₦airaland Forum

Welcome, Guest: Join Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,096,630 members, 4,534,166 topics. Date: Friday, 19 October 2018 at 09:46 PM

Innoson Vs Gtbank: 40 Key Points From Gtbank's Version Of What Caused Dispute - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Innoson Vs Gtbank: 40 Key Points From Gtbank's Version Of What Caused Dispute (23599 Views)

Lessons From Innoson Vs GTBank Case Part 2 / Innoson Vs Gtbank: 30 Key Points To Know About Their Dispute / Innoson Vs GTBank: EFCC Arrests Innocent Chukwuma In Enugu (Photos) (2) (3) (4)

(1) (2) (3) (4) (Reply) (Go Down)

Innoson Vs Gtbank: 40 Key Points From Gtbank's Version Of What Caused Dispute by FlirtyKaren(f): 3:48am On Dec 22, 2017
GTBank has released detailed report of their transaction with Innoson Motors CEO, Innocent Chukwuma that led to his EFCC arrest. Read below:

1. GTBank has stated they are not behind Innoson Motors CEO, Innocent Chukwuma’s arrest.

2. Rather, the EFCC has announced they arrested Innocent Chukwuma over a N1.4bn fraud and usage of forged documents to secure tax waivers.

3. True story how Innoson vs GTBank war started: In 2009, GTBank 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”).

4. Under the loan terms agreed by Chief 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.

5. 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.

6. 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.

7. 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.

8. 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.

9. 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.

10. 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.

11. 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.

12. When the Bank reported the matter to the Nigeria Police, Dr. Innocent Chukwuma claimed the Bank released the shipping documents to him.

13. 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.

14. 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.

15. 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.

16. 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.

17. However, Innoson defaulted in making the agreed payments.

18. 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.

19. 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.

20. What Innoson did next - Innoson approached the Bank for a reconciliation of his account and pleaded for a debt forgiveness.

21. 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.

22. 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.

23. 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.

24. Again choosing to dishonour an agreement that was amicably 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.

25. 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.

26. 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.

27. What EFCC is Saying - they have released Nnewi, Anambra-State born Industrialist, Chief Innocent Chukwuma on bail.

28. ''The business man who runs a local auto assembly plant was arrested on Tuesday December 19, 2017 at his Enugu residence, following his refusal to respond to invitations by the Commission, after initially being granted administrative bail by the Commission, while his surety could also not be found.

29. “Unfortunately the industrialist resisted arrest and stirred controversy by bringing six truck-loads of thugs to block the entrance to his Plot W1, Industrial Layout, Abakaliki Road, Emeni, Enugu, home.

30. “This was after he initially misled the Police Command by informing them that his home had been invaded by armed robbers and kidnappers despite the fact that operatives of the Commission duly identified themselves to policemen guarding his home.

31. “His unruly thugs encircled and manhandled operatives of the Commission who had gone to effect the arrest. Consequently, a distress call was sent to the Commission’s Enugu Office for reinforcement.

32. “In all of this, the Commission’s operatives acted with decorum and civility. No one was manhandled or assaulted by the EFCC team, and not a single shot was fired, despite the provocation.

33. “Chief Chukwuma and his brother, Charles Chukwuma (who is still at large), are being investigated by the Insurance and Capital Market Fraud Section of the Commission’s office in Lagos over matters bordering on N1, 478, 366, 859.66 fraud and forgery.

34. ‘The industrialist, among other infractions, allegedly used forged documents to secure tax waivers.”

35. After Innoson Motors's CEO, Innocent Chukwuma was arrested, his company took the battle to social media. Immediately, numerous sponsored social media campaigns against the Bank such as #BewareOfGTBank and #WhatIsWrongWithGTBank sprang up.

36. The company Innoson also went on 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.

37. GTBank on their part has chosen to remain silent on the matter, perhaps trusting in the integrity of the legal system.

38. 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”.

39. 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 Innoson should proceed.

40. 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.

Source - https://www.lailasnews.com/innoson-vs-gtbank-40-key-points-gtbank-innoson-motors-efcc-arrest/

lalasticlala

15 Likes 4 Shares

Re: Innoson Vs Gtbank: 40 Key Points From Gtbank's Version Of What Caused Dispute by afbstrategies: 3:50am On Dec 22, 2017
Interesting development. Hopefully, we will get to the bottom of this matter and move on. undecided

4 Likes 1 Share

Re: Innoson Vs Gtbank: 40 Key Points From Gtbank's Version Of What Caused Dispute by NothingDoMe: 6:27am On Dec 22, 2017
We've read this already.

Unfortunately, GTB seems to be at the losing end this time because they'll likely pay billions to innoson after the Supreme Court verdict.

GTB is aware of this fact and is just running around raising dust.

