seunmsg:
I won't be surprised if our ipob friends come out to say Buhari is using EFCC to intimidate him because Igbos are supporting Atiku. To Igbos, everything is about Buhari and politics.

But its true naw

Osucoward:
Do you owe GT Bank money? Did you give false information to obtain loan for GT Bank?

Did you sign a contract with them?

Did you commit fraud?

Ibo people should change from crying victim when they do wrong. A man that walked his two legs to the bank, took out loans and then refused to pay back, how is that a good business partner.

In the US, his business would have been liquidated to pay back his loans.

This is not an issue of igbo people.. You have taken a man to court 3 times and he won you. Why not pay him his money? Innoson motors have released the court judgements .. So what's your point?

Do clean and legitimate business, they wont have the gut to use EFCC to harass you.

Osucoward:


Also ask yourself why such a man should relegate on a signed contract and mutual agreement? How can Nigerians support or trust him if he can't meet up to his end of a contract?

Investors should beware.

It's sickening.

Please how do you relegate on a signed contract?

Osucoward:


Mr Innocense is also being charged with federal Fraud. Let him defend himself in jail.

You're in your father's house sipping juice, were you there when he committed the alleged fraud?

Which federal fraud? He also defeated the customs in court who sold his products illegally

Guess what we will hear soon, the almighty MARGINALIZATION!

DerideGull:


Were you present when Innoson forged the bank’s Signature and stamps to clear the Goods from the ports? If this crap you wrote came out of your alleged reading widely, I suggest you stop reading at all. Do you know how many goods that disappeared out of Nigerians ports with forged documents? By the way, why would the bank’s Signature and stamps predict the clearing of goods in the wharf when the bank did not import the goods? The bank a person borrowed the money to import goods has nothing to do with the clearing of the goods from the wharf. The bank knows the importer who borrowed the money from it not the business at the wharf.

makes a lot of sense!

Osucoward:
Do you owe GT Bank money? Did you give false information to obtain loan for GT Bank?

Did you sign a contract with them?

Did you commit fraud?

Ibo people should change from crying victim when they do wrong. A man that walked his two legs to the bank, took out loans and then refused to pay back, how is that a good business partner.

In the US, his business would have been liquidated to pay back his loans.

Your are just an unfortunate fellow...

Osucoward:


Show evidence of his innocence or keep quiet.

Crying victim is not a defense.

When EFCC arrested Otedola, Yorubas didn't cry victim.

This is the evidence you seek for

https://www.premiumtimesng.com/promoted/248936-innoson-vs-gtbank-no-application-issuance-bench-warrant-innocent-chukwuma.html

Osucoward:
Do you owe GT Bank money? Did you give false information to obtain loan for GT Bank?

Did you sign a contract with them?

Did you commit fraud?

Ibo people should change from crying victim when they do wrong. A man that walked his two legs to the bank, took out loans and then refused to pay back, how is that a good business partner.

In the US, his business would have been liquidated to pay back his loans.

STFU: Beer parlor judge. Who found him guilty?
Do you know the difference btw civil and criminal case?

INNOSON VS GTB: Priceless Lessons For Young And Upcoming Nigerian Entrepreneurs

http://innosonmotors.com/innoson-vs-gtb-priceless-lessons-young-upcoming-nigerian-entrepreneurs-part-2/
One of the initial challenges Innoson faced during the construction of the vehicle manufacturing plant at Nnewi is the unlawful seizure and auction sale of about 25 pieces of 40ft containers of imported completely knocked down (CKDs )motorcycle belonging to Innoson Nigeria Ltd. It only took the grace of God for Innoson to survive the trauma that came with it. The value of the CKDs ran into Hundreds of Millions of Naira and a major part of the funds came from Bank loans.

According to Dr. Innocent Chukwuma, this period when the Nigeria Customs auctioned and sold his goods is the most turbulent period of his life. One of the things he carefully did was to find a way to avoid getting high blood pressure because he knew the development of high blood pressure might lead to his death.

