Innoson EFCC arrest and the GTB Loan: The facts behind the saga, By James Osaremen

Innoson
Dr. Innocent Ifediaso Chukwuma, Chairman of Innoson Vehicle Manufacturing (IVM) Innoson Group.

Recently, the Innoson/GTBank story has gained so much media prominence, especially following the arrest of the Innonson chairman a few days ago by EFCC. Though the case is pending in court, Innoson has taken the battle to social media. There have been numerous sponsored social media campaigns against the Bank such as #BewareOfGTBank and #WhatIsWrongWithGTBank. The company has also gone Television, with its owner, Dr Innocent Chukwuma granting an interview to TVC, where he claimed he had obtained a judgement of N8bn against the bank. He added that the bank pleaded with him over their inability to pay, and that he graciously offered to accept shares of the bank as payment.

GTBank on their part has chosen to remain silent on the matter, perhaps trusting in the integrity of the legal system as against playing to the gallery. Many attempts by us to get the bank’s representatives to comment on the story has proven abortive. A staff of the bank who spoke under anonymity, stated “Irrespective of the issues we are facing with the company, Innoson remains a customer of the bank and we owe him a duty of confidentiality and to conduct ourselves in a responsible manner towards him”. This statement didn’t stop us from conducting our own investigations on the matter, and below are our findings, put in bullet points for your optimum understanding.

The obvious:

Innoson is, and still remains, a customer of GTBank.

What we discovered:

1. GTBank (in 2009) granted Innoson several credit facilities (i.e loans) totalling N2,400,000,000,00 (two billion, four hundred million Naira only), to part finance working capital requirements, import new motorcycles and motorcycle spare parts, agricultural spare parts and plastic manufacturing equipment (“Imported Goods”).

2. Under the loan terms agreed by Dr. Innocent Chukwuma on behalf of Innoson, proprietary interest in the Imported Goods was consigned exclusively in favour of the Bank. This means that the Bank was the exclusive owner of the Imported Goods. Accordingly, the original shipping documents (i.e. the Bills of Lading) were in the custody of the Bank, and have remained in the custody of the Bank at all times.

3. Because GTBank was the exclusive owner of the imported goods, ownership of the goods could only be transferred to Innoson (or any other third party) by the Bank. The condition in the agreement between the Bank and Innoson, for the release of the Imported Goods by the Bank to Innoson, was the payment of 25% of the value of each Letter of Credit transaction by Innoson.

What we learnt:

1. Innocent Chukwuma approached the Bank, on behalf of Innoson, requesting the release of the shipping documents without payment of the agreed+ 25% equity. The Bank declined his request as a result of Innoson’s failure to meet the agreed conditions.

2. It came to the Bank’s knowledge sometime in June, 2011 that the Imported Goods for which the Bank declined to release shipping documents to Innoson in view of its failure to meet the agreed conditions, had been fraudulently procured by Innoson.

3. The Bank discovered that Innoson, under the control of Dr. Innocent Chukwuma had forged the Bank’s endorsement on the bills of lading to the Shipping Line and fraudulently cleared the Imported Goods which were in the name of the Bank. The Imported Goods, being property of the Bank should not have been cleared from the Port without the original shipping documents being endorsed by the Bank in favour of Innoson, or any third party.

4. The signatures of 4 (four) staff of the Bank, to wit, Taofeek Olalere, Dan Attah, Bunmi Adeyemi and Amazu Amalachukwu, as well as the Bank’s stamp were forged on all the shipping documents used by Innoson to fraudulently clear goods at the port. The Bank did not at any time endorse or transfer the shipping documents to Innoson, as the originals of each of the relevant Bill of Lading remain in the Bank’s custody to this very day.

5. When the Bank reported the matter to the Nigeria Police, Dr. Innocent Chukwuma claimed the Bank released the shipping documents to him. Consequently, the Police commenced investigation into the Bank’s complaint, including a forensic examination of the disputed signatures, and established that the signatures of the Bank’s staff were forged, and the Imported Goods were fraudulently cleared from the Nigerian Ports Authority by Dr. Innocent Chukwuma and his accomplices.

