they are using EFCC to threaten the man because he has won his case with GTB it is high time these banks will seat tight, how can u over charged a customer to the tune of 700 million and it cannot to detected by ur bank what is the work of your internal auditors and external auditors as well in your bank,I think there is leaders failure in GTB which need to be urgently address before there reputation will be destroyed if not check many customers will like to withdraw there money from this bank now. they are good in over charging customers because they believe no one can challenge them, they should go and compensate the man and stop using EFCC to torment the man. all Nigerians bank are the same because they believe there is no responsible govt to check there activities innoson kudos to you God will protect u and guard u to end , so that the rest will banks will learn from this.

what are u saying? I thought I was conversing with an intelligent individual, it is obvious u don't have the mental capacity to engage in an objective discourse. FYI I am not Igbo.

Na you get time sef! The guy is obviously thick skulled!

If this is found to be the truth then GTB will get it hot this time because the campaign against them is loading. Nigerians know before now that gtb is yahoo bank but this particular action of theirs against innoson is pure robbery.

ernieboy:

what are u saying? I thought I was conversing with an intelligent individual, it is obvious u don't have the mental capacity to engage in an objective discourse. FYI I am not Igbo.

Hahahahahahaha!!! I practically laughed my ass off when I saw you trying to reason with a brainless bigot. You can't go far in the argument without having migrane. Reason being that, you would only be marveled at the high level of stupidity being flaunted by one individual alone.

Give it up bro, don't waste your precious time..

Let me go and withdraw my remaining 1400naira. No more using gtb fraud bank. They are in for a long thing if this is the case.

dennisworld1:
Let me go and withdraw my remaining 1400naira. No more using gtb fraud bank. They are in for a long thing if this is the case.

Gtb admitted they over charged him the problem now is the interest which the innoson is asking for which is right if the loan interest is 20% they should be able to comply too, I think there is poor management in GTB which need to be addressed urgently who knows how many of there customers are victims of this leadership failures on there part instead of them to resolve this issues which can tarnished there reputation since they know is there fault out side court they are still seeking for justice which they can never get , the is weak management and leadership failure on their part in Gtb ,many customers will lose confidence in them if care is not taken Nigerians only hear go but doesn't here come, there internal auditors ought to have discovered this mess before it get out of hands, what is the work of there external auditors as well are they just there receiving salary questions need to be ask GTB has poor management. stop using Efcc to threaten the man go and compensate him let the Supreme Court deliver his judgment.

THE EFCC VS INNOSON STORY:
THE TRUE FACTS ARE BEGINNING TO EMERGE!

Guys, we are all educated in one way or the other and it’s good to research and get proper facts before commenting or condemning one party over the other. People are saying “free innoson”, without even asking questions on what he did to justify his arrest. Has anyone bothered to get the underlying facts from the Bank or EFCC?

We hear that GTB financed importation of certain spare parts and Goods for Innoson. based on the nature of the banking facility granted to Innoson by GTB, the Goods were imported in the Bank’s name and the original bills of lading which were in the Bank’s name were sent directly to the Bank by the Exporter. Innoson was required to pay 25% of the value of the Goods to enable the bank endorse the shipping documents to him so he can clear the Goods. Innoson approached the bank saying he did not have the 25% to pay, and begging the bank to release the Goods. The bank refused, saying the agreement they both signed must be followed, and that innoson should pay the 25% to get the Goods released to him. Probably out of desperation, Innoson forged the Bills of Lading as well as the Bank’s endorsement (ie the bank’s stamp and Signatures of the Bank’s staff) to clear the Goods from the ports. We hear that Efcc concluded its investigation as far back as 2012 and prepared charges against innoson. The police also investigated Innoson and found him culpable. Forensic examination was also done which confirmed forgery of the bank’s shipping documents particularly as the original bills of Lading were presented by the bank during the investigation. Shouldn’t we be asking: Where are the bank’s goods? How did innoson clear the Goods  from the Ports? Ok, even after selling the Goods, did he pay the money to the bank? I think Innoson should answer these questions. I saw something online about the police charging innoson to court for fraud and innoson refusing to appear in court for trial for two years! Is Innoson above the law?

I know innoson claims he got judgment against the bank and the bank is only trying to victimize him. I am a lawyer and if indeed he has a final judgment, Innoson shouldn't be trying to enforce legal judgement on twitter or Facebook.....Why doesn't he take legal steps to get his money from GTB? I would like to believe that the issue of monetary judgments is a purely commercial issue which is currently before the courts and yet to be fully determined. The issue EFCC arrested him for is a criminal matter (forgery of shipping documents). Should Innoson go free because of his tribe or because he is an indigenous vehicle manufacturer?  Even the shipping company and shipping agents that facilitated the fraud are not left out of the investigation.

