GTB in a mess, says Rights group NEWS

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GTB in a mess, says Rights group

By AdvocateNews on 01/04/2019

…calls for resignation of Bank Chairman

Civil Rights Realization and Advancement Network (CRRAN) has called for the immediate resignation of the Chairman of GT Bank for dragging the financial institution into the current mess where the bank is about loosing huge amount of money.

President of the Civil Rights group Olu Omotayo Esq while reacting to the on going sealing of the bank nationwide described Innoson’s victory at the Supreme Court as a good one for the development of law in Nigeria.

He noted that Business Corporations in Nigeria always believe that they are separate entities not subject to the Rule of Law and the Laws of the land.

“The management of the GT Bank, knew right after the decision of the Federal High Court that they are on the wrong side but instead of honorably calling for settlement to resolve the matter, foolishly followed the wrong advice of their legal team and appealed to the Court of Appeal which affirmed the decision of the lower court.

“Still believing that magic will be done at the Supreme Court, they approached it and the decision of the apex court was not only disastrous for the bank but a calamity which wiped away its’ business reputation if any at all remaining.

The Supreme Court presided over by the Learned Jurist Bode Rhodes Vivour upheld the decision of the Court of Appeal and gave a final and decent burial to whatever defense the bank thought it had.

“The management of the bank have learnt their lesson in a hard way. They are not good managers at all if not they would not have allowed the 22% interest based on the judgment of the High court to continue running and embarked on the the frivolous and useless voyage to the Court of Appeal and the Supreme Court.”

Omotayo, a lawyer, said the bank did not know that a bad case remains a bad case no matter the number of senior advocates hired.

“The over N10 billion Naira debt which was formally a little over N2 billion will now be paid from the shareholders investment. In normal clime the Chairman of the bank would have honorably resigned.

“I salute the courage and the tenacity with which Chief Innocent Chukwuma pursued this case to this glorious and happy ending.

“What a great day for the Rule of Law in Nigeria.”

Posted 01/04/2019 8:07:26 PM

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