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FG Calls For Arrest Of Innoson Group Boss, Innocent Chukwuma, Two Others |RN

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Chairman Innoson Group, Chief Innocent Chukwuma

The Federal Government Monday urged the Federal High Court in Lagos to issue a bench warrant for Innoson Nigeria Limited’s chairman Mr. Innocent Chukwuma and two of his employees.

They were charged in a fraud case before Justice Ayokunle Faji.

The Police charged them with an alleged N2.4billion shipping fraud, but the Attorney-General of the Federation later took over the case.

Others named in the charge are Charles Chukwuma, Maximian Chukwura, Mitsui Osk Lines and Anajekwu Sunny.

The prosecution is praying the court to order the arrest of Innoson Motors Chairman and his staff for failing to turn up to take their plea in the criminal charge.

Yesterday, Chukwuma and his staff were absent.

Prosecuting Counsel Mr. Julius Ajakaiye moved an application urging the court to order the absent defendants’ arrest.

He said the charge was served on them through a court-ordered February 8, 2016 substituted service following the AGF’s take-over of the case.

Ajakaiye said since then, the third and fourth defendants had been coming to court, while the first, second and fifth defendants “have refused, failed and neglected to appear in court till date”.

Consequently, he said the defendants were yet to take their plea and should therefore be compelled to appear.

He added that an April 12, 2016 amended charge could not be served on the absent defendants.

Ajakaiye urged the court to grant his application by ordering their arrest.

But defence counsel Chief George Uwechue (SAN) Prof. C. Mbadugha prayed the court to dismiss the application.

They argued that the court lacked jurisdiction to issue the warrant against the defendants “because they were not properly before the court”.

They said the application offends Order 6 of the Federal High Court Civil Procedure Rules, adding that there was no proper service on their clients.

The prosecution accused the defendants of conspiring to unlawfully falsify shipping clearance documents.

They were accused of “uttering” (presenting) the allegedly falsified shipping documents as collateral to Guaranty Trust Bank Plc to allegedly obtain a loan of N2.4billion.

The Federal Government claimed that the defendants committed the offence at Apapa wharf on October 10, 2013.

The alleged offence is contrary to sections 1(2) (c) and 3(6) of the Miscellaneous Offences Act, Cap M17, Laws of the Federation 2004.

Justice Faji adjourned until July 3 for ruling.

Source: financialwatchngr.com

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Innoson To GTBank: Convert N8.7 bn Judgement Debt To Shares |The Republican News

Innoson versus GTBank

Owing to the inability of Guaranty Trust Bank (GTB) to comply with the Supreme Court’s judgement ordering it to pay N8.7 billion to Innoson Nigeria Ltd., the company has asked the bank to convert the said sum or part of it to shares for its benefit. This was contained in a statement issued yesterday by Innoson Group’s Head of Corporate Communications, Cornel Osigwe.

The company had earlier written the bank through its lawyer, McCarthy Mbadugha, demanding the payment of the judgement sum and accrued interest. In the letter dated 25th March, 2019, addressed to Managing Director of GTB, the lawyer recalled that, “On 20th December, 2010, the Federal High Court, Ibadan Division, delivered judgement in suit No. FHC/L/ CS/603/2006 between Innoson Nigeria Ltd. and Nigeria Customs Service in favour of Innoson Nigeria Ltd in the following terms: (I) N700,200,000; (II) 22 per cent interest per annum on the said sum from commencement of action; and (III) 22 per cent interest per annum on the said sum from the date of judgement till final liquidation of judgement sum.”

It was further added that the same court, on 29th July, 2011, in a garnishee order, directed the bank to pay N2,048,737,443.67, being the principal judgement and accrued interest. Innoson’s lawyer further noted that dissatisfied with the orders, the bank lodged several appeals up till the Supreme Court where a final decision was reached on 27th February, 2019 affirming the lower court’s judgement. Consequently, the lawyer is demanding the payment of N8.7 billion, representing judgement sum and accrued interest from GTB, to his client.