For me, GTB and innoson should conclude their civil matters in court, while the law enforcement agents should be allowed to do their job as far as the issue of crime and fraud is concerned.

mexxmoney:

How could innoson have given a false audit? Was he the one who conducted the audit? Both parties agreed on a auditing firm to conduct it and they came out with the illegally deducted sum of over 700 million naira. GTB disputed it and conducted their own audit and still came out with a sum of over 500million naira illegally deducted from innoson's account. Read the story again, the quarrel is not about whether they owe him, GTB has already admitted to that. The quarrel is about the amount of interest to be paid on the money. Innoson is demanding 22% interest while GTB is insisting on 7%. In any case, the matter is in court and both the high court and court of appeal have ruled in Innoson's favour. They are now at the supreme court and I believe GTB has seen the handwriting on the wall so they decided to use underhand tactics.

THE EFCC VS INNOSON STORY:
THE TRUE FACTS ARE BEGINNING TO EMERGE!

Guys, we are all educated in one way or the other and it’s good to research and get proper facts before commenting or condemning one party over the other. People are saying “free innoson”, without even asking questions on what he did to justify his arrest. Has anyone bothered to get the underlying facts from the Bank or EFCC?

We hear that GTB financed importation of certain spare parts and Goods for Innoson. based on the nature of the banking facility granted to Innoson by GTB, the Goods were imported in the Bank’s name and the original bills of lading which were in the Bank’s name were sent directly to the Bank by the Exporter. Innoson was required to pay 25% of the value of the Goods to enable the bank endorse the shipping documents to him so he can clear the Goods. Innoson approached the bank saying he did not have the 25% to pay, and begging the bank to release the Goods. The bank refused, saying the agreement they both signed must be followed, and that innoson should pay the 25% to get the Goods released to him. Probably out of desperation, Innoson forged the Bills of Lading as well as the Bank’s endorsement (ie the bank’s stamp and Signatures of the Bank’s staff) to clear the Goods from the ports. We hear that Efcc concluded its investigation as far back as 2012 and prepared charges against innoson. The police also investigated Innoson and found him culpable. Forensic examination was also done which confirmed forgery of the bank’s shipping documents particularly as the original bills of Lading were presented by the bank during the investigation. Shouldn’t we be asking: Where are the bank’s goods? How did innoson clear the Goods  from the Ports? Ok, even after selling the Goods, did he pay the money to the bank? I think Innoson should answer these questions. I saw something online about the police charging innoson to court for fraud and innoson refusing to appear in court for trial for two years! Is Innoson above the law?

I know innoson claims he got judgment against the bank and the bank is only trying to victimize him. I am a lawyer and if indeed he has a final judgment, Innoson shouldn't be trying to enforce legal judgement on twitter or Facebook.....Why doesn't he take legal steps to get his money from GTB? I would like to believe that the issue of monetary judgments is a purely commercial issue which is currently before the courts and yet to be fully determined. The issue EFCC arrested him for is a criminal matter (forgery of shipping documents). Should Innoson go free because of his tribe or because he is an indigenous vehicle manufacturer?  Even the shipping company and shipping agents that facilitated the fraud are not left out of the investigation.

For me, GTB and innoson should conclude their civil matters in court, while the law enforcement agents should be allowed to do their job as far as the issue of crime and fraud is concerned.

Kenedex:
they are using EFCC to threaten the man because he has won his case with GTB it is high time these banks will seat tight, how can u over charged a customer to the tune of 700 million and it cannot to detected by ur bank what is the work of your internal auditors and external auditors as well in your bank,I think there is leaders failure in GTB which need to be urgently address before there reputation will be destroyed if not check many customers will like to withdraw there money from this bank now. they are good in over charging customers because they believe no one can challenge them, they should go and compensate the man and stop using EFCC to torment the man. all Nigerians bank are the same because they believe there is no responsible govt to check there activities innoson kudos to you God will protect u and guard u to end , so that the rest will banks will learn from this.

Yes, we are all keen to know what brought the EFCC.

Here is why your tale doesn't add up.

If all in bold below are true, the police with such clear evidence is fully capable of prosecuting the matter. Why involve EFCC now if not intimidation?

EFCC is an ineffective organisation judging from the rate of conviction of a arrested persons. They are every shoddy with investigations and are more of a political tool for harassing opponents

naija911:
THE EFCC VS INNOSON STORY:
THE TRUE FACTS ARE BEGINNING TO EMERGE!