What we heard from the Police:

1. Police investigations confirmed that Innoson and Dr. Innocent Chukwuma deliberately set out to defraud, steal from the Bank and convert the Imported Goods belonging to the Bank by deceptive means and through forgery and misrepresentation. The unlawful takeover of the Imported Goods, which served as the Bank’s collateral, left an indebtedness in excess of the sum of N1,654,481,895.04 (one billion, six hundred and fifty four million, four hundred and eighty one thousand, eight hundred and ninety five Naira, four Kobo) as at September 26, 2012.

2. Chief Innocent Chukwuma was arrested and interrogated by operatives of the EFCC, following which he agreed to make monthly payments into Innoson’s account until the full liquidation of Innoson’s indebtedness to the Bank. However, Innoson defaulted in making the agreed payments. Investigations by the Nigeria Police following a petition by the Bank in September 2013 also found Innoson and Chief Innocent Chukwuma culpable of the criminal allegations levied against them by the Bank, and Chief Innocent Chukwuma was accordingly charged to court by the Police.

3. The Police filed Charge No. FHC/L/565C/2015-Inspector General Of Police And Innoson Nigeria Limited; Innocent Chukwuma;Charles Chukwuma;Maximian Chukwura; Mitsui Osk Lines; Annajekwu Sunny for fraudulent clearance of goods, forgery, conversion, stealing and conspiracy presently pending before Faji J, at the Federal High Court, Ikoyi and adjourned to November 21, 2017 for arraignment/or hearing of motion for issuance of Bench Warrant.

What Innoson did:

1. Innoson approached the Bank for a reconciliation of his account and pleaded for a debt forgiveness. A reconciliation was carried out on the account – which had a debit balance of N1,654,481,895.04 as at December 31, 2011. In the spirit of amicable resolution and EFCC intervention, the Bank said it agreed to forego the sum of N559,374,072.09 which represented default charges that has accrued on the account and debited in line with the loan agreement between the customer and the Bank.

2. Based on this, the Bank decided to accept from the customer, the sum of N1,095,107,822.95 as full and final payment of the customer’s indebtedness to the Bank, provided that same shall be fully paid not later than (30) days from the date of the letter written to him

3. Surprisingly, Innoson commenced suit no:FHC/AWK/CS/2012 against the Bank at the Federal High Court, Awka stating the bank had debited its account with excess charges totalling N559,374,072.09 and obtained judgement in excess of N4.7Billion against the Bank. Again choosing to dishonour an agreement that was amicable reached between him and the Bank for a full and final settlement of N1,095,107,822.95 wherein the Bank graciously forgave him the sum of N559,374,072.09 which accrued on his account during the period which he abandoned his account.

4. To further stall the criminal proceedings against him, Chief Innocent Chukwuma and his company instituted suits at the Federal High Court, Abuja, as well as the Federal High Court, Awka in January 2014 against The Inspector General of Police, The Nigeria Police Force and Investigating Officer(s), seeking declaratory and injunctive reliefs, including orders restraining the Police from commencing criminal proceedings against Innoson and Chief Innocent Chukwuma. Furthermore, in a bid to stall the Bank’s recovery steps, and distract the Bank from focusing on the criminal action, as well as civil actions filed for recovery of the debt, Chief Innocent Chukwuma and his company Innoson, have continued to institute various spurious suits before various courts, claiming frivolous and outrageous sums against the Bank.

What GTBank is not saying:

1. In responding to Innoson’s motion for a stay of criminal proceedings at the Court of Appeal, the Honourable Justice J.S Ikyegh on September 17,2017 dismissed the motion for being unmeritorious and ordered that proceeding in the criminal case against Innson should proceed.

2. On October 12, 2017, the Police through its Charge No. FHC/L/565C/2015- filed an application for the issuance of bench warrant against Innocent Chukwuma; Charles Chukwuma and Annajekwu Sunny for fraudulent clearance of goods, forgery, conversion, stealing and conspiracy presently pending before Faji J, at the Federal High Court, Ikoyi and adjourned to Decemeber 8, 2017 for arraignment/or hearing of motion.

