Business

N32bn debt: Innoson wants court to stop GTBank’s holdings structure bid

Published

5 years ago

November 30, 2020

Hearing will begin at the Federal High Court, Enugu, Monday (today) in an application filed by Innoson Nigeria Limited seeking to stop GTBank from transmuting into a financial holding company until the bank has paid a N32 billion judgment debt it obtained against it.

Innoson in a statement issued by its Head of Corporate Communications, Cornel Osigwe, said while awaiting GTBank Plc to come up with a payment plan for the over N32 billion judgement debt, the bank should suspend its proposed new structure.

Innoson is seeking the following order of perpetual injunctions:

(a) restraining the 4th Defendant (Corporate Affairs Commission) from deregistering the 1st Defendant (GTB) as a public limited liability company and or re-registering the 1st Defendant (GTB) as a private limited liability until it-GTB- pays the UC outstanding judgment debt of N32, 875, 204, 984.38k arising from Suit Nos: FHC/L/CS/603/2006 and No. FHC/AWK/CS/139/2012 respectively affirmed by the appellate courts in appeal Nos. CA/1/258/2011, SC.694/2014 and CA /E/288/2013 to Innoson Nig Ltd;

An order of perpetual injunction restraining the 4th Defendant (Corporate Affairs Commission) from registering or re-registering the 1st Defendant (GTB) as a holding or financial holding company whether as a public or private limited liability company until it – the 1st Defendant(GTB) – pays Innoson Nigeria Ltd the outstanding total judgment debt of N32, 875, 204, 984.38k (Thirty two billion, eight hundred and seventy five million, two hundred and four thousand, nine hundred and eight four naira, thirty eight kobo) arising from suit Nos. FHC/L/CS/603/2006 and FHC/AWk/CS/139/2012 respectively affirm by the appellate courts in Appeal Nos. CA/1/258/2011, SC.694/2014 and CA/E/288/2013:
An order cancelling the 1st Defendant’s (GTB’s) special resolution and or any other of its resolution that it should be deregistered as a public limited liability company and or be re-registered as a private limited liability company and or a holding company until it -the 1st Defendant (GTB)- pays Innoson Nig Ltd the total outstanding judgment debt of N32, 875, 204, 984.38k (Thirty two Billion, Eight Hundred and seventy Five Million, Two Hundred and four thousand, Nine Hundred and Eight Four Naira, Thirty Eight kobo) arising from suit Nos. FHC/L/CS/603/2006 and FHC/AWk/CS/139/2012 respectively affirmed by the appellate courts in Appeal Nos. CA/1/258/2011, SC.694/2014 and CA/E/288/2013:
an order setting aside the 3rd Defendant’s (Security and Exchange Commission) No -objection to 1st Defendant’s proposal to be re-registered as a private limited liability company and as a holding or a holding financial company:
An order setting aside the 2nd Defendant’s approval -in- principal granted to the 1st Defendant to operate as a holding or a holding financial company.
An order of perpetual injunction restraining the 2nd Defendant from granting the 1st Defendant a financial holding company license and or a final approval to operate or carry on business as a financial holding company whether in its present name or as a private limited liability company until it, the 1st Defendant pays the Plaintiff the total outstanding judgement debt of N32, 875, 204, 984. 38k (Thirty Two Billion, Eight Hundred and Seventy-Five Million, Two Hundred and Four Thousand, Nine Hundred and Eighty-Four Naira, Thirty-Eight Kobo) arising from suit Nos. FHC/L/CS/603/2006 and FHC/AWK/CS/139/2012 respectively affirmed by the appellate courts in Appeal Nos. CA/1/258/2011, SC.694/2014, and CA/E/288/2013.

Osigwe in the statement explained that the Supreme Court of Nigeria had struck out GTB’s motion filed to set aside its earlier decision/order made on 27th February 2019 dismissing GTB’s against Court of Appeal judgement of 6th February 2014 in favor of Innoson Nigeria Ltd

The statement added, “Recall that the Federal High Court, Awka Division on March 27th, 2019, pursuant to Supreme Court dismissing GTB’s appeal, granted leave to Innoson Nigeria Ltd to enforce and execute the judgment and Garnishee Order Absolute made by the court coram Shakarho, J at the Ibadan Judicial Division on the 18th of May 2010 and the 29th of July 2011 respectively. This order was concurrently affirmed by the Court of Appeal in the judgment of 6th February 2014 and by the Supreme Court in its judgment of 27th February 2019.

“As Innoson Nigeria Ltd commenced the tedious act of the execution, GTB rushed to the court vide its desperate motion on notice seeking orders staying or suspending the execution embarked by Innoson Nigeria Ltd and also seeking orders setting aside the exparte orders made by the court granting Innoson leave to enforce the judgment and to issue the processes of executing same.

“Whilst refusing GTB’s application and staying further proceedings the court further held that the order it made on March 27th, 2019 in favor of Innoson Nigeria Ltd granting it leave to enforce the judgment and issue processes of execution of the judgment are valid; also that all the steps taken to levy executions in pursuance of that order are still valid and are not vacated; whilst all the prayers by GTB in its motion of 1st April 2019 are not granted.

“GTB however rushed back to the Supreme Court and applied for an order setting aside the Supreme Court’s judgement dismissing its appeal against the above judgement. However, the Supreme Court struck out the motion on Tuesday, November 3rd, 2020.”

