Innocent Chukwuma, the founder and CEO of Innoson Motors, on Tuesday accused the Economic and Financial Crimes Commission (EFCC) and GTBank of conspiring with some unnamed foreign entities to drive Nigeria’s only indigenous auto manufacturing company out of business.

“We have it now on good authority that there is a grand conspiracy by some international competitors of Innoson Vehicles who have conspired with a financial institution to pull down Innoson Vehicles at all cost,” Mr. Chukwuma said in a statement to PREMIUM TIMES signed by Cornel Osigwe, head of corporate communications at Innoson.

The company linked the alleged conspiracy to “the latest increase of patronage of Innoson Vehicles by the Federal Government.”

Mr. Osigwe attributed the improved sales to a recent upsurge in orders placed by the Nigerian military, the Federal Road Safety Corps, the Nigerian Immigration Service, amongst other federal authorities.
The allegation could further complicate the worsening tension between Innoson and GTBank.

Mr. Chukwuma was arrested by the EFCC in the morning of December 19 at his residence in Enugu, accusing him of attempted fraud, theft and forgery.

The allegations were reported by GTBank, which said Mr. Chukwuma forged bank and shipping documents to clear some goods a few years ago.
Innoson denied all allegations of wrongdoing, filing a counter-claim that the bank charged some arbitrary deductions to his company accounts.

Although the initial claim that was allegedly deducted from Innoson Group’s accounts was about N500 million, the amount has since shot up to more than N8 billion naira today, the automaker said.


The company said it received several judgements in its favour at several federal courts, including at least two Court of Appeal judgements.

It alleged that the EFCC was instigated against it by GTBank, which is allegedly desperate to avoid paying the over N8 billion damages.

“We are alarmed at how low EFCC could descend to be used by GTB to destroy Nigeria’s foremost entrepreneur,” Mr. Osigwe added in his latest statement.

The EFCC declined comments on the allegations Tuesday afternoon.

“We don’t want to join issues with them,” said Wilson Uwujaren, the agency’s spokesperson.

The GTBank said it reported Mr. Chukwuma and his brother, Charles, to the EFCC after it uncovered traces of sharp practices they allegedly perpetrated.

The bank vowed to continue reporting economic crimes to law enforcement authorities whenever they’re detected.

A spokesperson for the bank equally declined to further join issues with Innoson, saying the act contravenes its standards as an ethical organisation, especially since the matter had been taken to court.

Mr. Osigwe said Innoson has proof to back its claim of tripartite conspiracy against it but did not immediately make them available to PREMIUM TIMES Tuesday.

Innoson was established in 2010, and has produced up to 11,000 vehicles to date, the official said.

https://www.premiumtimesng.com/news/more-news/253694-efcc-gtbank-colluding-foreign-automakers-kill-innoson-motors-innocent-chukwuma.html

Tell me why any sane individual would want to invest his money into this country after seeing the mess they are making these innocent guy go through..........he started from nothing to something no matter what they do I don't think they can bring him down with all these false allegations

This is very likely.

Doesn't make any sense..

Innoson said there's increased patronage in his business from the FG. How's that a plot to kill him?!

naija my country

It's true, Afonjas can do anything to hurt Nigerians.

GTBank is owned by which Ethnic group.?

The answer will enable you to know why since the end of the civil war, they have being doing all it takes to thwart the rise of the Igbos.


God will see the Igbos through and give them victory over this Ethnic group.

I have said it before and will say it again that Nigeria should be disintegrated. I simply hate the country. The country is an enemy of progress.

make innoson allow us hear word abeg, Gtb no need collude with any foreign automaker to kill your business, na tokunbo toyota cars be your competition and dem still dey beat you home and away , without Government patronage, your business go just die

HeyCorleone:
Doesn't make any sense..

Innoson said there's increased patronage in his business from the FG. How's that a plot to kill him?!

Am sure you didn't read the thread
but drum it into your ears that the FG is not an individual ...

what Innoson is passing through today is being orchestrated by an individual or group of individuals in high places...
they did it to ibeto... and we all know how that went

would he suffer the same fate if he was from another part of the country ?
your guess is as good as mine

EternalTruths:
GTBank is owned by which Ethnic group.?

The answer will enable you to know why since the end of the civil war, they have being doing all it takes to thwart the rise of the Igbos.


God will see the Igbos through and give them victory over this Ethnic group.

lol, tribalism no go kill some people, wetin bring tribe into this matter of a dispute between a bank and a businesssman?, if pesin hear you talk dem go think say Gtb go prefer to give poor Yoruba man loan instead of a rich igbo businessman

zombieTRACKER:


Am sure you didn't read the thread
but drum it into your ears that the FG is not an individual ...

what Innoson is passing through today is being orchestrated by an individual or group of individuals in high places...
they did it to ibeto... and we all know how that went

would he suffer the same fate if he was from another part of the country ?
your guess is as good as mine

You don't understand.

He said there's increased patronage in his business with much orders from governmental agencies. How's that a bad thing?

HeyCorleone:


You don't understand.

He said there's increased patronage in his business with much orders from governmental agencies. How's that a bad thing?

it was the government (a conglomeration of individuals and due process) that increased his patronage

but some people (powerful in high places even within the government and outside the country ) are against and after him

peace

HeyCorleone:
Doesn't make any sense..

Innoson said there's increased patronage in his business from the FG. How's that a plot to kill him?!

Go to school you no gree

Now you come here de embarass yourself

cescky:



Go to school you no gree

Now you come here de embarass yourself

..


Mr literacy with a hundred degrees kindly explain the whole thing to me or just stfu and look the other way.

OK. He who goes to equity most go with clean hands

Nawao

Is that why he forged Bank documents?
Innoson should do what’s right and stop shouting foul

When MKO Abiola was beaten by naval ratings, nothing happened!.....if Ekweremadu and the likes wish, let them shout from now till the next election, Innoson will answer charges for forgery of documents!

Ekweremandu is an idle senator and a sectional champion. We have some eminent corporate figures like Ifeanyi Uba, Femi Otedola, Wale Tinubu etc all of whom have had issues with their banks or regulatory authorities, yet they didn't have to whip up ethnic sentiments before resolving their issues; so why would Innoson be untouchable? I'm sure if Erastus Akingbola was Igbo, Ekweremandu would still be barking on the floor of the senate as if he is the only igbo senator!.......I trust Senator Hope Uzodinma will never indulge in trivialities like this; He is one of the finest igbo senators that has a national appeal.

Why would Madam Innoson resort to ethnic sentiments because of some commercial dispute with its banker? And some zombies were shamefully calling out igbos to close their accounts when available record shows there are igbos on the board of the bank and the bank indeed has more igbo employee than any other ethnic group! If i may ask, how many non-igbos are on the pay-roll of Innoson? Perhaps what this Madam has unwittingly done to her husband 's reputation with her attitude will disconnect Innoson from other banks with whom it has business dealings as they are following this issue as it 's unfolding....An injury to one bank is an injury to all other banks.

So which way Innoson LLC (i.e Local liability company) or Innoson PLC (i.e Public Liability Company)?