₦airaland Forum

famouscargo4u:
There is always tax audit done to verify what you paid. If you're found not to have paid the correct thing, you will be made to pay additional tax

I believe after it has been verified a certificate is given

orisa37:
FIRS(TAX COLLECTORS) ARE CORRUPT. THE RICHER YOU ARE THE MORE YOU INCUR THEIR WRATH FOR INVESTIGATION TO CHARGE YOU.


GET AN AUDITOR TODAY TO NEGOTIATE ON YOUR BEHALF WITH FIRS AND OBTAIN TAX CLEARANCE CERTIFICATE FOR YOUR COMPANY EVERY YEAR.

Yes theres a clearance certificate for each year till the company closed down all taxes were cleared but why are they still coming when all payments were cleared and the company no longer runs

This move will encourage states to develop themselves. Not someone saying NO to western development yet eating from the fruit of others. DEVELOP UR STATE. The ones that like chasing away companies and businesses will definitely encourage businesses and companies to invest on their soil

Someone should tell me how FIRS works cuz someone close to me has been complaining of always paying yet it seems like the payment doesn't finish. He pays constantly yet they claim he's got outstanding debt. Close to 250k per quarter from quarterly payments of 2.7m.

Now he's been wrecked for almost 6months and gone out of business. Individuals claiming to be from FIRS came visiting his closed store claiming he still owes about 400k.

My question is how does their taxing system work. Why are they taking so much. Also after consulting me, I had a suspicion that his financial auditor does some foul play cuz. Its since he began auditing that's when the endless bills began for almost 2 years now. And he claimed the company was fined but all fines were cleared fines of up to 2m. With audit certificates of 4 years straight. NO EMAIL WAS EVER RECEIVED FROM FIRS.

So what the issue here... Why do they still come claiming there's outstanding debt. because the company has folded up for almost 6months with no debts. Why the claim from these individuals. Or is someone(probably the auditor) trying to goof around. Cuz when I asked he claimed they didn't show an id card (what the new resident of the store said)

Hismasterpiece:
Ever since I was a kid, I've always been used to eating the meat last, that is, after eating the rice, or swallow or whatever is served.

I noticed that my father, mother, brothers all follow this rule.

I have also noticed it in public events. When rice is served, people usually eat the rice first and the meat last. The same goes for swallow or anything that is served with meat.

My question is, why is that so?

Why is it that most Nigerians follow this unwritten rule?

Unless na 3 or more meat, i always save the meat for last. Also water comes last

Outlander all the way
Its got an advantage of timing chain, its lighter, more modern, its a crossover of the lancer

Major disadvantage is parts availability, its underpowered with slower acceleration. The i4 models use cvt but the v6 is 6 speed.

Pilot would have been perfect but uses a belt on an interference engine so if the belt snaps while you're on high speed, bye bye top cylinder. So maintenance of belt is important. Thats a major disadvantage on pilot.

Please does anyone have an idea where I can get this in lagos.

BestMade Natural Products Trigeminal Neuralgia Bm123

You fixed a problem and didn't bother to check for what caused it. It could be as simple as a stuck thermostat. Even your mechanic na makpe. Sock head. Who knows where they sell inline thermostat.

Old man no get time to show off its why they get away with yahoo.

I got mine about 10 years ago. No big deal unless u be the type wen dey barb abori. I got mine in my early 20s. Nothing to fear. Na big man head

Damn her shitbox covered the whole seat. Can't see the wc. Dropping bombs

Remember how nitel died. If everyone has a solar unit in their apartment, discos go tire. Have u noticed most production factories are now off grid. Using gas/diesel Genset Gensets most of the time.

If they can retrieve data from a formated HDD wetin dey iPhone wen dem no feel unlock. Its just decryption

I wasnt even up to 18 when 2baba released African queen and that song was released in 2004. How the hell is she still under 30? If i join people wen dey lie for age i for be 24.

DoggoneDogg:
[s][/s]

Go & rescue your first class citizen brother

Amazing this photo still exists. I took this photo on the 25th of November last year

Carry ashewo

Sand monkeys and Arabs. They make Islam look like a bad religion. What's their problem.

Probably missing his candy and chronic

SocialJustice:
Copycat say your own.

Copyist what'd u say?

SocialJustice:
You be mumu you no know.

You be Dundee hope say u know

SocialJustice:
Wowo girl go sleep. This Cross na colo sha, na everything when get yansh them dey touch?

because she no bleach u say she wowo. Kai naija

slawormiir:
Damnnn niggarrrr
Isoright.....

My niggggggggeeeeeeeeessssss ....