91 Likes 3 Shares

Re: Innoson Vs Gtbank: 40 Key Points From Gtbank's Version Of What Caused Dispute by AkupeMBANO(m): 1:16pm On Dec 22, 2017
Buhari will be drinking beer right now, Innoson and GTB news has made Nigerians forget him.

he will be like "Femi Adesina more bottles please"...

94 Likes 3 Shares

Re: Innoson Vs Gtbank: 40 Key Points From Gtbank's Version Of What Caused Dispute by tstx(m): 1:16pm On Dec 22, 2017
hhmmm... Enlightening

1 Like

Re: Innoson Vs Gtbank: 40 Key Points From Gtbank's Version Of What Caused Dispute by dubemnaija: 1:16pm On Dec 22, 2017
Story

GTB are thieves and they must go down, Masha Allah Amin!

36 Likes 3 Shares

Re: Innoson Vs Gtbank: 40 Key Points From Gtbank's Version Of What Caused Dispute by warreng1: 1:17pm On Dec 22, 2017
Ok, Who wouldn't know they were gonna lie.


Check my signature.

6 Likes

Re: Innoson Vs Gtbank: 40 Key Points From Gtbank's Version Of What Caused Dispute by sammyj: 1:17pm On Dec 22, 2017
ok
Re: Innoson Vs Gtbank: 40 Key Points From Gtbank's Version Of What Caused Dispute by zakim(m): 1:18pm On Dec 22, 2017
hmmm
Re: Innoson Vs Gtbank: 40 Key Points From Gtbank's Version Of What Caused Dispute by AceRoyal: 1:18pm On Dec 22, 2017
We don't need this right now, we need facts on why the petroleum minister in the person of PMB hasn't issued a press statement regarding this lingering fuel scarcity or preferably resign for failing to keep his word once again!
We don't need all these news about hijab or Innoson trying to distract us from the prevailing economic crisis. tongue

88 Likes 8 Shares

Re: Innoson Vs Gtbank: 40 Key Points From Gtbank's Version Of What Caused Dispute by sauceEEP(m): 1:18pm On Dec 22, 2017
Same old recycled story...

12 Likes 1 Share

Re: Innoson Vs Gtbank: 40 Key Points From Gtbank's Version Of What Caused Dispute by Politiculator: 1:18pm On Dec 22, 2017
Stupid repetition of what we already know.
Foolish mods who keep recycling the same old stuff

12 Likes

Re: Innoson Vs Gtbank: 40 Key Points From Gtbank's Version Of What Caused Dispute by bedspread: 1:18pm On Dec 22, 2017
Lying LIARS... LAI MOHAMMED HAS SPIT ON U GUYS NOW

7 Likes

Re: Innoson Vs Gtbank: 40 Key Points From Gtbank's Version Of What Caused Dispute by ednut1(m): 1:19pm On Dec 22, 2017
Some people have made it look like tribal affair which is sad and unfortunate

8 Likes

Re: Innoson Vs Gtbank: 40 Key Points From Gtbank's Version Of What Caused Dispute by Aieboocaar(m): 1:19pm On Dec 22, 2017
OP fear God o!!!!

so na for this small press release wey nor reach 300 words sef naim you from lift "40 whole key points" grin

The OP must be GTB's Social media handler cheesy

Asides that, i don't know how any sane Nigerian will settle down and compile this "40key poop" in this era of fuel scarcity and expect me to read
undecided

44 Likes 2 Shares

Re: Innoson Vs Gtbank: 40 Key Points From Gtbank's Version Of What Caused Dispute by Standardcosting: 1:19pm On Dec 22, 2017
Why don't you write a textbook or novel to publish

14 Likes 2 Shares

Re: Innoson Vs Gtbank: 40 Key Points From Gtbank's Version Of What Caused Dispute by safarigirl(f): 1:19pm On Dec 22, 2017
Please, we are tired of reading about rich people'a problems and disagreements

This useless discussion will not bring fuel to anybody's container. We need fuel for now, so, give us fuel news

8 Likes

Re: Innoson Vs Gtbank: 40 Key Points From Gtbank's Version Of What Caused Dispute by LivingBetter: 1:19pm On Dec 22, 2017
I did perceived earlier that there would be counter thread but never knew it would be this cheap lies. GTbank don become ShopToMyDoor wey dey import goods on behalf customers like Innoson. I will continue to sit on the fence on this matter

9 Likes

Re: Innoson Vs Gtbank: 40 Key Points From Gtbank's Version Of What Caused Dispute by saintfieldcastro: 1:20pm On Dec 22, 2017
In all the 4 court cases, Innoson defeated u! .Gtbank should pay him the money they owe him a

16 Likes 1 Share

Re: Innoson Vs Gtbank: 40 Key Points From Gtbank's Version Of What Caused Dispute by Politicalidiot: 1:20pm On Dec 22, 2017
I don't like reading rubbish or lies. All the Court of Appeal divisions can't all be wrong.