Guys, we are all educated in one way or the other and it’s good to research and get proper facts before commenting or condemning one party over the other. People are saying “free innoson”, without even asking questions on what he did to justify his arrest. Has anyone bothered to get the underlying facts from the Bank or EFCC?

We hear that GTB financed importation of certain spare parts and Goods for Innoson. based on the nature of the banking facility granted to Innoson by GTB, the Goods were imported in the Bank’s name and the original bills of lading which were in the Bank’s name were sent directly to the Bank by the Exporter. Innoson was required to pay 25% of the value of the Goods to enable the bank endorse the shipping documents to him so he can clear the Goods. Innoson approached the bank saying he did not have the 25% to pay, and begging the bank to release the Goods. The bank refused, saying the agreement they both signed must be followed, and that innoson should pay the 25% to get the Goods released to him. Probably out of desperation, Innoson forged the Bills of Lading as well as the Bank’s endorsement (ie the bank’s stamp and Signatures of the Bank’s staff) to clear the Goods from the ports. We hear that Efcc concluded its investigation as far back as 2012 and prepared charges against innoson. The police also investigated Innoson and found him culpable. Forensic examination was also done which confirmed forgery of the bank’s shipping documents particularly as the original bills of Lading were presented by the bank during the investigation. Shouldn’t we be asking: Where are the bank’s goods? How did innoson clear the Goods  from the Ports? Ok, even after selling the Goods, did he pay the money to the bank? I think Innoson should answer these questions. I saw something online about the police charging innoson to court for fraud and innoson refusing to appear in court for trial for two years! Is Innoson above the law?

I know innoson claims he got judgment against the bank and the bank is only trying to victimize him. I am a lawyer and if indeed he has a final judgment, Innoson shouldn't be trying to enforce legal judgement on twitter or Facebook.....Why doesn't he take legal steps to get his money from GTB? I would like to believe that the issue of monetary judgments is a purely commercial issue which is currently before the courts and yet to be fully determined. The issue EFCC arrested him for is a criminal matter (forgery of shipping documents). Should Innoson go free because of his tribe or because he is an indigenous vehicle manufacturer?  Even the shipping company and shipping agents that facilitated the fraud are not left out of the investigation.

For me, GTB and innoson should conclude their civil matters in court, while the law enforcement agents should be allowed to do their job as far as the issue of crime and fraud is concerned.

so much would be revealed in the course of this.

I just hope it doesn't get messier.

ernieboy:

when there is a disagreement between two parties it is the court that is supposed to be the arbiter and as long as the court has decided in favour of innoson then it should be assumed that gtb is in the wrong, pending a contrary judgement by a superior court. God! is nairaland filled with so many Dullards who don't even understand the basic underpinning of a modern society?

Nobody saw GT Bank coming with EFCC to carry Innoson. It was only speculations that led to the conclusion that it was GT Bank that led EFCC to Innoson's arrest. EFCC has always employed this approach in arresting their suspects even in time past. You don't know if they have a court order too. Like I mentioned earlier, Innoson has been associated with fraudulent activities in the past.
Only a dullard can identify his fellow dullard.

ernieboy:

so are u saying a judgement by a competent court is not reputable enough?
you have been informed that innoson won the cases

suit No: FHC/AWK/CS/139/2012 against GTB an therein got judgment in excess of N4.7Billion against GTB.

GTB appealed against the judgment to the Court of Appeal, vide, Appeal No: CA/E/288/2013 . innoson won also.

Abeg Free the irredeemable ODEE

Here is the Innoson own side of the story. They even addressed the fraud allegation. I don talk am GTB never know wetin they enter, by the time they are through, they go hear Nwiiii