Brother....that era don pass....all niggarrrrs dey invest now
No more one for the DJ, one for the hypeman, two for him table....
come to sapele Road in Benin city...most of the buildings and investment belong to bombers and keyboard warriors

U giving efcc tips

10000mah battery on my phone so battery lasts crazy. I think it's April the last time I switched off. Even when changing sims I use airplane mode then insert sim. I was trying an app on xposedframwork. Never ever turn off data. OUKITEL K7

He wants to be famous because I've never heard of blackbonze

theTranscriber:
Ibadan is bigger than Lagos
So there are many down places obviously

Yes you talk like ipob
Kill yourself

Everyone knows ibadan and lagos ain't the same size. Didn't u do current affairs in your primary?
Kill myself? You're the one that's paranoid with suicidal tendencies. I won't desire u to kill urself though, cuz if dim-witted tribalists like u diddn't exist I wouldn't have the sensation of intelligence right now.

Anoima has actually been requesting for their own state. I just wish they could just split the country. Na to go learn state and capital again

theTranscriber:
Ibadan is very big
About Lagos size
So it's obvious you lived in the poor areas
That pic is also old
Ipob fools everywhere

Some people are so quick to throw insults. I mean where exactly did u put your brain. So them no dey drive through some parts of Ibadan with brown roof again. I said freaking amazing ok I take it back rusty old looking brown roof republic, where there's dirt and excessive refuse by the side of the iwo road express way, with lots of bleaching b!tches and don't forget the road side sacrifices at almost every junction in the region. I said I did ND at ibadan can't u read abi eye dey pain u this one? U type(speak) like u use an airplane that takes you straight to ur house. Besides I'm not an Ipob. F7cken tribalist.

Even maps shows more rusty roof than upgraded. I thought the region would have been upgraded. It appears more rural than modern all over.

ThEGodFaThEr103:
If you call Enugu a slum then what will you call the historical ancient town of Ibadan in this 21st century?
Egba mi nitori Olohun
Olohun ma jekari Wahala!

Ibadan still be like this? I did ND there so it hasn't still changed. I remember the large number of brown roofs seen from the hilltop roads. The thing is freaking amazing

Firstorderwizard:
Must you quote the long write up? Haba

So u know its long

AK481:
A refreshal between innoson and GTB case


https://www.proshareng.com/news/FRAUDS%20&%20SCANDALS/A-Fool%E2%80%99s-Guide-To-Innoson-Vs-Customs-and-GTBank/44802


The issue of the case between Innoson Motors (Innoson) and Guaranty Trust Bank Plc (GTBank) with other parties like the IGP, AGF and EFCC is interestingly complicated. It explains the reason why it is confusing to many people. My aim therefore in this article is to state the facts as clearly as possible according to publicly available time-lines.



First, it is important to note that there are at least five (5) different cases on this issue. For the sake of clarity, I will divide this article into 3 segments, each with its own unique time-line.

Stay with me, this will be long.





1. Innoson Vs Customs & GTBank – The Issue of Auctioning of Seized Goods by Nigerian Customs Service


2003
The relationship between GTBank and Innoson Started sometime in 2003. From all evidence available to us, the relationship (like most) started on a good mutually beneficial note. There was no evidence of conflict before or immediately following this year.



2004

Between October 2004 and December 2004, Innoson imported about 25 containers of Motorcycle CKDs into the country. According to Innoson, it had obtained a concession certificate from the Federal Ministry of Finance which allowed it to import at 5% duty. This certificate was to expire in July 2005. The duty was paid by GTBank and receipt issue. But Customs refused to release his goods purportedly because of a “circular” removing Innoson from the list of companies enjoying such concessions.



2005
Innoson appealed to the Minister of Finance who having reviewed their appeal approved that Innoson should be allowed to clear their goods with the concession certificate. Documents where subsequently re-submitted for clearance and final approval came in Feb 2006.


2006
However, by March of 2006, the goods (25 containers of Motorcycle CKDs) could no longer be found. The Nigerian Customs had already auctioned 18 out of 25 containers. This triggered a conflict between Innoson and the NCS.



Between March and May of 2006 there were efforts to resolve the issue. There were several parties to this discussion, namely Innoson, Min of Finance, Presidential Special Committee on Port Decongestion and the Customs. For some reasons that the NCS cannot explain, during this period where efforts were going at high level to resolve the problem, the remaining 7 containers of Motorcycle CKD were auctioned off by the Customs. Innoson then took the Customs to court (Suit FHC/L/CS/603/2006).


2011

In July 2011, the court ordered the Custom to pay Innoson the sum of N2.4 Billion being judgment sum of N700 million plus accrued interest. Innoson the sort and obtain a garnishee order from the Court ordering GTB to pay the judgment debt of N2.4 Billion. GTB decided to appeal the court ruling on the garnishee to the Court of Appeal, Ibadan Division. Why GTBank decided to appeal the garnishee order (and not allow Customs appeal the judgment) is noteworthy.



