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Innoson chairman: My relationship with GTBank changed after ex-MD’s exit

Innoson chairman: My relationship with GTBank changed after ex-MD’s exit
November 18
17:29 2021

Innocent Chukwuma, chairman, Innoson Group, says his relationship with Guaranty Trust Bank (GTB) now Guaranty Trust Holding Company Plc (GTCO Plc) changed after the exit of the former chief executive officer (CEO), Olutayo Aderinokun.

Aderinokun died in 2011 after a protracted illness.

Chukwuma, in an interview with journalists on Tuesday, said the money owed him by the bank would soon surpass their capacity, claiming that he may soon take over the bank’s assets.

Innoson and GTB have had a business dispute leading to a prolonged legal battle.


This is not the first time Innoson is making such claims. In 2019, he said he had obtained a nod from the court to take over the bank in the wake of legal tussles.

Innoson had secured judgment debt against the bank in suit FHC/L/Cs/603/2006 and FHC/Cs/139/2012 respectively, which rose to over N32 billion due to accumulated interest.

In July, Innoson had asked a federal high court in Lagos to set aside an order permitting GTB to restructure to a holding company.


But the bank successfully completed the restructuring — now known as Guaranty Trust Holding Company Plc (GTCO Plc).

The billionaire businessman, at the media briefing, recounted that his relationship with the bank had been extremely cordial during the tenure of Aderinokun.

“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,” Chukuma said.

“They started fighting me (the new MD). 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 CEO explained that he would no longer “disturb” the bank to pay the debt.

According to him, he would take over the bank when it gets to the point that the bank cannot pay the principal amount plus 22 percent accrued interest.


“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,” Chukuma said.

“That’s 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.”


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  1. Liamzwill
    Liamzwill November 19, 06:56

    The most powerful man ever living. I love you the man innoson. Please be fast and take over the bank, I don’t have account with them though. But as soon as you take over the bank I will open account with GTHC plc. In fact i will make GTHC my number 1 bank.

    Reply to this comment
  2. Chyko
    Chyko November 19, 09:01

    Hard and shrewed business man, GTB rather calls him for a roundtable peace talk than wasting time in the court.

    Reply to this comment
  3. Authority
    Authority November 19, 12:44

    Thank you Mr. Chukwuma for setting the pace. Enough of banks taking money from customers’ account in the name of the may not discover or where it’s discovered, no one will have the time to take them to court. After GTB, Access shall be next.
    When you take over, I am ready to work for you even free of charge in appreciation of your efforts.

    Reply to this comment
  4. Gorgeous eva
    Gorgeous eva November 19, 17:06

    Well done Great man

    Reply to this comment
    • Michael
      Michael November 20, 07:24

      I will gladly like you to take over the bank, that will teach other banks that business is Trust.

      Reply to this comment
  5. En
    En November 19, 21:25

    An illiterate! N32 billion “debts” to a GTB total assets of N5 trillion (March 2021)?!?

    Reply to this comment
    • Prophet endow Ak47
      Prophet endow Ak47 November 21, 03:55

      How can you take money without owners consent Government has to look into this matter very well. The profits needs to be mutual with bank and costumers

      Reply to this comment
  6. Anonymous
    Anonymous November 20, 01:50

    This is just not funny,taking money from someone’s account without d owners consent and still drag wr d owner,,wheres dt done??nawa oo

    Reply to this comment
  7. Eriyo Williams
    Eriyo Williams November 20, 10:31

    I am happy that one of these banks is sinking. Now it’s time for the bank to bleed or else it would die. This is a bank that gives you 1 million and gets back 1.5 million within a year. Innosin I greet you

    Reply to this comment
  8. Kingsley
    Kingsley November 20, 11:21

    Well, there is no two ways about it, is either they pay you or hand over

    Reply to this comment
  9. cozard007
    cozard007 November 20, 18:58

    Calling him an illiterate is very rude of you. He’s a businessman and he knows what he said. In 10 years or more, the debt might have risen significantly to the point of having the upper hand in terms of shares if a court could interpret it to that angle.

    Reply to this comment

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