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Innoson EFCC Arrest & The GTB Loan: "Innoson Stop Playing The Igbo Tribe Card" - Business - Nairaland

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Innoson EFCC Arrest & The GTB Loan: "Innoson Stop Playing The Igbo Tribe Card" by Jk210(f): 4:52pm On Dec 20, 2017
Since the Innoson and Gtbank brouhaha broke out, I've been curious about the Bank's position especially as they have been silent.

Could this be because they were truly guilty of wrong doing or, is the Bank being blackmailed by Innoson- you know guerilla tactics? I mean why the whole social media campaign on a matter that is strictly a legal issue? Is there something more than meets the eye? Anyway, read the premium times article below and share your thoughts

Innoson, Efcc and the Gtb Loan; Facts behind the saga


Recently, the Innoson/GTBank story has gained so much media prominence, especially following the arrest of the Innonson chairman a few days ago by EFCC. Though the case is pending in court, Innoson has taken the battle to social media. There have been numerous sponsored social media campaigns against the Bank such as #BewareOfGTBank and #WhatIsWrongWithGTBank. The company has also gone Television, with its owner, Dr Innocent Chukwuma granting an interview to TVC, where he claimed he had obtained a judgement of N8bn against the bank. He added that the bank pleaded with him over their inability to pay, and that he graciously offered to accept shares of the bank as payment.

GTBank on their part has chosen to remain silent on the matter, perhaps trusting in the integrity of the legal system as against playing to the gallery. Many attempts by us to get the bank’s representatives to comment on the story has proven abortive. A staff of the bank who spoke under anonymity, stated “Irrespective of the issues we are facing with the company, Innoson remains a customer of the bank and we owe him a duty of confidentiality and to conduct ourselves in a responsible manner towards him”. This statement didn’t stop us from conducting our own investigations on the matter, and below are our findings, put in bullet points for your optimum understanding.

The obvious:

Innoson is, and still remains, a customer of GTBank.

What we discovered:
1. GTBank (in 2009) granted Innoson several credit facilities (i.e loans) totalling N2,400,000,000,00 (two billion, four hundred million Naira only), to part finance working capital requirements, import new motorcycles and motorcycle spare parts, agricultural spare parts and plastic manufacturing equipment (“Imported Goods”).

2. Under the loan terms agreed by Dr. Innocent Chukwuma on behalf of Innoson, proprietary interest in the Imported Goods was consigned exclusively in favour of the Bank. This means that the Bank was the exclusive owner of the Imported Goods. Accordingly, the original shipping documents (i.e. the Bills of Lading) were in the custody of the Bank, and have remained in the custody of the Bank at all times.

3. Because GTBank was the exclusive owner of the imported goods, ownership of the goods could only be transferred to Innoson (or any other third party) by the Bank. The condition in the agreement between the Bank and Innoson, for the release of the Imported Goods by the Bank to Innoson, was the payment of 25% of the value of each Letter of Credit transaction by Innoson.

What we learnt:
1. Innocent Chukwuma approached the Bank, on behalf of Innoson, requesting the release of the shipping documents without payment of the agreed+ 25% equity. The Bank declined his request as a result of Innoson’s failure to meet the agreed conditions.

2. It came to the Bank’s knowledge sometime in June, 2011 that the Imported Goods for which the Bank declined to release shipping documents to Innoson in view of its failure to meet the agreed conditions, had been fraudulently procured by Innoson.



3. The Bank discovered that Innoson, under the control of Dr. Innocent Chukwuma had forged the Bank’s endorsement on the bills of lading to the Shipping Line and fraudulently cleared the Imported Goods which were in the name of the Bank. The Imported Goods, being property of the Bank should not have been cleared from the Port without the original shipping documents being endorsed by the Bank in favour of Innoson, or any third party.