THE GENESIS OF THE WITHDRAWN ALLEGATIONS; SETTING THE RECORD STRAIGHT.
At all material time, Innoson Nigeria Ltd. was a customer of Guaranty Trust Bank Plc. Sometime in 2012, Innoson discovered that GTBank had arbitrarily imposed and debited its current account to the tune of N700 million in excessive and unlawful charges.
Despite a series of complaints and demand for reversal of the illegal charges, a defiant GTBank refused to refund the N700 million to Innoson.
Consequently, Innoson sued GTBank before the Federal High Court in Awka, Anambra State.
Delivering judgement in suit number: FHC/AWK/CS/139/2012, the FHC awarded N4.7 billion to Innoson Motors against GTBank. The court also ordered GTBank to pay 22 percent interest on the judgment debt until all the payment had been made to Innoson.
GTBank challenged the judgement at the Court of Appeal, Enugu Division. The appeal number is: CA/E/288/2013.
However, on December 9, 2014, the Court of Appeal upheld the judgement of the FHC and ordered GTBank to pay its debt to Innoson into an interest-yielding account operated by the court. By then, the debt had accumulated to over N6 billion.
Similarly, the Federal High Court, Ibadan Division, in a garnishee order absolute made on July 29, 2011, ordered GTBank to pay N2.4 billion to Innoson. The case number is: FHC/L/CS/603/2006.
Also, the Court of Appeal, Ibadan Division, in its judgment of February 6, 2014 affirmed the decision of the FHC and ordered GTBank to pay N2.4 billion. The appeal number is: CA/I/258/2011.
Based on the numerous judicial pronouncements to the appellate levels, GTBank was indebted to Innoson Motors up to N8.5 billion as at 2013/2014.
In its various affidavits, particularly at the Court of Appeal in suit number: CA/E/288/2013, GTBank deposed that if it pays the outstanding judgment debt of N6 billion, much less the N8.5 billion, it could go bankrupt and be out of business.
Consequently, in order to save itself from paying the outstanding judgment debts to Innoson, the bank filed a petition which led to the suit No: FHC/L/565C/2015 – which was properly and competently withdrawn by the police on February 17, 2016 as stated above.
ON THE ALLEGATION OF FALSIFICATION OF SHIPPING DOCUMENTS TO OBTAIN A N2.4 BILLION LOAN FROM GTBANK.
GTBank did not at any time grant any loan of N2.4 billion to Innoson. And there was no such thing as Innoson obtaining any loan from GTB with shipping documents.
Innoson obtained, and had repaid same, a loan of N1.3 billion from GTB which was secured with a legal mortgage of its properties valued at more than N1.4 billion.
Please note that shipping documents, vide: bills of lading, are issued when goods covered by them are already loaded onto the conveying vessel.
It is highly unlikely that any manufacturer would release its goods for shipment unless it had been paid or its payment had been guaranteed.
In this circumstance, is GTBank saying that Innoson used bills of lading to obtain loan from it but it didn’t investigate the genuineness of the documents before granting the loan? This, surely, should not be an attribute of a seasoned financial institution; except that of an unethical and a careless bank.
Secondly, it also means that for Innoson to have the bills of lading, the goods were already paid for or their payment guaranteed and, as such, the company did not need any loan from GTBank in that regard.
This alone disproves GTBank’s claim that a loan was obtained with dubious shipping documents – bills of lading.
Moreso, GTBank paid the duties for all the goods Innoson imported with the facility it granted to it before Innoson cleared the goods covered using the bills of lading.
As at the time of payment of the duties, GTBank knew or ought to know that the goods covered by the bills of lading and its facility were to be cleared.
Also, after clearing the goods Innoson returned to GTBank the relevant exchange rate documents for onward transmission to Central Bank of Nigeria, and accordingly GTBank transmitted the paperwork to the CBN.
Innoson didn’t do anything hidden, fraudulent or criminal in all its dealings with GTBank.
The bank is only looking for means to blackmail, hoodwink and force Innoson to forego its monetary judgment, which now stands at estimated N10 billion.
GTBank’s desperate schemes in this regard know no limit.
Recently, in a ploy to get the Supreme Court of Nigeria to set aside the N2.4 billion judgment debt against it, it alleged, through a motion in suit number: SC/694/2014, that the Court of Appeal judgement in Ibadan (CA/I/258/2011) was procured by suspicious means. But the Supreme Court in its wisdom, and rightly, dismissed that unfounded and exasperating claim in May 2017.
As a result, Innoson commenced a N400 billion suit against GTBank, in Suit No: FCT/HC/CV/2448/2017, at the High Court of the Federal Capital Territory, Abuja.
Also pending before the Court of Appeal is an appeal on whether there is any charge at the Federal High Court, given the police withdrawal of the charge.
Even though the motion for a stay of proceedings was dismissed by the Court of Appeal while the substantive appeal is still ongoing, Innoson has appealed against that decision to the Supreme Court of Nigeria in suit number: SC:839/2017.
The Office of the Attorney-General is proceeding with the case even after the police have withdrawn their charges because they had not concluded investigation.
At the Supreme Court, Innoson filed motions to quash the directive of the Court of Appeal which had erroneously ruled that proceedings should continue despite police having withdrawn from the case at the High Court.
Innoson has served the Federal High Court notices of the motions pending at the Supreme Court.
Therefore, contrary to media reports, Justice Faji did not adjourn on October 10, 2017 to November 21, 2017 for hearing of the application for issuance of bench warrant.
Rather, the judge requested time to study ruling of the Court of Appeal and to hear Innoson’s and others’ preliminary objections.
There was no pending application for issuance of bench warrant against Innoson Group executives before Honourable Justice Faji on October 10, 2017.
Cornel Osigwe
Head of Corporate Communications
Innoson Group

Act fast!!!!!!