However, in the statement issued by Osigwe as a follow-up to the letter, Innoson further demanded the immediate payment of the money from the bank or that in the alternative, the money should be converted to shares for its benefit. According to Osigwe, the request was sequel to claims by the bank that paying the debt will not only affect its operations negatively, but will also erode its capital base. “Innoson Nigeria Ltd. is aware that GTB had earlier deposed to an affidavit in the court that its banking operation will be seriously and adversely affected, and also its capital base eroded if it complies with the order of the court.

“Based on the foregoing and in furtherance of the letter to GTB by counsel to Innoson Nigeria Ltd., McCarthy Mbadugha, on 25th March, 2019, that it pays the N2.4 billion judgement debt to Innoson Nigeria Ltd. with the accrued interest of N6,717,909,849.96, Innoson Nigeria Ltd., therefore, demands from GTB that if its banking operation will be seriously and adversely affected, and its capital base eroded as a result of the N8.7 billion judgement debt, that it should, as a matter of utmost urgency, convert the said sum or part of it into shares and allot same to Innoson Nigeria Ltd,” the statement partly reads.

Osigwe further noted that in order to stop Innoson from continuing with taking over its assets in execution of the judgement, GTB approached the Federal High Court, Ibadan on Friday, 5th April 2019 and requested the court, through a motion for a stay of execution and or for an injunction restraining Innoson from continuing with executing the judgement. According to him, the Federal High Court sitting in Ibadan refused to grant the bank an injunction to restrain Innoson from continuing to execute the judgement. (New Telegraph)

 

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MUST READ: I Warned GTBank MD, Agbaje On Being Used To Fight Innoson – Femi Fani-Kayode

by Eyitemi

Innoson take over GTBank, #InnosonTakesOverGTB: Innoson Motors moves to take over GTBank over N8.7bn debt, LATEST NIGERIAN NEWS, POLITICS TODAY, CELEBRITY GISTS | UNCLE SURU

Former minister of aviation and Peoples Democratic Party(PDP) chieftain, Femi Fani Kayode, has reacted to the now trending news that Popular Nigerian car manufacturing company, Innoson, is set to take over GTBank after securing a court order.

Fani Kayode who spoke through his Twitter handle said he had warned the former Managing Director of Gtbank, Segun Agbaje about allowing himself to b used against Innoson Motors.

What he wrote:

Last year I warned my aburo Segun Agbaje, the former MD of GTB, about allowing himself to be used against Innoson Motors by the barbarians. Now the bank has been taken over by Innoson and Segun has lost his job, his reputation and his name and he has been taken to the cleaners

View image on Twitter:
View image on Twitter
The question from this tweet by Femi Fani-Kayode means that someone or group somewehre were using the Managing Director of GTBank, Mr Segun Agbaje to fight against the business interest of Chief Innocent Chukwuma, and one wonders why.
Innoson take over GTBank, #InnosonTakesOverGTB: Innoson Motors moves to take over GTBank over N8.7bn debt, LATEST NIGERIAN NEWS, POLITICS TODAY, CELEBRITY GISTS | UNCLE SURU
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EFCC Vows To Arrest Innoson Chief, Chukwuma |The Republican News

Eniola Akinkuotu, Abuja

 

The Economic and Financial Crimes Commission has vowed to arrest the Chairman, Innoson Motors Nigeria Limited, Innocent Chukwuma, in order to face fraud charges in court.

The EFCC spokesman, Mr Wilson Uwujaren, said this in a statement on Wednesday shortly after Justice Olusola Williams of the Special Offences Court sitting in Ikeja, struck out the case of fraud it instituted against Chukwuma.

The court struck out the case after the anti-graft agency failed to produce Chukwuma in court to face trial.

Chukwuma and his company, Innoson Motors Nigeria Limited, were to be arraigned on four counts of conspiracy to obtain by false pretences, obtaining by false pretences, stealing and forgery.

The defendants allegedly committed the offences between 2009 and July 2011 in Lagos.

The defendants were alleged to have conspired to obtain, by false pretences, containers of motorcycles, spare parts and raw materials, the property of Guaranty Trust Bank, from Mitsui OSK Lines Limited, Apapa, Lagos.