4. The signatures of 4 (four) staff of the Bank, to wit, Taofeek Olalere, Dan Attah, Bunmi Adeyemi and Amazu Amalachukwu, as well as the Bank’s stamp were forged on all the shipping documents used by Innoson to fraudulently clear goods at the port. The Bank did not at any time endorse or transfer the shipping documents to Innoson, as the originals of each of the relevant Bill of Lading remain in the Bank’s custody to this very day.

5. When the Bank reported the matter to the Nigeria Police, Dr. Innocent Chukwuma claimed the Bank released the shipping documents to him. Consequently, the Police commenced investigation into the Bank’s complaint, including a forensic examination of the disputed signatures, and established that the signatures of the Bank’s staff were forged, and the Imported Goods were fraudulently cleared from the Nigerian Ports Authority by Dr. Innocent Chukwuma and his accomplices.

What we heard from the Police:

1. Police investigations confirmed that Innoson and Dr. Innocent Chukwuma deliberately set out to defraud, steal from the Bank and convert the Imported Goods belonging to the Bank by deceptive means and through forgery and misrepresentation. The unlawful takeover of the Imported Goods, which served as the Bank’s collateral, left an indebtedness in excess of the sum of N1,654,481,895.04 (one billion, six hundred and fifty four million, four hundred and eighty one thousand, eight hundred and ninety five Naira, four Kobo) as at September 26, 2012.

2. Chief Innocent Chukwuma was arrested and interrogated by operatives of the EFCC, following which he agreed to make monthly payments into Innoson’s account until the full liquidation of Innoson’s indebtedness to the Bank. However, Innoson defaulted in making the agreed payments. Investigations by the Nigeria Police following a petition by the Bank in September 2013 also found Innoson and Chief Innocent Chukwuma culpable of the criminal allegations levied against them by the Bank, and Chief Innocent Chukwuma was accordingly charged to court by the Police.

3. The Police filed Charge No. FHC/L/565C/2015-Inspector General Of Police And Innoson Nigeria Limited; Innocent Chukwuma;Charles Chukwuma;Maximian Chukwura; Mitsui Osk Lines; Annajekwu Sunny for fraudulent clearance of goods, forgery, conversion, stealing and conspiracy presently pending before Faji J, at the Federal High Court, Ikoyi and adjourned to November 21, 2017 for arraignment/or hearing of motion for issuance of Bench Warrant.

What Innoson did:

1. Innoson approached the Bank for a reconciliation of his account and pleaded for a debt forgiveness. A reconciliation was carried out on the account – which had a debit balance of N1,654,481,895.04 as at December 31, 2011. In the spirit of amicable resolution and EFCC intervention, the Bank said it agreed to forego the sum of N559,374,072.09 which represented default charges that has accrued on the account and debited in line with the loan agreement between the customer and the Bank.

2. Based on this, the Bank decided to accept from the customer, the sum of N1,095,107,822.95 as full and final payment of the customer’s indebtedness to the Bank, provided that same shall be fully paid not later than (30) days from the date of the letter written to him

3. Surprisingly, Innoson commenced suit no:FHC/AWK/CS/2012 against the Bank at the Federal High Court, Awka stating the bank had debited its account with excess charges totalling N559,374,072.09 and obtained judgement in excess of N4.7Billion against the Bank. Again choosing to dishonour an agreement that was amicable reached between him and the Bank for a full and final settlement of N1,095,107,822.95 wherein the Bank graciously forgave him the sum of N559,374,072.09 which accrued on his account during the period which he abandoned his account.

4. To further stall the criminal proceedings against him, Chief Innocent Chukwuma and his company instituted suits at the Federal High Court, Abuja, as well as the Federal High Court, Awka in January 2014 against The Inspector General of Police, The Nigeria Police Force and Investigating Officer(s), seeking declaratory and injunctive reliefs, including orders restraining the Police from commencing criminal proceedings against Innoson and Chief Innocent Chukwuma. Furthermore, in a bid to stall the Bank’s recovery steps, and distract the Bank from focusing on the criminal action, as well as civil actions filed for recovery of the debt, Chief Innocent Chukwuma and his company Innoson, have continued to institute various spurious suits before various courts, claiming frivolous and outrageous sums against the Bank.