2014
In a unanimous judgment, delivered on 6th Feb 2014, the Court of Appeal dismissed the GTBank appeal, affirmed the judgment of the trial Court and ordered GTBank to pay the said sum of N2.4 Billion to Innoson. GTBank appealed to the SC. The SC is yet to give judgment.





Proshare Nigeria Pvt. Ltd.



2. Innoson Vs GTBank - Issue of Excess Charges on Innoson Account


2010
The fact they Innoson and GTB has this on-going court case concerning the NCS sale of its containers did not stop both organizations from doing business. It appears that at some point the bank gave Innoson a N2.4 Billion facility later restructured into a 3 year term loan facility to finance its motorcycle’s CKD import business. Remember this figure because it will be relevant several years later.



2012
Innoson discovered strange charges in their account and decided to do an audit. The audit revealed that GTBank has over-charged it to the tune of N786 million over the course of several years dating back to 2004. Innoson wrote to the bank and not surprisingly, the bank did not accept to refund the charges. Innoson sued GTBank for refund of the excess charges. This is the second suit between Innoson and GTBank.



2013
In May 2013, Justice Salihu granted Innoson the sum of N559,374,072.09 against the bank, “with a 22 percent interest on the admitted sum to be paid from March 1, 2004 and at the same rate of 22 percent till satisfaction of the judgment debt. It also added a 100% penalty as stipulated in the CBN Guidelines (Many people don’t know this penalty exist for excess charges by banks – But this is a conversation for another day). This brought the total judgement cost to N4.7 Billion against GTBank. GTBank appealed this judgment.


2014
In Sept 2014, GTBank secured an ex parte order on Innoson basically freezing their accounts. “All commercial banks in Nigeria were restrained from accepting, honoring, or giving effect in any manner whatsoever to any instruction by Innoson ..."



On December 9, 2014, the Court of Appeal upheld the judgement of the Federal High Court 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.



Note: If you add the previous judgement of N2.4 Billion GTBank was already indebted as per Judgment debt to the tune of over N8.5 Billion in 2014. Curiously and rather strangely, GTBank in its numerous affidavits deposed that if it pays the outstanding judgment debt of N6 Billion, it could go bankrupt and be out of business. It then appealed to the Supreme Court to set aside the decision of the Appeals Court. This makes it the second case between Innoson and GTBank at the Supreme Court.


2015
In June 2015, the FHC, Lagos struck out the ex parte order freezing the bank accounts of the companies in Innoson Group. Innoson then slammed a N30 billion suit on the bank for what it had suffered in monetary terms and reputational terms during the months when the accounts of its companies in all Nigerian banks were frozen.


This is the fourth case between Innoson and GTBank





Proshare Nigeria Pvt. Ltd.



3. IGP Vs Innoson – Issue of Criminal Charge of Forgery against Innoson and 5 Others.


2015
GTBank filed a petition to the IGP alleging that Innocent Chukwuma and 5 others (including Innoson and Mitsui OSK Lines) criminally conspired to commit forgery. GTBank alleged that Innoson with 5 other criminally conspired to falsify shipping documents between Jan 2010 and April 2011 at the Apapa Wharf which was subsequently used to obtain a N2.4 Billion term loan facility from GTBank. (Recall the N2.4 Billion facility referenced earlier in this article?). This led to the prosecution of the 6 accused persons by the police prosecutor. (Suit No: FHC/L/565C/2015).


2016
In February 2016, the police withdrew the charge against the accused based on its need to further investigate the case. However, it seems that the Director of Public Prosecution (DPP) was not aware of this withdrawal.



In May 2016, the AGF’s office approached the court to take over the prosecution of the case. This application was granted. This is where it gets messy. It seem the prosecutor in the IGP office did not inform the court that they already withdrew the charges before the DPP took over. It was the EFCC dramatic invitation to Innocent Chukwuma that first blew this story into the public consciousness. Unknown to many, this was the fifth case in a series that was increasingly getting [un]predictable.



The EFCC invitation to Innocent Chukwuma appears to be in connection to the investigation of the GTB petition (alleging fraud) and subsequent prosecution by the IGP. According to the EFCC, he jumped an administrative bail. If that is true, it suggests he must have already been interviewed and granted bail.



Let me speak specifically to the issue of the "forgery" charge against Innocent Chukwuma and 5 others. To be very clear, this issue is SERIOUS and he would need to take it seriously.



Let me to explain what I mean. Now depending on who you believe, there are claims and counter claims on this issue of "forgery". But the devil is in the detail. What you need to know is that this dates back to transactions in 2010/2011. It is all procedural but you need to follow me closely.