They were also alleged to have fraudulently induced staff of Mitsui OSK and Maersk Line to deliver to them, via their clearing agents, the goods that were imported from China in the name of GTB by pretending that they were authorised by the bank to clear the goods.

The defendants were said to have forged a bill of lading numbered 598286020 of Maersk Line Limited and 11007950841 of Mussui O.S.K. Line by knowingly putting a false GTB stamp and signature of the bank employee.

However, since the suit was instituted, first before Justice Mojisola Dada of the same court, the defendant had refused to appear in court to face his trial.

In a short ruling on Wednesday, Justice Williams held that it was the responsibility of the EFCC to produce him in court.

“This court is not an investigator or a prosecutor. This court cannot waste precious judicial time prosecuting a matter that is going nowhere.

“This is a criminal matter that can be instituted anytime the prosecution is ready.  The court hereby strikes out the matter,” the judge held.  (Punch)

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Court Issues Bench Warrant Against Innoson Motors Boss, Chief Chukwuma |RN

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                 CEO Innoson Motor Manufacturing IVM, Innocent Chukwuma

An Ikeja Special Offences Court has issued a bench warrant for the arrest of Mr Innocent Chukwuma, alias Innoson, the Chairman of Innoson Motors Nigeria Ltd.

The News Agency of Nigeria reports that Justice Mojisola Dada issued the bench warrant following the failure of the defendant to appear in court for the second time for arraignment on criminal charges filed by the Economic and Financial Crimes Commission.

READ ALSO: Herdsmen To Pay For Grazing Reserves, State, Community Police Will End Killings – VP Osibanjo

“A bench warrant is hereby served on Innocent Chukwuma, he will remain in custody till the next adjourned date.

“The case is adjourned till March 14 for possible arraignment,” Justice Dada said.

Earlier, during the proceedings, a mild drama ensued in the courtroom, with Justice Dada threatening to charge Prof. J. N Mbadugha, the defence counsel for Innoson and Innoson Motors Ltd, for contempt of court.

Charles Chukwuma, a third defendant who was not present in court, had no legal representation.

Related: The Innoson Affair, The Igbo And The Orphans Of The Corporate World – Fani-Kayode |RN

Justice Dada issued the threat against Mbadugha following his alleged disrespectful conduct and outburst against the court in his opening address.

Mbadugha in his address had shouted: “This proceeding is a clear abuse of court processes, the EFCC is a reckless arbiter.

“My Lord has refused to be bound by the rule of law and doesn’t want to be bound by the doctrine of Stare Decisis; my Lord wants to override the decision of the Supreme Court.”

Justice Dada, in response, said: “Your whole comportment, conduct, countenance smacks of disrespect to the court and rule of law, I will report you to the Nigerian Bar Association.

“You are insulting the court, this is clear contempt in the face of the court; you will go to prison from here, if you think the court is defenceless and powerless, you’d be surprised.”

Related: Why We Arrested Innoson Group Boss, Innocent Chukwuma – EFCC |RN

Mbadugha, who initially said he was ready to be charged for contempt, later tendered an apology to the court, saying: “I am sorry My Lord, I hope the court gives me a second opportunity.

“I want to urge the court to temper justice with mercy; to err is human, but to forgive is divine.”

The defence counsel apologised to the court saying he had withdrawn his earlier statements.

NAN

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GTBank In Disarray As Massive Withdrawal, Closing Of Accounts By Igbo, Others Gather Momentum

By Ike A. Offor

They wished they never got involved in Innoson group boss, Innocent Chukwuma with EFCC saga. But it is a move that badly got the them burnt. Guaranty Trust Bank has exposed its bad customer service delivery deficiencies to the public.

Since the news of arrest of Innoson Motors in a case involving the bank, its reputation has been badly marred by more stories of frivolous charges on their customers apart from the one done to Chief Innocent Chukwuma.

Related: GT Bank In Desperate Move To Stop Aggrieved Customers From Closing Bank Accounts |RN

The move to close accounts in GTBank has just gathered momentum and many are now determined to follow those who have done so in the last three days. The chances of this easing or frayed nerves of customers, mainly Igbo one calming, is very remote.

