Guaranty Trust Bank Plc V. Innoson Nigeria Limited (2017)

LAWGLOBAL HUB Lead Judgment Report

EJEMBI EKO, J.S.C.

In the suit of Innoson Nigeria Limited, the present Respondent as the plaintiff, at the Federal High Court, Ibadan, the Nigeria Customs Service and the Attorney-General of the Federation were the defendants. In the final judgment delivered on 20th December, 2010, the Federal High Court, in favour of Innoson Nigeria Ltd, ordered the defendants (hereinafter called the judgment debtors) to pay:

“i. Seven Hundred Million, Two Hundred and Twenty Two Thousand Naira (N700,220.000.00) only

ii. 22% interest on the said sum from the commencement of the action per annum until the date of judgment; and

iii. 22% interest per annum on the said sum from the date of judgment until final liquidation of the judgment sum.”

The Appellant herein was one of the 5 banks moneys belonging to the Nigeria Customs Service were traced to. The Nigeria Customs Service was one of the Appellant’s Customers. On 2nd March, 2011, the Order Nisi issued by the Federal High Court was served on the Appellant (as the 5th Garnishee). In the further affidavit to show cause, filed on 18th April, 2011, one

1

Olawale Akinwusi, on behalf the 5th Garnishee/Appellant, had averred, inter alia-

4.(a) That the Garnishee Order Nisi dated 2nd of March, 2011 made by [the Federal High Court] was served on the 5th Garnishee on 3rd March, 2011;

(b) That the Garnishee complied and filed affidavit to show cause and the statement of Account of the Nigeria Customs Service” was exhibited with the affidavit to show cause;

(c) That the 5th Garnishee thereafter conducted further search into its records using the name “Nigeria Customs Service Board” and discovered the following –

(i) That the 1st Judgment Debtor maintains revenue accounts only with the 5th Garnishee and when merged, the total sum standing to the credit of the revenue accounts as at 23rd March, 2011 is N4,238.514.64k (Four Million, two Hundred and Thirty-Eight Thousand, Five Hundred and Fourteen Naira, Sixty-four kobo only),

(ii) That the said accounts are Customs Duty and Customs Revenue Accounts for the purpose of collecting customs duties and other levies from various importers on behalf of the Government of the Federal Republic of Nigeria;

(iii) That the said funds are