Let's start with what we can deduce from court document and from Innoson Statement(s):





GTBank Claims

Granted Innoson N2.4 Billion Loan to import motorcycles.
Establishes different LCs in favour of Innoson under this facility.
It reserved propriety interest until a percentage of value of LC is paid.
Original Bill of Laden (still with bank) was security for loan.
Innoson cleared the goods with bank endorsement forged on the BoL
The bank then referred the case to the Police who commenced investigation and charged the men for forgery.


Innoson Claims

GTBank never gave a loan of N2.4 Billion. Only loan they got was N1.3 Billion which has been fully repaid.
BoL couldn't have been security for loan since it is released at the point of shipment when payment must have been made or guaranteed.
GTBank paid the duty for the goods without which it would be impossible to clear it.
GTBank released the original BoL to Innoson.
After clearing, Innoson returned to GTBank the relevant exchange rate documents for onward transmission to the CBN.

If you are somehow confused about how international payment works. Check out if you can make sense of the infographic attached. If not, just follow my simple explanations. To save our time, let me just concentrate on the role of the Bill of Laden.



Proshare Nigeria Pvt. Ltd.

Fig: illustration of Transaction Process Flow



Letter of credit is one of the international payment terms. After completion of export formalities at customs, the seller collects original BoL from carrier. The said original BoL along with other shipping docs are submitted along with the LC to the seller's bank. After satisfying the terms and conditions (T/C) of the LC, the seller's bank negotiate document and sends to the buyers bank. The buyer’s bank notifies buyer and instructs him to accept documents. Buyer accepts and makes to clear goods. He surrenders Original BoL with carrier and takes delivery of goods



The point is, without the Original bill of laden, the buyer cannot take delivery of goods. The buyer’s bank delivers original BoL only after receiving the export proceeds (value of goods shipped or percentage of value of goods agreed). So do you see why the Original Bill of Laden is very important to this forgery case? It seems like both GTBank and Innoson are lying claims to possessing two (2) separate ORIGINAL BILL OF LADEN’s.


This case basically rest on who is able to prove "the one I have is original".



At the onset, it seems that the police believed GTBank as per its petition of 2013. It was probably at this point that the EFCC got involved. But it is instructive that the police did not charge Mr. Innocent until 2015. A charge it withdrew in Feb 2016. Innoson in the meanwhile had made several attempts since 2014 to stop the IGP investigation. But in Sept 2017, the Court of Appeal, dismissed the motion for being unmeritorious and ordered that proceeding in the criminal case (of forgery) against Innoson should proceed.



What we now know is that on October 12, 2017, the Police through its Charge No. FHC/L/565C/2015 (now handled by the DPP) filed an application for the issuance of bench warrant against Innocent Chukwuma and others. This was adjourned to the 8th Dec 2017. It is possible that the recent arrest by the EFCC is linked with this development.



One thing is clear though, this case is not going away and Mr. Innocent Chukwuma will still need to clear his name in court against this forgery charge. Let me say a few words on the claims of both parties. If you analyze both claims, one would be able to make the following deductions.



1. There was a loan. Whether it is N2.4 Billion or N1.3 Billion is a different issue.

2. For Innoson to import, GTB must have opened LC in favour of Innoson. There is no way Innoson could have cleared the goods without duty payment which follows after assessment notice after Risk Assessment Report (RAR) has been issued. To get the RAR, you need the Original BoL


Question is - "Did GTBank process the RAR?



One thing is clear here. There is more to this story than meets the eye. At best it looks like a bad case of disagreement over indebtedness with each side trying to gain leverage. At worse it may reveal a case of conspiracy of importer, bank and customs to defraud the FGN.





Proshare Nigeria Pvt. Ltd.


Conclusion


I know we love drama and nothing can trump the drama of an arrest in the residence of a popular industrialist in the midst of his employees. But the facts of this case is bigger, judging from the time frame as detailed in this article.



While we can say absolutely that GTBank is not directly involved in his arrest, we can infer however is that the banks’s petition appears to be the basis upon which Mr. Innocent Chukwuma is currently being investigated. Thus, the bank is somewhat connected to it, indirectly if not directly.



If the evidence of all the numerous court cases won by Innoson is anything to go by, I am convinced that he will win this too. In the meanwhile, it's better for us to be informed before taking a position either way. I hope this article has helped towards achieving that.



For additional readings and updates, read this article - Innoson Group Vs GTBank : 30 Key Points you need to know about their dispute from Proshare which sheds more light on the issue; as well as related references below this contribution. Thank you..

Na project u write so

After Nysc
30months. Even small business couldn't cut it.
Worked for 4 months casual staff. Stayed another 13 months no job. Then I got another barly 3 years site closed down due to poor output. That's was December last year been jobless since but I dey hustle no be small and when I mean hustle it's not fraud