“I Will Run It Well” — Innoson Reveals Plans To Takeover GTBank Amid N32bn Debt

CEO of Innoson Group, Innocent Chukwuma, has revealed that he will be taking over Guaranty Trust Bank’s assets as soon as the lender’s debt they owe him has reached a capacity that is beyond them.

According to Mr Chukwuma, GTBank, which restructured into a subsidiary of Guaranty Trust Holding Company (GTCO) owes him N32 billion, and its accruing interest of 22 percent. 

The CEO had been in a court battle with the Miriam Onasanya-led bank, trying to prevent GTBank from restructuring into GTCO, through the Federal High Court in Lagos but that didn’t stop the process.

 At a press conference with journalists on Thursday, November 18, the carmaker revealed that his confrontation with GTBank started when the lender’s late founder, Olutayo Aderinokun, vacated his position, and a new MD took over. 

 He said he no longer had an interest in forcing the bank to pay him what they owe as he now has something else in mind, concerning the bank. 

 “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,” Chukwuma explained. 

 “They started fighting about tribe. I am not certain about this but I think the reason he (GTB MD) 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 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,” adding that is “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,” he stated.