What we think:

Innoson should stop trying to play the underdog and simply resolve his issues through legal means or arbitration. On Innoson playing the Igbo tribe card, this is not in good taste in this moment in history. We are aware of GTBank’s strong position on unpaid debts. We know GTBank has gone often several debtors of the bank irrespective of who they are or where they come from. So why is Innoson’s matter now tribal? Please, this makes no sense. Innoson and GTBank, resolve your issues privately and let us all hear word.

Merry Christmas my people
James Osaremen
Lagos


DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD:ADVERTISE HERE! CALL 07088095401


All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.


  • okpada

    Criminality everywhere

  • shiola

    GTB side of the story!

  • mbewalu ogodo

    Quackery at its lowest dept.

  • tnachis

    What madness, who wrote this nonsense. I am sure this was not written by premium times. Sure they don’t do such a dirty job, premium times can do better than this. Even the introduction shows the bias in the writeup. This is a sponsored news from GTB

  • Jamie

    When a news first breaks, sensationalism,half truth and outright falsehood may be in the picture. However,truth gets uncovered over time. Commenters should not rush to make comments they will regret until they get their facts right.

  • Capital Truth

    Did I read the title as the fact behind the saga? How can this be the fact when you have not heard from both parties involved, and at the same time dragged a whole tribe in a case between two organizations and you asked why it is now a tribal matter. Then to worsen the whole matter, a conclusion was drawn based on what you think and you still called it the “FACT” This is the worst journalism I have ever read. I must be dreaming, please someone should wake me up. It is eiter this writup comes from a tribal bigot or someone who has hatred for Innoson’s tribe. Period

    • Bobo

      Premiumtimes is now becoming a disgrace on journalism

  • Nnamdi Georgii’s Okoro

    After reading this I became very ashamed of journalism in Nigeria.
    In your what you think section: you wrote and I quote: ‘Innoson should stop trying to play the underdog and simply resolve his issues through legal means or arbitration’
    But then in your what Innoson did section, paragraph 3 you had previously written and I quote: ‘Surprisingly, Innoson commenced suit no:FHC/AWK/CS/2012 against the Bank at the Federal High Court, Awka’
    You give us your unsolicited opinion that Innoson should seek legal redress but in the same breathe you say you were surprised Innoson did not agree to whatever purported backyard settlement but chose legal redress.

    • Emy Ndamba

      Really crap brain write up from this people

  • Eja

    We have already heard Innocent Chukwuma’s side of this story. After he was arrested, the first version that we heard was his side of the story (as told by his fellow Ibo). Their version immediately painted this as a ‘tribal’ vendetta, a scheme to do in an Ibo man by Yoruba; a plot to destroy an Ibo man who is owed money by a bank that is now using the EFCC to intimidate him.

    Now, we have GTB’s side of the story. According to this, contrary to claims that they had illegally debited Chukwuma’s account, he is in fact a debtor who owes the bank money and, a fraudster who forged the signatures of bank officials to acquire goods that belonged to the bank.

    This matter is very simple, evidence will eventually prove whose version is true. And if indeed Innocent Chukwuma is a fraudster and a thief, no amount of wailing on social media by his fellow Ibo will be enough to get him a pass, GTB is also a vital player in the economy – far more so in fact than Innoson Motors and a scenario where a fraudster is allowed to wreck a bank where millions are keeping their money just to placate the ethnic sensibilities of a section of nigeria will not be allowed to play out.

    • Georgey

      How come the courts awarded him money when he is owing. Dont you think something is missing

      • Eja

        It seems that you yourself missed the kernel of the matter. What was ‘missing’, when a court in Awka ruled in his favour, was evidence of the fraud he had perpetrated in the first place. He is not being charged with owing the bank money, he is being charged with fraud. Innocent Chukwuma is accused of having forged the documents that he used to collect from the port, goods that rightfully belonged to GTB. Do you have proof that will exonerate him from those charges?

