N8.7b Debt: GTB resists seal of bank

Enugu Guaranty Trust Bank has resisted attempt to seal its branches by Innoson Group of companies, who was authorized by court to seal the bank until it pays up.

Innoson has however warned that the bank’s resistance amounts to contempt of the court order and has vowed to invoke full weight of the law against GT bank. In a mild commotion at Ogui road branch of the bank in Enugu. 

On Monday, officials of the bank refused Innoson and its team of lawyers and security personnel from executing the seal order. The drama made for panic withdrawals by the bank customers who could not comprehend the imbroglio.

The Bank manager of the Ogui road branch told Innoson lawyers and security men that they should not seal the bank, and argued that the order the court gave was execution order to pay Innoson it’s money but not to seal the bank. “The court did not tell  you to seal our bank, what they gave was an execution order to pay him his money. If they gave you order to seal it let us see  the paper from court which orders you to do so. “We are not  above the law. Everybody knows that Supreme Court is the apex court in the land,  once they say it that’s final, but we have not seen the paper from the Supreme Court that gave the order, and until we see that, we will not allow you to seal our bank.” the branch manager said.

The commotion spread to town which made the bank customers rush to the bank to withdraw their money.

Innoson’s head of communications, Cornel Osigwe however said that it’s next line of action would be contempt charge against the bank for obstructing court’s execution order. Osigwe said “This goes to show the character of the company that we’re dealing with. The character of the company that has failed to obey court judgement, the character of the company that has consistently used kangaroo style and method as their bank relationship management to their best customers. 

“We’re a law abiding company, the writ of Fifa execution was carried out by the court bailiff through due process of the law. We shall commence contempt proceedings against the Branch manager and the Managing Director. Nobody is bigger than the court in Nigeria.”