What GTBank is not saying:
1. In responding to Innoson’s motion for a stay of criminal proceedings at the Court of Appeal, the Honourable Justice J.S Ikyegh on September 17,2017 dismissed the motion for being unmeritorious and ordered that proceeding in the criminal case against Innson should proceed.

2. On October 12, 2017, the Police through its Charge No. FHC/L/565C/2015- filed an application for the issuance of bench warrant against Innocent Chukwuma; Charles Chukwuma and Annajekwu Sunny for fraudulent clearance of goods, forgery, conversion, stealing and conspiracy presently pending before Faji J, at the Federal High Court, Ikoyi and adjourned to Decemeber 8, 2017 for arraignment/or hearing of motion.

What we think:
Innoson should stop trying to play the underdog and simply resolve his issues through legal means or arbitration. On Innoson playing the Igbo tribe card, this is not in good taste in this moment in history. We are aware of GTBank’s strong position on unpaid debts. We know GTBank has gone often several debtors of the bank irrespective of who they are or where they come from. So why is Innoson’s matter now tribal? Please, this makes no sense. Innoson and GTBank, resolve your issues privately and let us all hear word.

Merry Christmas my people
James Osaremen
Lagos

https://www.premiumtimesng.com/promoted/253089-innoson-efcc-arrest-gtb-loan-facts-behind-saga-james-osaremen.html

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Re: Innoson EFCC Arrest & The GTB Loan: "Innoson Stop Playing The Igbo Tribe Card" by Oblitz(m): 5:11pm On Dec 20, 2017
Who is saying the truth? We'll find out soon


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Re: Innoson EFCC Arrest & The GTB Loan: "Innoson Stop Playing The Igbo Tribe Card" by torres89: 5:21pm On Dec 20, 2017
employ qualified chartered accountants no
instead u turned shop owners to qualified accountants
enjoy your legal battle

32 Likes 1 Share

Re: Innoson EFCC Arrest & The GTB Loan: "Innoson Stop Playing The Igbo Tribe Card" by MrHistorian: 7:12pm On Dec 20, 2017
Innoson approached the Bank for a reconciliation of his account and pleaded for a debt forgiveness.

Why is it so hard for this set of people to accept their shortcomings?

Why try to preserve an illusionary ego that doesn't even exist?

Innoson compromised its loan agreement and chose to play the 'usual' ethnicity victim card to generate public sympathy that will benefit no one!

Shior.

230 Likes 25 Shares

Re: Innoson EFCC Arrest & The GTB Loan: "Innoson Stop Playing The Igbo Tribe Card" by favourmic(m): 7:12pm On Dec 20, 2017
if you no get money.... Hide your face

13 Likes 1 Share

Re: Innoson EFCC Arrest & The GTB Loan: "Innoson Stop Playing The Igbo Tribe Card" by thosedays: 7:13pm On Dec 20, 2017
Free Innoson

35 Likes 4 Shares

Re: Innoson EFCC Arrest & The GTB Loan: "Innoson Stop Playing The Igbo Tribe Card" by narutop: 7:14pm On Dec 20, 2017
What's all this.
Can anyone point out where Innoson played the tribal card?

How can a business transaction take a tribal tone like this, i guess its only on nairaland this can happen.

29 Likes 3 Shares

Re: Innoson EFCC Arrest & The GTB Loan: "Innoson Stop Playing The Igbo Tribe Card" by Thisis2raw(m): 7:14pm On Dec 20, 2017
I think buhari started this tribalism menace, when he made that 5% speech

110 Likes 5 Shares

Re: Innoson EFCC Arrest & The GTB Loan: "Innoson Stop Playing The Igbo Tribe Card" by gratiaeo(m): 7:14pm On Dec 20, 2017
Time will tell.