Who God loves, he makes EFCC to arrest illegally...

Now, Innoson will still sue EFCC for illegal detention and claim millions!

Wiseandtrue:
How this matter take concern EFCC na him tire me

So all these things being said about Magu is true

How can you leave Maina, Babachir, Baru, Mahmoud abi na wetin Chief Justice call himself again and arrest a victim

The guy is being victimized by a bank, you left the perpetrators and arrested an innocent citizen!




Which kind country be this

I am done with gtb, bank of fraudsters

Osucoward:


I stand with GT Bank.

Are those supposed to be reliable sources or do y'all think NL is for illiterates?

Tell Innoson to pay his debts.




Same person with multiple IDs

you're dumb..

Innoson vs GT Bank: Debunking the Lies and Smear Campaigns

After the immediate release of the illegal and unlawful arrest of Chief Dr Innocent Chukwuma OFR popularly known as Innoson by the Economic and Financial Crimes Commission EFCC on December 20, 2017, there have been two major publications on the Innoson vs GTB saga. One was written by one James Osaremen and published by Premium Times on Dec 20th 2017 with the caption- Innoson EFCC arrest and the GTB Loan: The facts behind the saga. The other was published by Sahara Reporters on Dec 23rd 2017 with the caption- Innoson vs GT Bank: How Industrialist Defrauded Bank And Bullied The EFCC, The Police And Courts With his Political Connections.

The facts stated in these two publications are filled with half-truths, fabrications, false allegations and mis-representation of facts. At first we wanted to ignore and wait for the outcome of the supposed investigation by the EFCC on GTB complaint on Innoson. But in this social media era where silence may be seen as an admission of guilty as charged, we have deem it fit to present with factual evidence the true story on all the allegations raised on the two publications.

INTRODUCTION

Under letter of credit transaction, in international trade, bills of ladings are consigned to Banks not because the Banks – consignees – are the owners of the goods but rather that ensures that the seller is paid and the buyer receives the goods.

Mere consignment or endorsement of a bill of lading does not confer title in the goods covered by the bill of lading to either the consignee or the endorsee. Where consignment or endorsement of a bill of lading is intended as a security for loan, consignment or endorsement in such circumstance, does not transfer title in the goods to the consignee or the endorsee: Sewell v. Burdick (1884) 10 APP CAS 74; J.F. Wilson: Carriage of Goods by Sea, 5th Edition, page 135, paragraph c.

NOTE: All Innoson’s letter of credit transactions, through GTB, where confirmed LCs. In letter of credit transactions (LC), particularly but not exclusively confirmed LC, the term is cash against documents. Shipping documents are not released by the advising/correspondent Bank to the Issuing Bank until the Issuing Bank pays for the goods. At all material times, Innoson paid 25% of every LC value before it was opened.

GTB’s LOAN TO INNOSON AND THE SECURITY
GTB never granted any loan of N2.4Billion to Innoson in 2009 but rather a loan of N500Million through its offer letter of 17th December, 2009. The last loan transaction between GTB and Innoson was in 2011. Thus, through its letter of 2nd March, 2011 GTB offered a loan of N1.7Billion to Innoson. The principle terms and security for this loan were: Legal/Tripartite Legal Mortgage over Innoson’s properties valued at N1.1Billion in 2010 by GTB appointed valuers; 25% equity contribution by Innoson on each letter of credit (LC) transaction; and shipping documents worth N500Million shall be released at any point in time to Innoson.

From the offer letter of 2nd March, 2011 the following are clear:

a. Innoson contributed 25% of the N1.7Billion. By this Innoson contributed N425Million and GTB N1Billion, 285Million;

b. the N1Billion, 285Million which GTB lent to Innoson was secured with Innoson’s properties valued at N1.1Billion in 2010 and by necessary calculation in 2011 the value of the properties were valued at over N1.3Billion.

GTB’S FRAUD
As could be seen from the introduction above:

a. the shipping documents referred to in the offer letter of 2nd March, 2011 are at best, security for the loan and as such did not transfer title to any good covered by it to GTB. Therefore, GTB is not the owner of the goods evidenced by them and title in the goods did not pass to it.

b. since in a letter of credit transactions, shipping documents – bill of lading – cannot be released except cash (the price of the goods) is paid, for every bill of lading consigned to GTB, Innoson paid 25% of its value before it is released to GTB.

The statement by James Osaremen and Sahara Reporters that the goods belong to GTB shows that from the beginning GTB was out to defraud Innoson and this is demonstrated thus:

a. 25% of the price of all the goods were paid for by Innoson and if upon consignment the goods belong to GTB it means that GTB had taken what Innoson paid in respect of the goods. What a cheat!!;

b. Innoson gave the title documents of its properties worthing over N1.4Billion to GTB as security and denied itself the use of it.