        • Olayemi

          Both parties are guilty, illegal deduction is also theft, why are there no arrest for that, if it where a common man employee that made illegal deductions, he would be in jail before his trial starts. Like wise if a common man forged documents. It is quite pathetic. More so the fact that it is the common daft folks that are hear shouting ibo, yoruba.

          • Eja

            Banks overcharge all the time in all parts of the world. Is it a crime? No, it is not. At worst, it is incompetence; it can only be described as a crime if what was deducted from a customer’s account makes it’s way into an employee’s account.

            However, what is a crime is forging documents that are then used to clear goods that belong to another entity. And had you been paying attention to the timeline here, you would have noticed that it was the biafra cult animals who turned this into another front of the war that they are fighting against Yoruba. What do you expect us to do? Just stand by and let them have a free hand in shaping the narrative? We have tried that for several years, look at where it got us.

  • Savior Emmanuel

    You said Innosson instituted a suit and got judgement for 4.7 billion, how come the man you claimed forged document, owned the bank was awarded 4.7 billion by court to be paid by GTB? You are a confirmed liar. This tell tales cannot fly, you have already self-impeached all your lying defense by admitting that innosson won in court, who awarded 4.7 billion against GTB.

  • femirae

    Trust ig o man to whip sentiments when he’s losing
    The nestoil owned by Igbo but financed by gt why is he not screaming
    This is the first time tribe is used in business
    And some ibo are threatening GTBank
    I pity you people by the tine Yoruba boycott all Igbo ventures don’t scream pogom

    • susy tutor

      Garbage, Igbo businesses are all over Africa. Your GT Bank started stealing money from Innoson and the court ordered them to pay back the money the stole from him, they agreed but only to go and use EFCC to intimidate and harass him. That’s why the whole country is mad with the actions of GT Bank.

      • Funmi

        Suzy, wetin be ur own nau. Pls relax.
        These guys wud solved their business issues, then you and I wud b left to look like fools.
        Neither of us were there wn d Yoruba gtb gave d igbo innoson money to do business.
        Abi were we there wn dey started their business?

        • Eugene Akanegbu

          Funmi thank you jare. Tribe or no tribe, business is business. Rich man is rich man. bank is bank and me and you are the masses.

      • ewucanbeer

        cute pic. will you marry me? Love opinionated women

    • Eugene Akanegbu

      Your threat is unfounded. By the time Ibo’s boycoot all yoruba ventures nko ?. I keep wondering why you keep thinking that Ibos cannot survive on their own. Business is two sided. There is always a buyer and a seller. If I am the only one that has what you want and you decide not to buy because of my tribe, while my business is suffering lack of patronage, you will be suffering deprivation. At some point, equilibrium must strike and life goes on.

      • Olayemi

        What i dont get is why you are so tribally selfish, it is common knowledge that these sharp bank practices affect every Nigerian, the common folk more often than6 the big guys. Why can’t you stand for what is right, if not as a Nigerian, then atleast as a human being.

    • Eze

      Please just try to boycoytt igbo business and see if you can stay 48hours without begging. If you are OK without igbos, they’re saying that they want to leave the contraction call Nigera the zoo. Yet you are saying no. You claim that your Yoruba churches are not fraudulent, can you give me Christian and Muslim worshippers percentage. Why can’t they convert them, after all, charity they say beings at home

  • femirae

    That’s how the useless ibo people started attacking Yoruba churches

    • Bobo

      Keep religion out of this

    • susy tutor

      But those yoruba churches are fake. Stealing money from Innocent worshippers in their robbery styles called tithing. Those prophets and pastors are fake. They are only after money and women. Evil demons.

    • Eugene Akanegbu

      I am sure you have ibo friends and relatives. So they are all useless too ?