The Genesis of Innoson Vs Customs Court Case
Innoson established the first indigenous motorcycle assembly plant in Nigeria and based on this effort, the Federal Government, through the Federal Ministry of Finance gave a concession to him to pay 5% on his imported motorcycle CKDs. The approval is in form of a certificate. The certificate runs for 12 months after which it is renewed.

Between October and December 2004, Innoson imported about 25 containers of motorcycle CKDs, his certificate was yet to expire. The certificate expiration was on 12th July 2005.
When the goods arrived in Nigeria, Innoson made efforts to clear the goods. He paid the required duty as calculated by COTECNA- the inspection agent and he was issued a Clean Report of Inspection (CRI) which showed the duty he was expected to pay.

His bank, GTB paid the money to the Federal government. And then he was issued with a Customs Revenue Receipt. The Receipt was issued by GTB that made the payment. The original copies were handed over to the customs.

After the payment of the duty, Innoson submitted all relevant documents to the Nigerian customs but the customs failed to release the goods. The goods were not released because they alleged that Innoson under paid the duty. When Innoson learnt of this, he referred them to the concession certificate which allowed him to clear its goods based on 5% duty rate.

In spite of showing the certificate to them, Customs refused to release the goods and showed his clearing agent a circular letter which removed the name of Innoson from the list of companies enjoying such concession.

Upon receiving the letter, Innoson protested by sending a written protest to the Minister of Finance. The Minister of Finance gave a directive through a letter to The Nigerian Customs to allow Innoson clear its goods. The Nigerian Customs then instructed their officers to allow Innoson clear its goods at the concessioned rate of 5%. The directive was also done in writing vide a letter dated 13/12/2005.

With the letter from the Minister of Finance as well as The Nigerian Customs, Innoson re-submitted its documents to the Nigerian Customs officials to enable him take delivery of the goods.

After the submission of the documents, they still delayed in the processing the documents. After the delay, he was given approval to take its goods as overtime cargo through a written approval dated 1st Feb 2006, 2nd Feb 2006 and 9th Feb 2006 for the three bill of laden respectively.

After receiving the written approvals, Innoson made attempts to clear the goods. After customs had passed the entry, Innoson could not locate the goods at the wharf. His clearing agent continued searching for the goods at the wharf until the 1st of March, 2006 when they learnt that 18 of the 25 containers had been sold by the customs.

Upon hearing the goods had been sold by the customs, Innoson contacted its solicitors to write to the Ministry of Transport, Finance and the Comptroller-General of Customs which they did.

After sending the letter, the Minister of Finance invited Innoson to a meeting. At the meeting, Innoson was referred to the Chairman of the Presidential Special Committee on Port Decongestion and the Comptroller-General of Customs. The meeting between the three parties was held on 12th May, 2006 at Customs office in PZ Complex, Ikorodu Town, Lagos.
At the meeting of 12th May 2006 with the Hon. Minister of Finance, Transport and the Assistant Comptroller General of Customs and other stakeholders, the Chairman of the Presidential Special Committee on Port Decongestion referred Innoson to the Assistant Comptroller-General of Customs. The Assistant Comptroller-General directed Innoson to forward all relevant documents to his office so that he can be compensated.

On 18th May, 2006, Innoson forwarded the documents requested for by the Assistant Comptroller General of Customs through his solicitors.

The Customs ignored the documents that was forwarded and sold the remaining containers. Innoson is yet to come to terms why customs sold his containers. First of all, he was not notified that his container was seized. He was not informed that his containers were to be sold.

The said containers never contained any contraband goods but contained motorcycle CKDs. He did not at any time abandon the containers containing the motorcycle CKDs at the port. He was never taken to court. Innoson was not aware that there was a court order to sell his goods. The Federal Government gave him a concession to pay less duty because he owns an automated assembly line and as a result of the promise to increase the local output. The assembly line had a workforce of about 750 workers.