Therefore, from the loan transaction GTB got the following:

Innoson’s properties
Innoson’s N425Million contribution;
and the goods.

EFCC’s INVESTIGATION IN 2011 AND THE OUTCOME
In September 2011, GTB through a letter to EFCC, alleged that Innoson defrauded it about N1.4Billion out of a loan transaction it had with it. EFCC investigated the allegation and discovered the following:

GTB stole N560Million from Innoson’s current account with it – though Innoson maintained that GTB stole N780Million from its account;

Innoson collected all the Bills of Lading consigned to GTB with the consent of GTB;

before collection, Innoson wrote letters to GTB asking it to endorse the bill of ladings to it and to pay the duties necessary for clearing the goods from the seaport;

GTB paid Customs duties for all the bill of ladings Innoson used to clear the goods, including the ones GTB claimed were forged or that the signatures of its staff thereon were forged;

GTB released all the Bill of Ladings including the one in issue to Innoson and that Innoson signed for each of the bill of Ladings in a register kept by GTB – GTB released the Bill of Lading after Innoson signed the register;

GTB failed to produce the register claiming that it was destroyed by the fire that razed its office;

after clearing each good including the ones evidenced by the bill of lading in issue, Innoson returned the foreign exchange control copies to GTB and GTB transmitted them to Central Bank of Nigeria (CBN);

a GTB staff – Mr. Okechukwu Okeke – who transacted with Innoson’s staff gave evidence that he released the bill of ladings in issue to Innoson’s staff;

the shipping company – Mitsui O.S.K. Lines Ltd. – whose ship carried the goods confirmed that the bill of ladings – including the ones in issue – were not forged and that none of GTB’s staff’s signatures endorsed thereon was forged.

Consequently, through its letter of 20th September, 2012 (copy enclosed) EFCC informed Innoson that “further to our investigation and resolve that your account be reconciled from inception, the final outcome of the Commission’s reconciliation of the account” is that you are indebted to GTB in this matter, and therein, EFCC requested Innoson to pay about N1Billion to GTB. EFCC never stated in that letter that Innoson forged any shipping document or GTB’s staff’s signatures thereon to clear the goods evidenced by the bill of ladings.

Innoson rejected and declined EFCC’s demand contained in its letter of 20th September, 2012 on the ground that GTB shall pay it interest on the N560Million at 22% being the rate at which GTB lent it money. This resulted in a stalemate and Innoson headed to the court.

JUDGEMENTS AGAINST GUARANTY TRUST BANK (GTB)
Consequently, Innoson commenced Suit No: FHC/AWK/CS/139/2012 against GTB at the Federal High Court, Akwa Division, in respect of the money GTB stole from its account claiming 22% interest thereon from the date GTB started the stealing. In this suit, GTB was represented by an eminent Senior Advocate of Nigeria. However, on 16th May, 2013 the trial Court rendered judgment in the sum of N4.7Billion in favour of Innoson against GTB.

GTB appealed against the judgment to the Court of Appeal, Enugu Division, vide Appeal No: CA/I/288/2013. In this appeal, on 9th December, 2013 the Court of Appeal ordered GTB to pay the judgment debt which then stood at about N6 Billion into an interest yielding account. (The Court of Appeal’s order is enclosed.)

Again, on the 29th July, 2011 in Suit No: FHC/L/CS/603/2006, the Federal High Court, Ibadan Division, ordered GTB – by way of Garnishee order absolute – to pay over N2 Billion to Innoson. Rather than pay to Innoson, GTB appealed to the Court of Appeal, Ibadan Division, vis – Appeal No: CA/I/258/2011. However, in a unanimous decision on 6th February, 2014, the Court of Appeal dismissed the appeal and ordered GTB to pay the ordered sum of over N2 Billion to Innoson.

Rather than pay the judgment debt to Innoson, GTB deposed in paragraphs 3 – 7 of an affidavit it filed on 12th December, 2014 at the Court of Appeal (copy enclosed) that if it pays the judgment debt, it will collapse and be out of business.

Also, interestingly, GTB commenced Suit No: FHC/L/CS/1119/2014 against Innoson at the Federal High Court, Lagos Division and thereat, through an ex parte order, frozen Innoson’s account in 18 Banks in Nigeria for 9 months. However, in a considered judgment delivered on 10th June, 2015 the learned trial Judge dismissed the suit and set aside the ex parte order.