  • Savior Emmanuel

    In summary, there are 5 different cases and I will divide the thread into 3 segments each with its own unique time-line. Stay with me, this will be long.
    1. Innoson Vs Customs & GTBank – Issue of auction of seized goods by Customs 2003 The relationship between GTBank and Innoson Started sometime in 2003
    2004 Between October and December 2004, Innoson imported about 25 containers of Motorcycle CKDs, According to Innoson, it had obtained a concession certificate which allowed it to import at 5% duty. This certificate was to expire in July 2005
    Duty was paid by GTBank and receipt issue. But Customs refused to release his goods because of the existence of a circular removing Innoson from the list of companies enjoying such concessions
    2005 Innoson appealed to the Minister of Finance who approved that Innoson should be allowed to clear their goods with the concession certificate. Documents where re-submitted for clearance and approval came in Feb 2006
    2006 In Mar 2006, the goods could no longer be found as Customs had already auctioned 18 out of 25 containers. Between Mar & May 2006 there were efforts to resolve the issue betw Innoson, Min of Finance, Presidential Special Committee on Port Decongestion & Customs
    During this period, the remaining 7 containers were auctioned off by Customs. Innoson then took the Customs to court (Suit FHC/L/CS/603/2006) 2011 The trial court in July 2011 therefore ordered the Custom to pay Innoson the sum of N2.4B being damages incurred
    Innoson got a garnishee order from the Court ordering GTB to pay the judgment debt of N2.4B. GTB decided to appeal the court ruling on the garnishee to the Court of Appeal, Ibadan Division. Why GTBank appealed the order (and not Customs) is note worthy.
    2014 In a unanimous judgment, delivered on 6th Feb 2014, the Court of Appeal dismissed the appeal and affirmed the judgment of the trial Court and ordered the GTBank to pay the said sum of N2.4B to Innoson. GTBank appealed to the SC. The SC is yet to give judgment
    2. Innoson Vs GTBank – Issue of Excess Charges on Innoson Account 2010 The fact they Innoson and GTB has this on-going court case concerning the custom sale of containers did not stop both organisations from doing business.
    It appears at some point that the bank gave Innoson a N2.4 Billion facility later restructured into a 3 year term loan facility to finance its motorcycle’s CKD import business. Remember this figure because it will be relevant several years later
    2012 Innoson discovered strange charges in their account and decided to do an audit. The audit revealed that GTBank has over-charged it to the tune of N786m over the course of several years dating back to 2004
    Innoson wrote to the bank and not surprisingly, the bank did not accept to refund the charges. Innoson sued GTBank for refund of the excess charges. This is the second suit between Innoson and GTBank
    2013 In May 2013, Justice Salihu granted Innoson the sum of N559,374,072.09 against the bank, “with a 22 percent interest on the admitted sum to be paid from March 1, 2004 and at the same rate of 22 percent till satisfaction of the judgment debt.
    It also added a 100% penalty as stipulated in the CBN Guidelines (Many people don’t know this penalty exist for excess charges by banks – But this is a conversation for another day). This brought the total judgement cost to N4.7B against GTBank. GTBank Appealed.
    2014 In Sept 2014, GTBank secured an ex parte order on Innoson Nigeria Limited Basically freezing their accounts. “All commercial banks in Nigeria were restrained from accepting, honouring, or giving effect in any manner whatsoever to any instruction by Innoson
    On December 9, 2014, the Court of Appeal upheld the judgement of the FHC and ordered GTBank to pay its debt to Innoson into an interest-yielding account operated by the court. By then, the debt had accumulated to over N6 billion.
    *If you add the previous judgement of N2.4B GTBank was already indebted as per Judgment cost to the tune of over N8.5B in 2014. GTBank in its numerous affidavits deposed that if it pays the outstanding judgment debt of N6B, it could go bankrupt & be out of business
    GTBank then appealed to the SC as well. Making this the second case between Innoson and GTBank at the SC awaiting judgment. 2015 In June 2015, the FHC, Lagos struck out the ex parte order freezing the bank accounts of the companies in Innoson Group.
    Innoson then slammed a N30 billion suit on the bank for what it had suffered in monetary terms and reputational terms during the months when the accounts of its companies in all Nigerian banks were frozen. This is the fourth case between Innoson and GTBank
    3. IGP Vs Innoson – Issue of Criminal Charge of Forgery against Innoson and 5 others. 2015 GTBank filed a petition to the IGP alleging that Innocent Chukwuma and 5 others (including Innoson and Mitsui OSK Lines) criminally conspired to commit forgery
    GTBank alleged that Innoson + 5 criminally conspired to falsify shipping documents between Jan 2010 and April 2011 at the Apapa Wharf. The documents of which was used to obtain a N2.4B loan from GTBank. (Recall the N2.4B facility referenced earlier in this thread?)
    This led to the suit No: FHC/L/565C/2015 by the police prosecutor against the 6 accused. 2016 In February 2016, the police withdrew the charge against the accused based on its need to further investigate the case. It seems the DPP is not aware of this withdrawal.
    In May 2016, the AGF approached the court to take over the case. This application was granted. This is where it gets messy. It seem the prosecutor in the IGP office did not inform the court that they already withdrew the charges before the DPP took over.
    The EFCC invitation to Innocent Chukwuma appears to be in connection to the investigation of this GTB petition and subsequent suit by the IGP. According to the EFCC, he jumped an administrative bail. If that is true, it suggests he had already been interviewed
    Conclusion I know we love drama and nothing can trump the drama of an arrest in the residence of a popular industrialist in the midst of his employees. But the facts of this case is bigger and judging from the time frame has detailed in this thread
    While we can say absolutely that GTBank is not directly involved in his arrest, we can infer that its petition is the basis on which Mr. Innocent Chukwuma is being currently investigated. So the bank is somewhat connected to it indirectl
    If the evidence of all the numerous court cases won by Innoson is anything to go by, I’m convinced that he will win this too. In the meanwhile, it’s better for us to be informed before taking a position either way. I hope this thread has helped towards that.
    credits: Yinka Ogunubi