The questions that remained unanswered include:
• Whether the Customs has the right to refuse the release of the goods as stated in the CRI? The CRI reflected the 5% concession.
• How long do goods stay before it is declared as an overtime cargo? Do goods stay in the port for 3 months and thereafter become overtime?
• Were the Customs Officials actually carrying out their official duties or was there a conspiracy to destroy Innoson by some people?
• There was a time lag between the periods the goods were to be cleared. Innoson never applied for an overtime clearance at any time. His goods were never gazette before they were sold.

Innoson had paid the duty as stated in the CRI but the customs insisted that Innoson must pay 30%.
Innoson was not given any notice to the effect that its containers were to be sold as overtime cargo after the approval granted to him to clear the containers as overtime cargo.

Even as an overtime cargo, there are procedures to be followed in selling it. These procedures were not followed. The usual procedure when there is conflict of figures for payment is for customs to lodge a protest.

Innoson is not aware that any committee was set up to sell his containers. The customs equally did not advertise the sale of his container in any newspaper.

The procedure the presidential Special Committee on Ports and the Customs for selling good by auction is as follows;

(a) To notify the owner of their intentions to sell the goods by auction.
(b) To give notice of the intended auction sale to the public through newspaper publication.
(c) Set up a joint disposal committee to sell the goods by auction.

None of these provisions of the law was adhered to in auctioning his goods for sale. Therefore the Presidential Special Committee and Ports decongestion had no basis for auctioning Innoson’s goods after all genuine efforts by him to clear its goods.

Based on the damages that were incurred by the seizure and subsequent auction of his goods by the customs, Innoson through his solicitors sued the Nigerian Customs to the Federal High Court, Lagos division.

The trial court therefore ordered the Custom to pay Innoson the sum of N2.4B being the cost of his goods and damages incurred.

Furthermore, Innoson got a garnishee order from the Court ordering GTB to pay the judgment debt of N2.4B to him. GTB decided to cry more that the bereaved by appealing the court ruling on the garnishee to the Court of Appeal, Ibadan Division.

However in a unanimous judgment, delivered on 6th February 2014, the Court of Appeal dismissed the appeal and affirmed the judgment of the trial Court and ordered the GT Bank to pay the said sum of N2.4B to Innoson.

Still aggrieved, GTB appealed to the Supreme Court. The Supreme Court is yet to deliver its judgment.

It is interesting to state here that GTB has withdrawn the money due to be paid to Innoson from Customs account with it and has held the money till date, doing business with it and has been making profit out of it

Priceless Lessons For Young And Upcoming Nigerian Entrepreneurs.

1. Embrace Honesty: make honesty part of your business policy in your dealings with Government, your bank, customers, suppliers and even business partners. It will become your best defense in turbulent times.

2. Have Faith In Judiciary: the judiciary is the last hope of the common man. If you are standing on the foundation of truth, no matter how hard your opponent fights to defeat you, the truth through judiciary will prevail.

3. When Right, Don’t Be Afraid To Fight For Your Right: no one, not even the Government should be too big to confront when fighting for your right. That’s why you should never undermine the next lesson.

4. Have A Sound Solicitor: business is warfare; there’s constant battle in the marketplace for brand visibility and loyalty, and there’s battle off the marketplace when disagreements arises between your company and other parties. This is why always enlisting the services of a sound solicitor that will defend you in court is a business necessity.

5. Always Demand For Written Documents: the world of business is full of countless promises and failures, so never accept any agreement verbally. Always demand for written documents to back up any claim, agreement, arrangement or contract. They are strong evidences in the court of law that will vindicate you when trouble arises.

Were u sleeping on ur bed that EFCC and gtb is fighting u? U better go settle urself and stop this ur publicity stunt

I want if Igbo people should fight for this guy. First, did he not see other Igbo controlled banks before he went to a Yoruba bank? trying to be more Nigerian than the Nigerians. This is still the same chap that was manufacturing spare parts for the Nigerian Air Force the other time. shebi him go get Sense now.

