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IVM Motors to take over GTB; Here’s why

T.I Ukende
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Innoson Vehicle Manufacturing Limited (IVM) founder and chairman Innocent Chukwuma has announced that he will take over GT Bank. 

Newsway attended the interview in which the charismatic automaker answered a series of questions. 

According to him, he will finance the acquisition of the bank with the sums owed to him by GTB (which is now GT HoldCo) including accrued interest. 

Remember that Innoson has had a legal battle with GTB in recent years over loan requests and counterclaims  between his company and the bank.

The statement, although improvised in response to the question put to it, caused a stir in the media and also raised concern among the bank’s shareholders. 

While we do not want to prejudge the outcome of the tribunal or appease its claims (which Mr. Innocent has the right to do), it is important to respond to them also from our perspective and as part of our defense objective, GTB Investors. 

We will try to explain why it is not plausible to take over the bank on the basis of a judgment debt. But first, what he said.

Reporter: For the past few years you have had an ongoing problem with Guaranty Trust Bank. What is the current situation right now?

“You know i’m one of their best clients in all of the South East, especially when the former general manager, Olutayo Aderinokun was alive. Because of me, they opened a branch in Nnewi. But after Aderinokun passed away, the new general manager took over. I don’t know him, but I only met him for the first time last year. 

I’m not sure exactly why he’s fighting me, but I think it has to do with the tribe. But in the end, I proved he was wrong in everything he did. I have defeated him in every court he has been to. 

He owes me because he can’t just go into my account and take the money anyway, which I found out I took him to court and won.

So far he has not paid and we have gone to the Supreme Court. Maybe he wants Nigeria to change the law because of him. 

But the beauty is that silver has been attracting 22% interest for 11 years now. I’ll wait until the interest exceeds their capacity, then I would like to take over the bank. 

I don’t bother them anymore, but I assure all the customers of the bank that if I take over, I will continue to take care of it. Let them not be afraid. I did not run a business that went bankrupt. 

I will manage it better than them. If the interest on my money is greater than the bank’s capacity, I would have no choice but to take over “- Innocent Chukuwma 

Is it also possible? 

Assuming that Mr. Chukwuma’s claims that GTB owes him money (i.e. if he wins in the Supreme Court) and that the interest of 22% per annum accumulates in a proportion so astronomical that they exceed GTB’s market cap or net worth, however, that doesn’t mean he acquires the bank as easily, if possible.

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