1 Like

Re: Innoson EFCC Arrest & The GTB Loan: "Innoson Stop Playing The Igbo Tribe Card" by Daviddson(m): 7:14pm On Dec 20, 2017
I have yet to see any Igbo card being played by Innoson since the saga began. None of his statements so far has any semblance of such. The Igbo card has been slightly played by IPOB remnants who always want to bring in victimisation where none exists.

162 Likes 8 Shares

Re: Innoson EFCC Arrest & The GTB Loan: "Innoson Stop Playing The Igbo Tribe Card" by bugidon(m): 7:15pm On Dec 20, 2017
This article is sponsored by gtb

283 Likes 16 Shares

Re: Innoson EFCC Arrest & The GTB Loan: "Innoson Stop Playing The Igbo Tribe Card" by BORNTOSUCKPUSSY: 7:16pm On Dec 20, 2017
Useless article ..afonjas feeling the heat gasping for breath ndi ara

163 Likes 14 Shares

Re: Innoson EFCC Arrest & The GTB Loan: "Innoson Stop Playing The Igbo Tribe Card" by welri: 7:16pm On Dec 20, 2017
narutop:
What's all this

1 Like

Re: Innoson EFCC Arrest & The GTB Loan: "Innoson Stop Playing The Igbo Tribe Card" by Thisis2raw(m): 7:16pm On Dec 20, 2017
narutop:
What's all this
it's pure crap

35 Likes 3 Shares

Re: Innoson EFCC Arrest & The GTB Loan: "Innoson Stop Playing The Igbo Tribe Card" by Valto(m): 7:16pm On Dec 20, 2017
what a fruitless damage control from GTB. he owes u, yet he have won several court cases against u,plus damages worth billions of naira. GTB & EFCC should think of a better LIE grin grin

229 Likes 21 Shares

Re: Innoson EFCC Arrest & The GTB Loan: "Innoson Stop Playing The Igbo Tribe Card" by johnstar(m): 7:16pm On Dec 20, 2017
Dat one concern una

Non of my business undecided



Today makes it exactly 6 f_kn years i joined nairaland undecided


No single gift from seun afonja osewa grin


Well how many likes for me as a loyal( addict) nairalander grin grin

58 Likes 2 Shares

Re: Innoson EFCC Arrest & The GTB Loan: "Innoson Stop Playing The Igbo Tribe Card" by Nobody: 7:16pm On Dec 20, 2017
So, Mr. OP, how exactly did Innoson play the tribe card? Or you just want to show the world how foolish you are?

151 Likes 13 Shares

Re: Innoson EFCC Arrest & The GTB Loan: "Innoson Stop Playing The Igbo Tribe Card" by lazygal: 7:16pm On Dec 20, 2017
Well,The way I know, no bank will keep quiet when its name is been dragged in the mud as it image destroying
I believe gtb has their faults in this I do not see innoson daring to come on air and yet he is guilty

Iam Fulani but I support innoson

73 Likes 5 Shares

Re: Innoson EFCC Arrest & The GTB Loan: "Innoson Stop Playing The Igbo Tribe Card" by darkenkach(m): 7:17pm On Dec 20, 2017
Afonja won't allow my people rest. They think they can bring us down, but chukwu okike abiama is bigger than them all.

60 Likes 6 Shares

Re: Innoson EFCC Arrest & The GTB Loan: "Innoson Stop Playing The Igbo Tribe Card" by maestroferddi: 7:17pm On Dec 20, 2017
What obfuscating nonsense...

Anybody with elementary knowledge of import financing in banking will know that this piece of crap was concocted by an inexperienced hack to pull wool over people's eyes.

How can Innoson who has spent several years as an importer take the crass risk of forging shipping documents to procure landed goods?

54 Likes 4 Shares

Re: Innoson EFCC Arrest & The GTB Loan: "Innoson Stop Playing The Igbo Tribe Card" by certifiedking(m): 7:17pm On Dec 20, 2017
Jk210:
Since the Innoson and Gtbank brouhaha broke out, I've been curious about the Bank's position especially as they have been silent.