Amarabae:
#boycottGTBank.
This hashtag is going to start soon.
Where are the Ipob?
Start it, let every Igbos both business people and civil servants boycott the damned bank .
If you are Igbo and you have an account with them, please go and withdraw all your money there and close the account.
#BoycottGTbank

I support!! Let’s all start boycotting Igbo traders too

We’ll see where this will lead.

part Two

http://innosonmotors.com/innoson-vs-gtb-priceless-lessons-young-upcoming-nigerian-entrepreneurs-pt-1/

INNOSON VS GTB: Priceless Lessons For Young And Upcoming Nigerian Entrepreneurs

Excess charges are unlawful, illegal and fraudulent and it is a crime

At all material times, Innoson Nigeria Ltd operates a current account with GTB. Subsequently, Innoson discovered that GTB imposed excess and unlawful charges in its current account.

Both parties agreed to invite an independent auditing firm that will be agreed by both parties, At the end, Multiwings Consulting Firm of Auditors was invited to properly audit Innoson Nigeria Ltd current account no 0043753636 domiciled with Nnewi Branch of GTB. The auditing covers a period from March 2004 to December 2011.

After the account was audited, it was discovered that GTB has been illegally deducting excess bank charges on its overdraft facility to 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).

GTB 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 him on the conclusion of its investigation.

In the month of September 2012, GTB wrote to Innoson that from their personal audit report, the excess bank charges was Five Hundred and Fifty-Nine Million, Three Hundred and Seventy-Four Thousand, Seventy-Two Naira, Nine Kobo (N559,374,072.29k). 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, 374,072.09k be paid with a 22% interest rate because he had been repaying all his debt with GTB at 22% rate. GTB refused and said the best they can repay is at 7%. This led to another disagreement between Innoson and GTB.

As a result, Innoson commenced suit No: FHC/AWK/CS/2012 against GTB at the Federal High Court, Awka and obtained judgment in excess of N4.7 Billion against GTB.

GTB appealed against the judgment to the court of Appeal, Enugu Division, appoxite Appeal NO: CA/E/288/2013. The court of Appeal Enugu in a considered ruling ordered GTB to pay the judgment debt of N6 Billion inclusive of the accrued interest and any interest that would subsequently accrue thereon into an interest yielding account in the name of the Chief Registral of the Court. GTB is yet to obey this judgment; however it went to the Supreme Court. The matter is yet to be resolved at the Supreme Court. Today that judgment debt is about N8 Billion.

GTB, having seen that the Judgment debts Innoson had against them is too much for them to bear and instead of calling Innoson to seek an out-of-court negotiation, they decided to initiate a trump-up charge against Innoson with an allegation of falsification of shipping documents and representing them as genuine in order to force Innoson negotiate with it from a position of weakness.

Excess charges are unlawful, illegal and fraudulent and it is a crime

For over 5 years that GTB had admitted it debited unlawfully excess charges from Innoson’s account; Innoson is yet to get his money from GTB

The reason why GTB have failed to pay their indebtedness to Innoson is still unclear.

Earlier on, the Federal High Court and Court of Appeal division in Ibadan had ordered GTB to pay the N2.4Billion belonging to Custom to Innoson. GTB is yet to obey this court judgment.

Irrespective of all the persecution Innoson got from GTB, he still persevered; he still fought his dream of establishing the first Vehicle Manufacturing company in Nigeria which today is a Pride to our Nation.

Innoson represents a hope and a guide to upcoming and young entrepreneurs who hopes to make a difference in our Nation. As a result, we are using this medium to bring this issue of illegal GTB charges to the attention of Nigerians in general and entrepreneurs in particular. #BewareofGTB

What Young And Upcoming Entrepreneurs Should Learn From It.