14 Likes

Re: Innoson Vs Gtbank: 40 Key Points From Gtbank's Version Of What Caused Dispute by positivelord: 1:20pm On Dec 22, 2017
I was tempted to believe this crap...but I notice the writer conveniently refuse to mention series of court cases Innoson have won and GTB keep appealing.... GTB should try harder but Nnewi Businessmen decision to boycott still stand...

25 Likes 1 Share

Re: Innoson Vs Gtbank: 40 Key Points From Gtbank's Version Of What Caused Dispute by johncallidon(m): 1:20pm On Dec 22, 2017
seen!! Next??
Re: Innoson Vs Gtbank: 40 Key Points From Gtbank's Version Of What Caused Dispute by johnstar(m): 1:20pm On Dec 22, 2017
Na match?? grin
Re: Innoson Vs Gtbank: 40 Key Points From Gtbank's Version Of What Caused Dispute by rattlesnake(m): 1:20pm On Dec 22, 2017
We will f...k GTB up even without reading the post

6 Likes

Re: Innoson Vs Gtbank: 40 Key Points From Gtbank's Version Of What Caused Dispute by deafeyez: 1:21pm On Dec 22, 2017
Land is very costly these days. I am going to buy this portion. I may resell for more gain later.
Re: Innoson Vs Gtbank: 40 Key Points From Gtbank's Version Of What Caused Dispute by zikter(m): 1:21pm On Dec 22, 2017
AkupeMBANO:
Buhari will be drinking beer right now, Innoson and GTB news has made Nigerians forget him.

he will be like "Femi Adesina more bottles please"...
thank goodness, maybe a Sudanese has remembered him. grin
AkupeMBANO:
Buhari will be drinking beer right now, Innoson and GTB news has made Nigerians forget him.

he will be like "Femi Adesina more bottles please"...
thank goodness, maybe a Sudanese has remembered him.

1 Like

Re: Innoson Vs Gtbank: 40 Key Points From Gtbank's Version Of What Caused Dispute by vecman22(m): 1:21pm On Dec 22, 2017
Innoson is a criminal, and should be dealt as one...

12 Likes 1 Share

Re: Innoson Vs Gtbank: 40 Key Points From Gtbank's Version Of What Caused Dispute by Opinedecandid(m): 1:21pm On Dec 22, 2017
40 Questions the Op Must Answer For Us to take him Seriously.

1. Op, What is your name?
2. What is your true identity?
2. What did GTB pay you to come up with the above?
3. Was the payment in cash or in kind?
4. If cash, how much was it?
5. If kind, give details?
6. Prior to the payment, what was your relationship with GTB?
7. Who or what exactly did u have a relationship with : the bank's staff, customer, banking Hall or their sign post?
8. Who contacted you on the behalf of GTB?
9. Did you care to authenticate was truly a representative of GTB?
10. If you did, what proof convinced you?
11.

I can go on and on and on till I even pass 40.
But let me forgive you for making me waste my time to type this rubbish just to prove to you that you were paid by GTB to also type your rubbish.

Go and advise them to retract their steps on this because it's a very POOR business decision. Before they say jack, they would have lost close to 50% of their customers.
Banks don't survive after controversies, no matter the volume of media sympathy they try to weep.

19 Likes 1 Share

Re: Innoson Vs Gtbank: 40 Key Points From Gtbank's Version Of What Caused Dispute by exlinklodge: 1:21pm On Dec 22, 2017
for were
Re: Innoson Vs Gtbank: 40 Key Points From Gtbank's Version Of What Caused Dispute by webcc: 1:21pm On Dec 22, 2017
hmmm
Re: Innoson Vs Gtbank: 40 Key Points From Gtbank's Version Of What Caused Dispute by Ephort: 1:21pm On Dec 22, 2017
GTB trying trying to hide under the facade of anonymous staff.
Some things don't add up in the above statement. You claim that Innoson was indebted to you, yet he obtained judgement of N4.7 billion against you. Court is not a place where one can just "obtain" judgment without more...matters are decided on merit. More so, I didn't read where you said that the judgement was fraudulently gotten nor did you say that it was honoured by GTB.

15 Likes 1 Share

Re: Innoson Vs Gtbank: 40 Key Points From Gtbank's Version Of What Caused Dispute by alexistaiwo: 1:21pm On Dec 22, 2017
The only key point I see here IS



"AS A BILLIONAIRE DOING BUSINESS IN NIGERIA AVOID GTB BANK LIKE A PLAGUE"

19 Likes

(1) (2) (3) (4) (Reply)

Tony Elumelu Poses With His Staff At Heir Holdings Culture Day / Please ,what Profitable Business Can I Do With 20,000 Naira. / 4 Reasons You Would Remain Average Financially

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (0) (1) (2) (3) (4) (5) (6) (7) (8) (9)

Nairaland - Copyright © 2005 - 2018 Oluwaseun Osewa. All rights reserved. See How To Advertise. 131
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.