  • HNE

    This doesn’t sound like objective journalism rather it appears like what originates from the social media with so much sentiments embedded in it.

  • Victor Ntekim

    If the bank is not responding by giving its own side of the story as you claim, how did you then reach a balanced conclusion in favour of the bank? We don’t need a seer to understand that your Yoruba brother has asked you to publish this propaganda, after all no one sent you for this bias investigation.

    *Innoson Group Vs GTBank : 30 Key Points You Need To know About Their Dispute :* – Copied

    *1* – At all Material time , Innoson Nigeria Ltd operates a Current Account with GTBank .

    *2* – Innoson obtained , and had repaid same , a loan of N1.3billion from GTB Which was secured with a legal mortgage of its properties valued at more than N1.4billion .

    *3* – Innoson discovered that GTBank imposed excess and unlawful charges in its Current account .

    *4* Innoson Group Complained to GTBank on his discovery of access charges on his account .

    *5* – Both parties ( Innoson and GTBank ) agreed to invite an independent auditing firm that will be agreed by both parties .

    *6*- At the end , MULTI-WINGS Consulting Firm of Auditors was invited to properly audit Innoson Nigeria Ltd Current account No 0043753636 domiciled with Nnewi Branch of GTBank . The audit covers a period from March 2004 to Dec 2011 .

    *7* – After the account was audited , it was discovered that GTBank has been illegally deducting excess bank charges on its overdraft facility to the Innoson to the tune of seven hundred and Eighty-Six Million, Two Hundred and Five Thousand , Nine Hundred and Fifty-Five Naira , Ninety Nine kobo ( N786,205,955.99).

    *8* – GTBank was shocked at the audit report when the report was forwarded to it .They replied in their letter to Innoson on 20th January , 2012 that it will investigate the issue raised and will get back to Innoson on the Conclusion of its investigation .

    *9* – In the month of September 2012 , GTBank wrote to Innoson that from their personal audit report , the excess bank charges was Five Hundred and Fifty-Nine Million , three Hundred and Seventy-Two naira ,Nine kobo ( N 559.3Million).

    *10* – Innoson agreed to their version and decided to accept payment from it in the spirit of amicable resolution.

