PRESS RELEASE

Innoson Vehicles Sues Imo State Government over N2.5B Debt

Nigeria's indigenous vehicle manufacturing company, Innoson Vehicles Manufacturing (IVM) has filed an over N2.5B lawsuit against the Imo State Government under the headship of Senator Hope Uzodinma over its failure to pay or service the debt of N2,547,666,435.00 (Two Billion, Five Hundred and Forty-Seven Million, Six Hundred and Sixty-Six Thousand, Four Hundred and Thirty-Five Naira) being the purchase price of the various IVM Vehicles including their parts which IVM manufactured, sold and delivered to the State Government but Imo State Governor or its government has refused and failed to pay same despite repeated demands and appeals.

The lawsuit which was filed by Prof Joseph N Mbadugha, SAN, FCPA of McCarthy Mbadugha & Co, the counsel to Innoson Vehicles coming against repeated attempts made by the Chairman of Innoson Vehicles Manufacturing, Chief Dr. Innocent Chukwuma OFR, to the Governor urging him to pay the company on the vehicles sold, and delivered to the State Government.

For the avoidance of doubt, sometimes in April 2021, His Excellency, the Executive Governor of Imo State, Senator Hope Uzodinma invited the Chairman/CEO of Innoson Vehicles, Chief Dr. Innocent Chukwuma to the Imo State Government House, Owerri where they discussed and agreed that Innoson Vehicles would sell and supply various specifications of its brand of Vehicles to the State Government which includes, interand supply various specifications or its brand of Vehicles to the State Government which includes, inter alia;

1.70 units of Innoson 5 Seater double cabin pick-up (IVM Carrier) 4WD

2. 10 units of Innoson 5-Seater double cabin military

pick up (IVM G12) 3. 10 units of Innoson 5 seater single cabin military pick-up (IVM G12)

4. 100 units of a complete siren with public addressing system, revolving light, and street police light,

5. 2 Units of IVM Ambulance Vehicles

6. 20 Units of IVM G12 MS11

7.20 sets of B. Canopy

The above vehicles which were valued at over N2.5B ($6.3M) were supplied in good faith to the Imo State Government based on an understanding with the Governor which arose after a special request that Innoson Vehicles grant the State the favor of paying for the vehicles after deliveries to them and which request was granted and honored.

The special and privilege request granted to the Governor turned into a nightmare for Innoson Vehicles and Its Chairman after Chief Chukwuma had at various times through several visits, phone calls, messages, and submission of letters requesting payment appealed to the Governor and his conscience to make total payments or set up a payment plan that will offset the debt.

The inability of the State Government to pay the aforesaid purchase price of the vehicles supplied has resulted in Innoson Vehicles having difficulties in aforesaid purchase price of the vehicles supplied has resulted in Innoson Vehicles having difficulties in fulfilling its loan repayment obligations to Keystone Bank Limited and Bank of Industry. These Banks granted their credit facilities at the rate of 10% interest and other fees therein. More so, it has led to the loss of profit arising therefrom and the accruing interest.

It is also interesting to note that as of July 27th, 2022, the over N2.5B worth of vehicles supplied to Imo State Government in April 2021 under the leadership of Hope Uzodinma with a dollar value of $6.3M is now worth $3.8M. Even if the money is paid today, the value of the money has depreciated by over 40%.

It is therefore based on this premise that Innoson Vehicle Manufacturing Company Ltd has begun the process of recovering its debts against the Imo State Government by slamming a lawsuit of over N2.5B with an interest rate of 10% on the entirety of the sum claimed at the High Court of Anambra State, Nnewi Division.

Cornel Osigwe

Head Corporate Communications and Affairs IVM Innoson Group.

Ehhhhhhhhh....Not surprised.

Imo state wu nde Ori....They have criminal tendencies in them.

Purchase vehicle of such magnitude and not remitting as sugned with the sole aim of what? Running him down precisely?

You see these two states Imo and Abia? Fear them. Birds of same feathers with skirmish mindset. Okorocha, hope, orji uzo kalu, ikpeazu...Nda ala.

APC sha. Nigeria needs Peter Obi.

Uzodinjo!

Reinaldo:
APC sha. Nigeria needs Peter Obi.

Leave APC out of this Abeg. That state no follow. They are full of evil minded criminals.

APC evil and wickedness

They keep spreading their sickness into every state they enter.

Hope always on the news for the wrong reason.
Sometimes ago I have being thinking, how is it that we get people like ikpeazu and hopless hope as governor's?
I might be wrong but I noticed that people who came to power from poor background, who had almost nothing to do with their lives end up terrible governor's and those that had a live end up good governor's, I might be wrong but examples abound. Hope and ikpeazu as example

Abeg rush now and get your PVC and let's join hands together and vote massively for peter Obi come 2023!

Peter Obi for president inshallah

Hope Uzodinma is not only the Supreme Court governor of the South East region but also a well-known fraudster with lots of fraud cases hanging on his neck.

Everyone should be careful while dealing with the known con artist and Innoson Motors should have known the kind of man they were dealing with.

In one of Peter Obi's video I have watched he said that government from all levels were majorly responsible for failing of businesses in Nigeria. Why? Because when they purchase items from these businesses they always refuse to pay back or it will take years before they pay back.
I think the national assembly will have to pass a law to stop this nonsense.

Imo state pple see una gov. Like gov like him pple. Better pay Innoson his money. Ole