Though Nigerians are very sensitive about tribal issues, this has touched the very man the Igbo love most due to the fact that he is a shinning example of bringing businesses home, something the Igbo have been crying for in the last few years.

GTBank has erred against the very people who kept it in business. Other banks will learn a lesson or two in this saga. Do not mess with your customers because they are the very reason you have business in the first place.

This gathering momentum, if not checked, would take GTBank to bankruptcy. Above all, they have suffered a very terrible customer service backlash. Their reputation now in customer service delivery has been exposed to a very  limelight.

Like many have said, this is not about Igbo versus GTBank issue but the bank versus customer service stunt gone badly wrong.

Many non-Igbo also closed their accounts and some are extremely rich business men as was mentioned by Femi Fani-Kayode in his article titled “The Innoson affair, the Igbo and orphans of the corporate  world”

Related: The Innoson Affair, The Igbo And The Orphans Of The Corporate World – Fani-Kayode |RN

Many have complained in the past about how GTBank withdraw their money at will and never return them.

Some of these aggrieved customers are the first to find reason to close their account since this incident with Chief Innocent Chukwuma took place.

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GT Bank In Desperate Move To Stop Aggrieved Customers From Closing Bank Accounts |RN

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Aggrieved GTBank custmoers waiting to close their bank accounts

The news source has it that Guaranty Trust Bank (GTBank) on Thursday put up desperate moves to calm customers who were aggrieved over the arrest of Innoson Motors’ boss, Innocent Chukwuma, from closing their accounts.

Many aggrieved customers of bank stormed the branches of the bank in Abuja requesting their bank accounts be closed.

Many others were seen transferring their deposits to other banks.

But the banks requested some aggrieved customers to officially write and wait for the bank’s response while the bank’s staff were seen speaking one-on-one with others.

Some who requested for fund transfers were told that the “network was down.”

Speaking with some of the customers, they blamed GTbank over the arrest of Chukwuma by the Economic and Financial Crime Commission.

Independent News correspondent who visited many of the branches following threats of closing their accounts on social media saw long queues.

The customers were told at the Customer Service Section of the bank to apply to their account officers and wait for response while those wanting to make inter-bank transfers were told to either wait or come back the next day.

A miffed customer in one of the branches engaged one of the Customer Relation Officers (CRO) on a heated debate asking why he should apply.

“Why should I apply?” he asked in a loud voice with support from other customers who were queuing to make the same application.

“It’s my account so I want it close now, now! And don’t send me any alert again after today,” he boomed.

When approached why he was ending his relationship with the bank, John, as he could only identify himself said, “The bank owes Innoson billions of Naira, but they are using EFCC against him.

“They don’t want to pay, that is fraud. They are committing fraud and using government against Innoson. We won’t allow that.”

One of the CROs when approached said, they are just doing this out of anger adding, “They might regret it later.

“It’s not their problem; it’s an issue that would be resolved in the court of law. I wonder why they are angry,” she said hiding the name tag on her chest.”

At the Wuse 2 branch, the queue extended outside with the security finding it difficult to control the crowd.

One of the customers who spoke in Pidgin English said, “Any person who wants to bring down Innoson would go down first.

“I am here to show solidarity with my brother, Innocent Chukwuma. GTbank will fail.

“Innoson has won the bank in many court cases so they want to use EFCC so that he will forget his money. That won’t work,” he thundered.

Another customer who volunteered to speak said he had transferred millions to another bank. He also said the wife who had travelled would do same as they were ready to move their domiciliary accounts as well.

Inside the banking hall, the aggrieved customers were seen chatting and discussing the Innoson case with the bank and why EFCC was involved.

When Independent News correspondent approached a middle-aged man said to be the branch manager, he declined to comment, urging the news man to write an official letter to Lagos.

Innoson Group has been engaged in serious court cases with GTbank. It accused the bank of being indebted to the auto manufacturing company to the tune of N8.5 billion in a series of damages stemming from illegal service deductions by the bank. An initial fraud case brought against Mr. Chukwuma was withdrawn earlier this year.  (Infobytes)

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