The Grand Conspiracy Against Innoson Motors

EFCC operative used to illustrate the story
EFCC operative used to illustrate the story

Re: EFCC Files Fraud Charges Against Innoson Boss, Chukwuma

Our attention has been drawn to the fraud charges filed against Chief Dr Innocent Chukwuma, OFR, popularly known as Innoson, by the Economic and Financial Crimes Commission, EFCC. We deem it fit to alert the general public that the alleged fraud charges filed by the EFCC is a ploy orchestrated by the Commission to justify the Gestapo style of arrest used in bundling Dr Chukwuma out of his residence and furthermore the charge is an action taken in bad faith to change the narrative to portray Innoson in bad light and divert the attention of the public who have continued to condemn the illegal action taken by the Commission.

We have some reservations with the publications of the details of the suit in question on some online blogs because the charge which EFCC purports to file has a temporary suit number, vis – temp/3315c/2017. This number is written with red pen at the top most right side of the charge published on EFCC’s page.

By this temporary number it means that the charge is not yet before any court in Lagos state. Also, it means that the charge cannot be acted upon by any court in Lagos state and it cannot be served on any party as well. As it is, the charge has not been filed. So why the media noise by the Commission of filling fraud charges against Innoson? We believe that it is a Volte face.

Furthermore we are alarmed at how low EFCC could descend to be used by GTB to destroy the Nigeria’s foremost entrepreneur. We have it now on good authority that there is a grand conspiracy by an international competitor of Innoson Vehicles who have conspired with a financial institution to pull down Innoson Vehicles at all cost because of the latest increase of patronage of Innoson Vehicles by the Federal Government.

But we are amazed that EFCC, a Federal Government Agency, which is supposed at all times to defend indigenous Nigerian companies who are working hard to make Nigeria great, will allow itself to be used as a tool to kill and destroy these companies.

Particulars of Offence

Nigerians need to ask EFCC if GTB as a bank has any license to import motorcycle spare parts or CKD. A cursory look at the charges filed by EFCC at court is both laughable and constitute national embarrassment. The motorcycles being deemed the property of GTB were ordered by Innoson from its manufacturers and suppliers with a loan from GTB. Under letter of credit transaction, in international trade, bills of landings are consigned to Banks not because the Banks – consignees – are the owners of the goods but rather to ensure that the seller is paid and the buyer receives the goods.

Mere consignment or endorsement of a bill of lading does not confer title in the goods covered by the bill of lading to either the consignee or the endorsee. Where consignment or endorsement of a bill of lading is intended as a security for loan, consignment or endorsement in such circumstance does not transfer title in the goods to the consignee or the endorsee.

All Innoson’s letter of credit transactions, through GTB, where confirmed LCs. In letter of credit transactions (LC), particularly but not exclusively confirmed LC, the term is cash against documents. Shipping documents are not released by the advising/correspondent Bank to the Issuing Bank until the Issuing Bank pays for the goods. At all material times, Innoson paid 25% of every LC value before it was opened.

The media hype of EFCC portrayed Innoson and its promoter as having stolen goods belonging to GTB. We note that attempt of EFCC to get the courts to retry a matter Innoson had already secured judgment on.

Till date, EFCC never told Innoson why he was arrested except to say on pages of newspapers that he was arrested because of his fraud at SEC and forgery of documents to obtain tax waivers.

While we await to be served the court papers, we want to advice the EFCC that if there is any complaint by GTB to EFCC, Innoson should be invited by the commission to clear its name, EFCC will then conducts its investigation before taking matter to court.

Cornel Osigwe

Head of Corporate Communications

Innoson Group


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  • Watch man

    If this narrative is true then someone somewhere is beating the drum against Innoson. But then, PT is known for publishing hard evidence such as certificates, etc. How come they have not done so with the judgements we read that was declared in favour of Innoson? Well, we have read a convincing one side of the story, we await to read that of GTB/Custom/EFCC to make informed conclusion.

    • baba cool

      Read in between the lines. A court case has been filed, if innoson has a contrary argument it’s a good opportunity to display such. Let him have his day in court.
      1) He got a facility to import goods
      2) He took procession of the goods

      The contentious issue is if he has paid back and that isn’t for social media but for the courts to decide
      Oga go court go plead your case no judge will give judgement without hearing you out
      Shikena

      • Nigerian

        You are correct but the matter affects you too. Because if you observe injustice and did not speak out to condemn it, same would likely visit you someday. So I think all irrespective of ethnic affiliation should speak in one in this issue.

        • baba cool

          It’s a court of JUSTICE and not INJUSTICE. Allow the courts to decide. Any other thing is playing the victims card and whipping up ethnic sentiments. Taking him to court has disproved your claim of injustice

          • Nigerian

            You’re right by saying court of justice. And you and I know that going to court has always been the right thing. You also know if you have been reading that the cases have been in court. But you clearly know, in your conscience that someone is being harassed for winning court cases, even his wife was slapped. If you don’t know or choose not to, that is left for you. I’m not taking sides but I want all and sundry to speak in the same voice.

            For me, if this happens to anyone, I will condemn it no matter where the person comes from and that is what I expect every Nigerian out there to do here.

  • Nigerian

    It is very sad that now that the Country needs to promote local industries, some persons are trying to drag the country backwards towards recession by killing the development. So sad.

  • Nigerian

    I do think this is a test of how ready Nigerians are to fight injustice/corruption. This is not time to keep silent, or give in to ethnic sentiments, it’s time to join voices to say no to injustice. For now I think many reasonable Nigerians understand the issues on ground.

    • Jach J. King

      High court and Appeal Court are competent Courts of jurisdiction, and both have attested and set judgements on record in that GT Bank shall pay #8.5 billion to Innosons Group CEO. He instituted the case in the High Court praying the court to recover his monies from the GT Bank as it pleases the court

      This legal battles originated when Innosons Groups discovered that GT Bank have stolen over #700 million from one of its corporate account including other huge sums of money, of which in fairness the High Court classified as arbitrary deductions.

      Upon the Appeal Court judgement, GT Bank cried out and argued that, should they (GT Bank) adjudged to pay out such a huge sum of #8.5 billion, there is no option left but to close shop. Summarily, the Appeal Court objected and reiterated that the doors of Supreme Court is still open.

      GT Bank was frustrated when all its documents lacks merit and wasn’t in line with High Court and Appeal Court ruling, further were trashed after the overview at the Supreme Court. In a bid to be heard, rolled the tissues of lies to EFCC who misconstrued the situation.

      A THIEF, GT Bank, TURNED A WHISTLE BLOWER, obviously, has met its waterloo, and So running from pillar to post (Supreme Court to EFCC) just to legalize falsehood without knowing the adverse effect, should they (GT Bank) resisted court judgement of paying #8.5billion to Innosons Group CEO, even if they wilfull