    *11*- Innoson also requested that the said agreed amount of N559.3million be paid with a 22% interest rate because Innoson had been repaying all his loan with GTBank at 22% interest rate.

    *12* – GTBank refused and said that the best they can repay excess and illegal deduction is at 7% interest rate . This led to another disagreement between Innoson and GTBank .

    *13* – As a result , in 2012 , Innoson sued GTBank at Federal High Court Awka with Suit No : FHC/Awk/Cs/2012 .

    *14* – Federal High Court, Awka delivered Judgement in favour of Innoson in excess of N4.7billion against GTBank.

    Delivering Judgement in suit no : FHC /Awk/ CS / 139/2012 , the FHC awarded N4.7billion to Innoson Motors against GTBank .
    *The court also ordered GTBank to pay 22 % (percent ) interest on the Judgement debt until all the payment had been made to Innoson .*

    *15* – In 2013 , GTBank appealed against the judgement to the Court of Appeal, Enugu Division, appoxite appeal No: CA/E/288/2013 .

    *16* – The Court of Appeal , Enugu in a Considered ruling ordered GTBank to pay the Judgement debt of N6billion Inclusive of the accrued interest and any interest that would subsequently accrue thereon into an interest yielding account in the Name of the Chief Registrar of the Court .

    *17* – In its various affidavits, particularly at the Court of Appeal in suit no : CA/E/288/2013 , GTBank deposed that if it pays the outstanding Judgement debt of N6billion , much less the N8.5billion , it could go bankrupt and be out of business .

    *18* – GTBank went to the Supreme Court .The case is still in the Supreme Court , while the Judgement debt is about N8billion now to be paid to Innoson by GTBank .

    *Another Cases:*
    IBADAN Cases : Innoson /GTBank/Nigerian Custom Service :

    *19* – Nigerian Customs Service Auctioned Innoson goods .

    *20* – Innoson challenged the action Nigerian Custom Service for auctioning its goods at Federal High Court , Ibadan .

    *21* – On July 29 ,2011, In a Garnishee Order Absolute , the Federal High Court sitting in Ibadan ordered GTBank to Pay Innoson #2,048,737,443,67 (#2billion) from Nigerian Customs account in GTBank .

    *22* – Rather than Comply with the Garnishee Order Absolute of the Court , GTBank on February 6, 2015 appealed the Judgement , but the Court of Appeal in Appeal no. CA/1/258/2011 affirmed the Judgement of the Federal High Court and ordered GTBank to pay the Judgement debt of #2,048,737,443.67 (#2.048billion) to Innoson .

    *23* – GTBank , instead , appealed to the Supreme Court against the Court of Appeal’s decision where GTBank claimed through a motion in suit no : Sc /694/2014, that the Court of Appeal Judgement in Ibadan (CA/I/258/2011) was procured by suspicious means .

    *24* – On May 12, 2017 , Supreme Court in its wisdom and rightly , dismissed that unfounded and exasperating claim of GTB against Innoson .

    *25* – As a result , Innoson commenced a N400 billion suit against GTBank , in the suit No: FCT /HC/CV/2448/2017 at the High Court of the Federal Capital Territory, Abuja .

    *Another issues :*

    *26* – Consequently , in order to save itself from paying the outstanding Judgement debts to Innoson , the GTBbank filed a petition against Innoson alleging forgery which led to the suit No : FHC /L/565C/2015 by Police .

    *27* – On February 17, 2016 , Police properly and Competently withdraw the charges against Innoson , saying they needed to properly investigate the bank’s complaints first and see if they had merits .

    *28* – On September 1 , 2014 , GTBank secured an ex parte order on Innoson Nigeria Limited, dated September 1, 2014 with suit no FHC/L/CS/1119/2014 , filed before a Federal High Court in Lagos , between GTBank and Innoson Nigeria Limited , issued by *Justice Okon Abang* , ordering that , pending the hearing and the determination of the substantive suit , all Commercial Banks in Nigeria were restrained from accepting in any manner whatsoever to any mandate or instruction presented to them by Innoson Companies or any of its agents or nominees for withdrawal of any sum of money standing to the credit of any account maintained by the company in all the banks.

