank’s indebtedness.

Although, the bank in a statement obtained by SaharaNews on Saturday, refuted the claim saying that the judgment was against the account of the Nigerian Customs domiciled with GTBank, and not against GTB as an entity.

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It, however, added that “GTBank as a law-abiding corporate citizen is taking all necessary legal steps to address this situation and ensure that no illegal or fraudulent execution is carried out.”

SaharaNews gathered the sealed GTB branches to include: 1 in Nnewi, 2 in Onitsha, 2 in Awka and 2 in Enugu.

According to Innoson, the group will seal more of GTBank branches nationwide to recover the N8.8bn owed to the motor company.

It also said that Innoson would move to seal GTB’s Head office next week.

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“We will seal more of their properties to recover our money and from next week, we shall move to GTB head office to enforce the judgement of courts. We will sell those properties to get our money back”, a statement sighted by SaharaNews on Saturday read.


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