Leading financial institution, Guaranty Trust Bank (GTBank) PLC, on Saturday evening dismissed as lies, claims by Innoson Motors Nigeria Limited that it has sealed seven branches of the bank in a bid to recover its N8.8 billion indebtedness following an alleged court order.

“The bank maintains its position that no branch is being sealed and there no way Innoson can seal or take over the head office,” a source close to GTBank told News Express.

The spokesperson for Innoson Motors, Cornell Osigwe, had claimed earlier in the day that the company had sealed seven of GTB bank branches: one in Nnewi, two in Onitsha, two in Awka and two in neighbouring Enugu State. He also claimed that the company would move to seal the GTB Head Office in Lagos next week, as well as more of GTB bank branches nationwide to recover the N8.8 billion allegedly owed the motor company.

The GTBank source, however, asked rhetorically while speaking with News Express: “Can you seal bank branches on a weekend?”

The bank had earlier said in a statement issued late Friday that the court order based on which Innoson is acting does not authorise it to take over the bank but, rather, the account of the Nigerian Customs and Excise Board domiciled with the bank.

The statement, signed by Company Secretary Erhi Obebeduo, said: “The attention of GTBank has been drawn to the purported enforcement of a Judgment of the Federal High Court, Ibadan at one of its branches in Anambra State.

“The Bank as a law-abiding corporate citizen is taking all necessary legal steps to address this situation and ensure that no illegal or fraudulent execution is carried out.”

“It is important to state that the judgement allegedly in issue is in respect of the Garnishee Proceedings against the account of the Nigerian Customs and Excise Services Board domiciled with the bank and not against the bank as an entity.

“The bank remains committed to providing the best-in-class customer experience to all its valued customers.”