1. Monitor your money: don’t overlook any bank charges on your company accounts. Always demand that they explain the basis of every bank charges deducted from your account.

2. Get an Accountant/Auditor: they will help you uncover any fraudulent activities from your bank on your account.

3. Demand full disclosure upfront: when taking a loan from your bank or any bank, demand to know all bank charges upfront before accepting the money. Be ready to raise alarm if any sudden and hidden charges start occurring.

4. Demand all terms and conditions be stated in writing: any one can deny verbal agreements including your banker. So always demand for a written document for every terms and conditions or agreements reached with your banker.

5. Demand full payment with 22% interest: in the incident that you catch your bank stealing from you illegally through fraudulent bank charges, by law they are mandated to pay back all the money in 2 weeks with 22% interest. And if they fail to do so within 2 weeks, the law further mandates them to pay back all the money with 100% interest after the first 2 weeks elapses.

Malawian:
I want if Igbo people should fight for this guy. First, did he not see other Igbo controlled banks before he went to a Yoruba bank? trying to be more Nigerian than the Nigerians. This is still the same chap that was manufacturing spare parts for the Nigerian Air Force the other time. shebi him go get Sense now.

Lol no Igbo bank wants to do business with him

Ilovemystate:


That's Yoruba man for you what they can't achieve and Igbo man is doing it

They can't pull Innoson down, Obasanja did it to Ibeto and Innoson, same with Aw.olo.wo. to Igbos after civil war

They can't do anything on a basis of merit and qualification, they are so afraid of healthy competition. what are they afraid of ? so are they trying to say they can't beat igbos in a healthy competitive environment. are they that inept?

This is innoson version.

Where is GT Bank’s version.

Ilovemystate:
part Two

http://innosonmotors.com/innoson-vs-gtb-priceless-lessons-young-upcoming-nigerian-entrepreneurs-pt-1/

INNOSON VS GTB: Priceless Lessons For Young And Upcoming Nigerian Entrepreneurs

Excess charges are unlawful, illegal and fraudulent and it is a crime

At all material times, Innoson Nigeria Ltd operates a current account with GTB. Subsequently, Innoson discovered that GTB imposed excess and unlawful charges in its current account.

Both parties agreed to invite an independent auditing firm that will be agreed by both parties, At the end, Multiwings Consulting Firm of Auditors was invited to properly audit Innoson Nigeria Ltd current account no 0043753636 domiciled with Nnewi Branch of GTB. The auditing covers a period from March 2004 to December 2011.

After the account was audited, it was discovered that GTB has been illegally deducting excess bank charges on its overdraft facility to 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).

GTB 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 him on the conclusion of its investigation.

In the month of September 2012, GTB wrote to Innoson that from their personal audit report, the excess bank charges was Five Hundred and Fifty-Nine Million, Three Hundred and Seventy-Four Thousand, Seventy-Two Naira, Nine Kobo (N559,374,072.29k). 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, 374,072.09k be paid with a 22% interest rate because he had been repaying all his debt with GTB at 22% rate. GTB refused and said the best they can repay is at 7%. This led to another disagreement between Innoson and GTB.

As a result, Innoson commenced suit No: FHC/AWK/CS/2012 against GTB at the Federal High Court, Awka and obtained judgment in excess of N4.7 Billion against GTB.

GTB appealed against the judgment to the court of Appeal, Enugu Division, appoxite Appeal NO: CA/E/288/2013. The court of Appeal Enugu in a considered ruling ordered GTB to pay the judgment debt of N6 Billion inclusive of the accrued interest and any interest that would subsequently accrue thereon into an interest yielding account in the name of the Chief Registral of the Court. GTB is yet to obey this judgment; however it went to the Supreme Court. The matter is yet to be resolved at the Supreme Court. Today that judgment debt is about N8 Billion.