Related Topics:GTB Innoson judgement debt

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Business

Dangote Refinery Opens 2026 Graduate Trainee Programme For Young Professionals

Published

4 hours ago

May 9, 2026

Trends Admin

Dangote Refinery

Dangote Refinery Opens 2026 Graduate Trainee Programme For Young Professionals

The Dangote Petroleum Refinery and Petrochemicals has officially announced its 2026 Graduate Trainee Programme, an 18-month structured training initiative designed to develop young Nigerian graduates for careers in the oil and gas industry. The company said the programme will expose participants to real-time refinery operations while preparing them for global-standard industrial roles.

In its statement, the refinery explained that the programme is aimed at offering graduates the opportunity to learn, grow and contribute within a global business environment. It added that successful candidates will be integrated into various departments of the refinery where they will receive hands-on training from experienced professionals.

According to the company, trainees will rotate across different operational and support units throughout the 18-month period, giving them broad exposure to refinery processes, technical systems and corporate operations within one of Africa’s largest energy facilities.

Eligibility and Requirements

The eligibility criteria for the Dangote Refinery 2026 Graduate Trainee Programme include the following:

Applicants must be 28 years and below
Candidates must possess a Bachelor’s degree, HND, or diploma in relevant fields
Applicants must demonstrate academic competence and readiness for industrial training in a high-performance environment

Technical Roles Requirements

Candidates applying for technical positions must have qualifications in any of the following disciplines:

Chemical Engineering
Production Engineering
Mining Engineering
Geological Sciences
Laboratory Sciences
Biochemistry

Technical Support Roles Requirements

Applicants seeking technical support roles are required to have qualifications in:

Mechanical Engineering
Electrical Engineering
Instrumentation Engineering
Power Engineering

Support Function Roles Requirements

Candidates applying for support and administrative roles must have degrees or HNDs in any of the following areas:

Accounting and Finance
Social Sciences
Humanities
Business Administration
Law
Information Technology

The company noted that these categories are designed to ensure a balanced intake of talent across operational, technical and administrative functions within the refinery.

Training Structure and Opportunities

The programme will expose trainees to multiple departments including operations, maintenance, laboratory services, finance and corporate support functions. This structure is intended to equip participants with both technical expertise and managerial competence.

Industry analysts say the programme aligns with the Dangote Group’s broader strategy of building a skilled workforce to support its expanding operations at the Lekki-based refinery, which is among the largest in the world.

The initiative is also viewed as part of efforts to tackle youth unemployment by creating structured entry points into Nigeria’s industrial and energy sectors.

The company added that further details regarding application procedures and deadlines will be released through its official recruitment channels.

As of the time of filing this report, the 2026 Dangote Refinery Graduate Trainee Programme remains one of the most anticipated industrial recruitment opportunities in Nigeria.

Dangote Refinery Opens 2026 Graduate Trainee Programme For Young Professionals

Auto

Meet Jetour G700: The 904HP Luxury beast shaking SUV world

Published

1 day ago

May 8, 2026

Trends Admin

Meet Jetour G700: The 904HP Luxury beast shaking SUV world

The battle for dominance in the premium SUV market just got fiercer as the Jetour G700 arrives with an outrageous 904-horsepower hybrid powertrain, futuristic luxury features and off-road capabilities designed to embarrass conventional rivals.

Far from being another luxury SUV, the G700 positions itself as a rolling statement of excess, power and cutting-edge engineering — a machine equally comfortable cruising through city boulevards or charging across unforgiving terrain.

At nearly 5.2 metres long, the G700 announces itself with unapologetic aggression.

Its boxy silhouette, towering stance, oversized grille and sharp matrix LED headlamps give it the presence of a military-grade explorer wrapped in executive styling.

But the real drama begins beneath the bodywork.

Powering the SUV is Jetour’s Kunpeng Super Hybrid CDM-O system, which combines a 2.0-litre turbocharged engine with dual electric motors to unleash a staggering 904 horsepower and 1,135Nm of torque.

Those numbers translate into astonishing performance for a vehicle of its size. The G700 rockets from 0 to 100km/h in just 4.6 seconds — territory usually reserved for elite supercars rather than heavyweight SUVs.

Despite its brutal acceleration, the G700 is engineered for endurance. It boasts a driving range of up to 1,400 kilometres, allowing long-distance adventures with fewer charging or refuelling stops.

Meet Jetour G700: The 904HP Luxury beast shaking SUV world

Insurance

Lasaco Assurance Posts 81.5% Profit Surge in Q1 2026 Results

Published

2 days ago

May 7, 2026

Trends Admin

Lasaco Assurance Posts 81.5% Profit Surge in Q1 2026 Results

Lasaco Assurance Plc has begun the 2026 financial year on a strong note, posting an 81.5% increase in profit after tax in its unaudited Q1 2026 financial results, driven by improved underwriting performance, stronger investment returns, and enhanced operational efficiency. The company recorded a profit after tax of ₦2.36 billion, up from ₦1.30 billion in the same period of 2025, reflecting sustained momentum in its core insurance operations in Nigeria.

A key highlight of the performance was the sharp growth in insurance service results, which rose by 119.6% to ₦4.22 billion, compared to ₦1.92 billion in Q1 2025. The company attributed this growth to stronger risk selection processes, improved claims management efficiency, and a more profitable insurance portfolio structure, which helped enhance underwriting margins.

Lasaco Assurance also recorded significant growth in net insurance and investment results, which increased by 74.7% to ₦5.14 billion, up from ₦2.94 billion in the previous year. This performance underscores the company’s ability to balance income from insurance underwriting activities with returns from its investment portfolio, even amid a challenging economic environment.