INNOSON’S PENDING SUITS
SUIT NO: FHC/ABJ/CS/68/2014 – During the police investigation of GTB’s allegation, Innoson discovered that GTB was influencing the investigation through one Mrs Onabolu. Thus, in paragraph 12(a)-(b) of the statement of claim, Innoson averred that:

during the currency of the handwriting/signature analysis/Forensic test, the Bank through its Solicitor Mrs. Onabolu in conjunction with the 3rd Defendant were in constant communication and association with the unit or the party or person or group of persons particularly but not exclusive to Retired DSP Ayo who conducted the investigation or forensic test or handwriting analysis; and the 1st – 3rd Defendants influenced the test/analysis and its expected outcome or result;

at the trial, the Plaintiffs will rely on the call logs of calls/conversation messages between Mrs. Onabolu, the 3rd Defendant and Retired DSP Ayo through their various mobile telephone numbers which include but not limited to 08027825760, 08037018448, 08033015977, 08129131499.”

To ensure that justice is done, Innoson prayed in this suit that the court orders that the forensic examination of the specimen signatures of the persons involved be conducted by an independent body like FBI or Scotland Yard. Hence, in paragraph 4 of the writ of summons (copy enclosed) Innoson claimed thus:

“An order of mandatory injunction mandating the 1st – 3rd Defendants either by themselves, agents, privies, servants, affiliates to send the various specimen signatures they collected from parties with the one in issue to either FBI or Scotland Yard for forensic analysis/test.”

Interestingly, Innoson’s above claim which is not offensive was stoutly opposed by the GTB and the police.

CHARGE NO: FHC/L/565/2015 – This Charge was commenced in December, 2015 in this present regime and not in Goodluck Jonathan’s regime as GTB and Sahara Reporters falsely stated. At the investigating stage of the GTB’s allegations which led to this Charge, the then Inspector General of Police – MD Abubakar – was very angry and disappointed when he discovered that: there was a register kept by GTB in which Innoson’s staff signed for and collected all the Bills of Ladings including the ones in dispute and that GTB claimed it could not produce the register because it was destroyed by fire; a GTB staff – Mr Okechukwu Okeke – who dealt with Innoson’s staff in respect of the Bill of Ladings gave evidence to the police that he gave Innoson’s staff the Bill of Ladings in issue and that they signed for them in the GTB’s register. Consequently, the then IGP ordered that the case be closed and subsequently warned its men and GTB and concomitantly apologised to Innoson for the embarrassment his men caused him. He also ordered for a reinvestigation.

However, given the retirement of MD Abubakar – the then IGP – and change of guard, GTB, characteristically – convinced police officers who were not aware of the outcome of the investigation to file Charge No: FHC/L/565C/2015. Nonetheless, when the police became aware of the real and true facts and the directive of the then IGP – MD Abubakar –, it withdrew the Charge, through its notice of withdrawal dated 17th February, 2016 duly filed at the Federal High Court Registry (copy enclosed) and in the notice stated that the police needed “to further investigate the case”.

On being aware of this withdrawal, again, GTB characteristically got the then Director of Public Prosecution of the Federal Republic of Nigeria – Mr Diri – to claim to have taken over the Charge/case using the name of the Attorney General of the Federation. Interestingly, Mr Diri’s involvement in this matter and his complicities therein led to his removal as the Director of Public Prosecution of the Federal Republic of Nigeria.

INNOSON’S WITHDRAWAL OF FUNDAMENTAL HUMAN RIGHTS CASE AGAINST EFCC
On 20th December, 2017, Innoson filed Suit No: FHC/L/CS/1962/2017 at the Federal High Court, Lagos Division against EFCC and five others to enforce his fundamental human rights. Innoson commenced the application with a motion ex parte. The application was accompanied with an affidavit of urgency. As a result, Innoson’s lawyers enquired from the court’s registry when the case will be assigned and were asked to check the next day being 21st December, 2017. They did and on 21st December, 2017 were further asked to check on 22nd December, 2017 and also, they heeded to the directive.

Neither Innoson’s lawyers nor the bailiff of the court served GTB with the motion ex parte or any of the process in this suit. Moreover, the suit was commenced by a motion ex parte and by the rules and practice it is to be and shall be kept secret; and other party(ies) – Respondents – shall not be heard until the ex parte motion is determined.

Again, in its characteristic manner, GTB became aware of the pendency of this suit, got all the copies of the processes filed in the suit including the motion ex parte filed by Innoson’s lawyers. Also, GTB filed a counter affidavit deposed to on 21st December, 2017, got the suit assigned to a judge of its choice and got it fixed for hearing without Innoson’s lawyers knowing.