    *29* – However , on June 10, 2015 , *Justice Saliu Saidu* of the Federal High Court , Lagos , in a Considered ruling set aside the ex parte order of September 1, 2014 , by Justice Okon Abang and the writ of summon as well .

    *30* – Innoson then slammed a N30 billion suit on Guaranty Trust Bank for what it had suffered in monetary terms and reputational terms during the months when the accounts of its companies in all Nigerian banks were frozen.With Innoson winning both cases at the High Court and both cases at the Appeal Court, and GTB appealing, both cases are awaiting the verdict of the Supreme Court. Meanwhile the fresh N30 billion naira suit has just gone to the High Court to start its legal journey.

    ….

    In all , Innoson has won two High Court cases and two Appeal Court cases all against GTBank .

    Innoson as at today has Judgement debt over about N10billion based on 22% interest rate against GTBank .

    *Questions for EFCC :*

    *(i)* Now where is the EFCC coming from in all these ?

    *(ii)* Does EFCC actually understand their duties here ?

    *(iii)* Is EFCC by their action not sabotaging Nigerian economy ?

    *(iv)* If EFCC should to arrest any of the parties , shouldn’t GTBank who dubiously deducted Innoson money from his account and have debt of about N8billion to pay Innoson that they should arrest ?

    • Comrade Uma

      Well, I don`t know who you are but I trust what you present above. Thank you.

      • Olayemi

        Wow, that was an eye-opener, Nigerian banks are the lubricant of corruption in this country. I am actually glad this happened to a big fish like innoson. Let them try and sweep this under the rug, like they do with us common folk and go scott free.

  • Timi

    Hello Nigerians
    It is of great necessity that we preserve objective essentials in the case before us. Innoson and GTBank are valid employers of labor and capitalists in our economy. Moreover they both have driven their respective sectors to greater heights still as capitalists and business people.

    I would say we discuss the situation as two giant businesses in Great War. Evidence of this cases and suits should please be revealed. Court judgements are passed as letters- can we see them!

    Tribal differences should not be used as a cover by both parties, and none should act like its aim in the transaction wasn’t to maximize profit. Tribal difference was not recorgnised in the contract and should not be brought up as a case to paint a false or blurry picture, no not now, never at all.

    Thank you

    • dee

      live long

  • Bawo

    Is this report not embarrassingly one-sided?

  • Kanu Chris

    How can courts award money to innoson when he is owing?
    How can innoson file a case when he forged at the first place?
    Believe me, this is another GTB sponsored news from a quack journalist.

    • susy tutor

      Adewale why impersonating the name Kanu to perpetuate your Yoruba LIES. The GT Bank were illegally stealing money from Innoson and that’s why the court awarded the judgement in favour of Innoson. Go and close your account at GT Bank before you loose all your money there.

      • Kanu Chris

        You didn’t got me quite well. Please read my comment again…

  • Stanley

    When you have a mail, or anything being shipped to you, you can track it. How come that GTB have equipment worth billions abandoned at the port until they were cleared with out their knowledge? It speaks of poor corporate management.

  • In my opinion the forensic evidence by GTB reflect exactly what trans pear between the two However a tracking device should have been use in such transaction of magnitude except there is an insider that want to sabotage GTB operation all through. We all hope this incidence will be settled amicably by all A New lesson in business operation in Nigeria we should not use tribal sentiment in business because if GTB has use tribal sentiment granting loan to innocent wouldn’t have happen in the first place Wishing you all Happy New Year in advance

  • Danjuma

    This writer is highly prejudiced. This article looks much more like GTB propaganda. There is a lot of contradiction.

  • princegab

    Gtb told us this story before now. PT has added nothing new to the story. Innoson and innocent are criminals. Innocent has ran himself into a corner, government and the bank should not let him off the hooks. It should serve as deterrence to other criminal minded businessmen.