GTB, having seen that the Judgment debts Innoson had against them is too much for them to bear and instead of calling Innoson to seek an out-of-court negotiation, they decided to initiate a trump-up charge against Innoson with an allegation of falsification of shipping documents and representing them as genuine in order to force Innoson negotiate with it from a position of weakness.

Excess charges are unlawful, illegal and fraudulent and it is a crime

For over 5 years that GTB had admitted it debited unlawfully excess charges from Innoson’s account; Innoson is yet to get his money from GTB

The reason why GTB have failed to pay their indebtedness to Innoson is still unclear.

Earlier on, the Federal High Court and Court of Appeal division in Ibadan had ordered GTB to pay the N2.4Billion belonging to Custom to Innoson. GTB is yet to obey this court judgment.

Irrespective of all the persecution Innoson got from GTB, he still persevered; he still fought his dream of establishing the first Vehicle Manufacturing company in Nigeria which today is a Pride to our Nation.

Innoson represents a hope and a guide to upcoming and young entrepreneurs who hopes to make a difference in our Nation. As a result, we are using this medium to bring this issue of illegal GTB charges to the attention of Nigerians in general and entrepreneurs in particular. #BewareofGTB

What Young And Upcoming Entrepreneurs Should Learn From It.

1. Monitor your money: don’t overlook any bank charges on your company accounts. Always demand that they explain the basis of every bank charges deducted from your account.

2. Get an Accountant/Auditor: they will help you uncover any fraudulent activities from your bank on your account.

3. Demand full disclosure upfront: when taking a loan from your bank or any bank, demand to know all bank charges upfront before accepting the money. Be ready to raise alarm if any sudden and hidden charges start occurring.

4. Demand all terms and conditions be stated in writing: any one can deny verbal agreements including your banker. So always demand for a written document for every terms and conditions or agreements reached with your banker.

5. Demand full payment with 22% interest: in the incident that you catch your bank stealing from you illegally through fraudulent bank charges, by law they are mandated to pay back all the money in 2 weeks with 22% interest. And if they fail to do so within 2 weeks, the law further mandates them to pay back all the money with 100% interest after the first 2 weeks elapses.

Lothario:
They can't do anything on a basis of merit and qualification, they are so afraid of healthy competition. what are they afraid of ? so are they trying to say they can't beat igbos in a healthy competitive environment. are they that inept?

How is GT Bank competing with Innoson? What is their market?

Ibos and their diabolical excuses for accepting fraud.

DerideGull:


How does act of borrowing money from bank translate into fraud? If man has borrowed money and refused to pay it back, it is a matter of Nigeria police and court syetm not the political arm of Muhammadu Buhari's government such as EFCC. I wonder if you have set feet in USA.

You're right. Breech of contract is a civil and not criminal matter

DerideGull:


How does act of borrowing money from bank translate into fraud? If man has borrowed money and refused to pay it back, it is a matter of Nigeria police and court syetm not the political arm of Muhammadu Buhari's government such as EFCC. I wonder if you have set feet in USA.

My brother tell him o let him hear

Wow

Where are the empty chest beating chimps, the loooonatic flatiyeasterners

Hjjjjjjjj

Innocent the frauster

Gtb give me my platinum card or even visa card ATM...I'm tired of applying up and down

And I think d useless govt is just trying to get money out of the billionaire. Ndi oshi

Amarabae:
#boycottGTBank.
This hashtag is going to start soon.
Where are the Ipob?
Start it, let every Igbos both business people and civil servants boycott the damned bank .
If you are Igbo and you have an account with them, please go and withdraw all your money there and close the account.
#BoycottGTbank

Business!! Separate business from tribe, this is about innoson and gtb and not Igbo vs Gtb. When the going was smooth, did you call for any boycott?

Because he is a progressive Igbo man, they want to spoil his name. Oya let them go and arrest Dangote let me see.

nnokwa042:
may Fulani people rape all ur family members may boko haram be ur neighbour ,efulefu

Mynd44