GTB’s lawyers attended the hearing of the ex parte application and therein disclosed the information stated above and as well started making submissions in respect thereto. As a result, Innoson’s lawyers withdrew the suit and Innoson is taking steps to get the judiciary as well as the Acting Chief Judge of the Federal High Court to investigate what happened – how GTB became aware of the suit and got all the processes filed therein that were not served on it.

EFCC’S ARREST OF INNOSON ON 19TH DECEMBER, 2017
Till date, EFCC never told Chief Innocent Chukwuma – Innoson – why he was arrested except to say on pages of newspapers that he was arrested because of his fraud at SEC and forgery of documents to obtain tax waivers.

ALLEGATION OF TAX WAIVERS
None of Innoson’s companies nor Chief Innocent Chukwuma – have forged any document to secure tax waiver. EFCC had never invited Innoson in respect of any tax waiver issue and has not investigated Innoson in respect thereof.

ALLEGATION OF FRAUD AT THE SECURITY AND EXCHANGE COMMISSION (SEC)
Again, none of Innoson’s companies nor Chief Innocent Chukwuma is involved in any security or share issue. None of Innoson’s companies is quoted at the Stock Exchange Market and Innoson does not have any company that deals on shares. EFCC never invited Innoson at any time nor investigated Innoson for any related security fraud.

JAMES OSAREMEN AND SAHARA REPORTER’S ARTICLES
From the above it is clear that:

both James and Sahara Reporters misrepresented the facts to mislead the public;
the misrepresented facts by James and Sahara Reporters are from GTB. GTB had previously denied that it was not the reason why EFCC arrested Innoson and that it was not a party to that.

The questions arising from James and Sahara Reporters’ articles are:

i. is GTB now saying that those were the reasons why EFCC arrested Chief Innocent Chukwuma;
ii. if the answer to the question above is Yes, does it not show that GTB engaged in double speaking?;

iii. if GTB double speaks, does it not portray it as an unreliable and irresponsible organisation?

BILLS OF LANDING IN GTB’S CUSTODY AND STATEMENT AT THE POLICE
Who is sure that GTB did not in its characteristic manner create, generate or manufacture the Bills of Lading, no one has investigated this, given that:

Mitsui O.S.K. Lines Ltd – the shipping company whose bills of lading are in issue confirmed that the bills of lading used in clearing the goods were genuine;

Mr Okechukwu Okeke – the GTB’s staff that dealt with Innoson’s staff at all material times confirmed and stated in his extra judicial statement to the police that GTB released the bills of lading in issue to Innoson’s staff and that the release was endorsed in GTB’s register;

GTB alleged that the register was destroyed by fire.

POLICE AND GTB’S CONCEALMENT OF MR OKECHUKWU OKEKE’S EXTRA JUDICIAL STATEMENT
Yet again, in its characteristic manner and style, GTB got the police to conceal Mr Okechukwu Okeke’s extra judicial statement to the police because it is unfavourable to GTB. The Nigerian Police and EFCC have till date refused to produce Mr Okechukwu Okeke’s extra judicial statement. We therefore challenge the Nigerian Police, EFCC and GTB to produce Mr Okechukwu Okeke’s extra judicial statement and to authorize Sahara Reporters to publish it so that the whole world will know the truth. Same applies to the register – the Nigerian Police and EFCC should compel GTB to produce the register in issue.

N560 MILLION EXCESS CHARGES
Finally, with respect to N559 Million which Sahara Reporters and James Osaremen referred to and classified in their respective articles as default charges; may we invite their attention to the fact that that was litigated in Suit No: FHC/AWK/CS/139/2012. In that suit, the trial Judge came to conclusion that the charges were excess charges, unlawful and illegal. GTB was represented in that case by an eminent Counsel – Senior Advocate of Nigeria. The learned trial Judge at pages 7-8 of the judgment of 16th May, 2013 in that suit (copy annexed) held thus:

“Since any money belonging to a customer is credited to his account, and that which is paid out of the account debited as well as that which the bank earns from or through the account. In the instant suit there is nowhere the 1st Respondent have shown the reversal of the excess charges made on the account of 1st Plaintiff with it by crediting the 1st Plaintiff’s account which it debited illegally by way of excess charges. Equally no evidence is led by the 1st Defendant to show that the excess interest charges is within the Central Bank of Nigeria guideline and therefore, illegal pursuant to Section 15 of Banking Act. See First Bank of Nigeria Plc. –vs- Odaudu Uwada (2001)1 FWLR (Pt.50) 1696 at 1709, First Bank Plc. –vs- Mamman Ltd (2001) FWLR (Pt.31) 2890 at 2907.”

May be James Osaremen and Sahara Reporters are reversing the above quoted judgment of the Honourable Court.

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