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Innoson Motors: EFCC lied on invitation of our boss

*Is EFCC employed by Guaranty Trust Bank to harass us?

*30 facts they cannot deny on the issue at hand

Cornel Osigwe, the Head Corporate Communications of Innoson Group has responded to the widely reported arrest by EFCC of their boss saying the anti-corruption agency may have been employed by Guaranty Trust Bank to be used to intimidate them after the bank stole so much from the auto company.

EFCC operatives ...now fighting Guaranty Trust Bank's case?
EFCC operatives …now fighting Guaranty Trust Bank’s case?

In a rejoinder sent to www.gongnews.net Osigwe said, “Our attention has been drawn on a tweet by EFCC on its official twitter handle claiming that the gestapo kind of arrest of Dr Innocent Chukwuma (OFR) at his Enugu residence was because he didn’t honour an invitation from the commission sent to him.

This claim by the commission is not factual and it tends to mislead the public and bring the personality and character of Dr Innocent Chukwuma to disrepute. Hence, we want to state the true position so as to inform the general public the truth about this matter.

EFCC never at any time invited Dr Innocent Chukwuma either in writing or through any other means. We are aware that EFCC investigated GTB complaint against Innoson in 2012.

During the investigation he was invited and he honoured the invitation. After the investigation EFCC filed a charge against him at Lagos State High Court.

The charge was subsequently struck out. However, Dr Innocent Chukwuma and Innoson Nigeria Limited appealed against the order striking out the case on the basis that it ought to be dismissed and not struck out.

The appeal – number CA/L/1330cm/2017 is till date pending at the Court of Appeal Lagos division. Till date, EFCC never invited Dr Innocent Chukwuma again.

On this recent arrest, Dr Innocent Chukwuma (OFR) has not been told officially the purpose of his arrest and he demands to know why.

Innoson Group Vs GTBank : 30 Key points you need to know about their dispute:

  • At all material time, Innoson Nigeria Ltd operates a Current Account with GTBank.
  • 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.
  • Innoson discovered that GTBank imposed excess and unlawful charges on its Current account.
  • Innoson Group complained to GTBank on his discovery of excess charges on his account.
  • Both parties (Innoson and GTBank) agreed to invite an independent auditing firm that will be agreed by both parties.
  • 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.
  • 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).
  • 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.
  • 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).
  • Innoson agreed to their version and decided to accept payment from it in the spirit of amicable resolution.
  • 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.
  • 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.
  • As a result, in 2012, Innoson sued GTBank at Federal High Court Awka with suit No: FHC/Awk/CS/2012.
  • 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% interest on the Judgement debt until all the payment had been made to Innoson.

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

Other cases:
IBADAN cases: Innoson /GTBank/Nigerian Custom Service:

  • Nigerian Customs Service auctioned Innoson goods.
  • Innoson challenged the action Nigerian Custom Service for auctioning its goods at Federal High Court, Ibadan.
  • On 29th July, 2011, in a Garnishee Order Absolute, the Federal High Court sitting in Ibadan ordered GTBank to Pay Innoson N2,048,737,443,67 (#2billion) from Nigerian Customs account in GTBank.
  • Rather than comply with the Garnishee Order Absolute of the Court, GTBank on 6th February, 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 N2,048,737,443.67 (N2.048billion) to Innoson.
  • 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.
  • On 12th May,  2017 the Supreme Court in its wisdom and rightly, dismissed that unfounded and exasperating claim of GTB against Innoson.
  • 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.

Other issues:

  • 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.
  • On 17th February, 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 merit.
  • On 1st September, 2014 GTBank secured an ex parte order on Innoson Nigeria Limited dated 1st September, 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.
  • However, on 10th June, 2015, Justice Saliu Saidu of the Federal High Court, Lagos in a considered ruling set aside the ex parte order of 1st September, 2014 by Justice Okon Abang and the writ of summon as well.
  • 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 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 the Nigerian economy?

(iv) If EFCC should 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?

Ikechukwu Emeka Onyia ©2017

For: Team *#FreeInnoson*

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