Agbaje
Agbaje

What would make a company sue another for N30 billion? That was the question on the lips of many when the news recently broke that four companies under the Innoson Group, including Nigeria’s first indigenous automobile manufacturing company (Innoson Vehicle Manufacturing Company Limited), had slammed a N30 billion suit on a bank as damages for the freezing of 18 bank accounts belonging to Innoson companies.

The figure was broken into three: N20 billion was for freezing of their bank accounts in all Nigerian banks from September 1, 2014 to June 15, 2015. N5 billion was for reputational damages and/or injuries suffered by the companies. Another N5 billion was for general damages.

What led to all this? Investigation shows that Innoson and the bank have had a business relationship since 2003. But all that was to change when the Nigerian Customs Service Board seized and auctioned some goods imported by Innoson despite satisfying the importation agreement.

http://www.ngrguardiannews.com/2015/07/why-innoson-sued-new-generation-bank-for-n30-billion/

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