Could this be because they were truly guilty of wrong doing or, is the Bank being blackmailed by Innoson- you know guerilla tactics? I mean why the whole social media campaign on a matter that is strictly a legal issue? Is there something more than meets the eye? Anyway, read the premium times article below and share your thoughts


https://www.premiumtimesng.com/promoted/253089-innoson-efcc-arrest-gtb-loan-facts-behind-saga-james-osaremen.html
Chai... Nawao... We don't even know who to believe again..

1 Like

Re: Innoson EFCC Arrest & The GTB Loan: "Innoson Stop Playing The Igbo Tribe Card" by zero8zero(m): 7:17pm On Dec 20, 2017
Dragging a whole tribe into your legal tussle is the height of foolishness. A similar occurrence was when Ekweremadu appeared in court in Igbo attire when he was alleged to have altered senate standing rules.
it is madness seeing some few uninformed igbos chanting #boycottGTbank. smh

32 Likes 2 Shares

Re: Innoson EFCC Arrest & The GTB Loan: "Innoson Stop Playing The Igbo Tribe Card" by lilfreezy: 7:17pm On Dec 20, 2017
Guaranthief trust Bank grin. You guys should have battled it out in court if this was true, why then use EFCC to intimidate. These guys will just make businessmen to run away from themundecided

53 Likes 4 Shares

Re: Innoson EFCC Arrest & The GTB Loan: "Innoson Stop Playing The Igbo Tribe Card" by DaBillionnaire: 7:17pm On Dec 20, 2017
op, better behave



GTbank should also return all my N50 naira they have been removing.

13 Likes 1 Share

Re: Innoson EFCC Arrest & The GTB Loan: "Innoson Stop Playing The Igbo Tribe Card" by miqos02(m): 7:17pm On Dec 20, 2017
Na so
Re: Innoson EFCC Arrest & The GTB Loan: "Innoson Stop Playing The Igbo Tribe Card" by Alexgeneration(m): 7:18pm On Dec 20, 2017
Somebody is lying here


Why didn't GTB take him to court rather than brutalize the man with EFCC?

21 Likes 2 Shares

Re: Innoson EFCC Arrest & The GTB Loan: "Innoson Stop Playing The Igbo Tribe Card" by Coldfeets: 7:18pm On Dec 20, 2017
GTBank should let us know their own side of the sordid story.
Re: Innoson EFCC Arrest & The GTB Loan: "Innoson Stop Playing The Igbo Tribe Card" by mpowa(m): 7:18pm On Dec 20, 2017
Coldfeets:
GTBank should let us know their own side of the sordid story.
GtBank don't need to let you know anything, we're talking about Billions here; judgement can't be made by the Social Media Court. Mr. Inosson and GtB should go and slug it out at the court and the authentic truth will come out, social media campaign is useless...

17 Likes

Re: Innoson EFCC Arrest & The GTB Loan: "Innoson Stop Playing The Igbo Tribe Card" by Oxenomy: 7:19pm On Dec 20, 2017
And you conveniently avoided where he won both FHC cases against you, Appeal Court case and the case at the Supreme Court now? I read in the other thread about the other case he won in Ibadan or there about? I think both parties are not willing to come clean so, both of you should simply resolve your matter in court and stop disturbing our peace. GTB ate my 10k since March this year because I want to open an account with them angry but I've decided to let that go.. If GTB has a case against Innoson, they should sue him and stop disturbing us.

15 Likes

Re: Innoson EFCC Arrest & The GTB Loan: "Innoson Stop Playing The Igbo Tribe Card" by chijioke17(m): 7:20pm On Dec 20, 2017
Honestly op, I don't think you even have your facts straight. Did you miss any of the news where the police withdrew he case for lack of credible facts,or the part where innoson has won the appeal cases and court case,4 times and counting...., Please don't bring up facts to favour your opinion,and before you bring the tribal card to play, I'm not a huge fan of any of them, facts and figures speak for themselves

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