₦airaland Forum

MrFly:
Sunday Adeleye is an agent of PUMA.

Obvious and he may not have done better if he was in the position,but the substance remains that it was because someone or some people preferred to embezzle funds,than do the right thing and that this government has institutionalised corruption.
Being corrupt is now the norm and it's now official.

Do people realize that if not for the FBI,this grossly corrupt police officer would have one day been championed by people like this governor and senator to become the inspector general of police!
Reminds me of how prior to the 2015 election, Buhari was promoted as top military commander that was at d head of the military brigade that defeated Chad in a conflict with Nigeria.
They never mentioned he had a questionable school certificate and was no Mr not corrupt as millions were deceived into believing.
Propaganda of lies is the binding attributes of people like Kyari and Buhari

^^

^

Probably they shared enough jerseys for all Nigerian athletes but when that shot putter exposed how they were all given 1 single Jersey,PUMA realised first hand how corrupt the system is.
I once said it,before Buhari came,there was widespread corruption,but what Buhari has achieved is that he has now institutionalised corruption in Nigeria.
Now any official,parastatal or ministry that is not corrupt is an anomaly in this present goverment.

pilliou:
[b]in some countries [/b]there would have been revolution by now with the things are now

Looking at definition of a country,does Nigeria as presently ruled fit into that definition?

Chronicgenius:
Guy, you didn't have to quote the whole thing na

Sorry jor.
I also detest quoting long stuff like that,but the Op got me pissed up by just rushing to infer it was to avoid the innoson suit.
So I had to quote it for reference purposes when his inference is fully shown for d stup idity it is.

You people just end up disgracing yourselves and yet u claim to av an education.CBN directed banks to become holding companies and here you are rushing to input something negative when u could have just simply asked or googled information about holding companies in Nigeria.
I am sure if u did the latter,a search of CBN directive to banks would have popped up.

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..

You people just end up disgracing yourselves and yet u claim to av an education.CBN directed banks to become holding companies and here you are rushing to input something negative when u could have just simply asked or googled information about holding companies in Nigeria.
I am sure if u did the latter,a search of CBN directive to banks would have popped up.

Pierocash:
I don't understand why people allow their gatemen have access into their buildings. Their job is within the premises and not inside the building.

This young criminals would have done same in other places before the present one. This northerners are worse than Satan himself.

Some people through no fault of theirs are good hearted and trusty in nature.
It's animals like this gateman that has made a mantra that everyone should be suspicious of every other human being, particularly in a country like Nigeria where there are no good security and emergency infrastructure.
Assuming he was in a western world at least if he had even opened his phone to try and call,his location may have been found by policemen before the animal murdered him

kingphilip:
This is the same question I've been trying to find answers to.

Or is it a product of the quarter system and not by merit?

It's the same propaganda of lies and deceit they are noted for.
Look at the president that can't produce an ordinary secondary school certificate,claims to have been borrowed ₦10m to buy Presidential form;was supposed to be on pension but could comfortably send his children abroad to study.
The next defence they are throwing up is that Kyari is very good in his job.
Please someone should provide evidence of a case Abba Kyari was assigned to from the start and him and his team alone apprehended the suspect.
People don't realize there are different IRT teams,that Kyari jumps in front of the camera to pose when those teams arrest suspects

Corrupt aboki.
Hypocrites claiming not to be corrupt and live a simple life,but are actually the most corrupt set of Nigerians.
They destroy legitimate businesses dealing in alcoholic drinks,but smoke the most intoxicating of brain altering substances known.
If this one had not been found out by the FBI,that is how a campaign would have been mounted for him in future as IGP,claiming to have integrity,just like the lies and propaganda about the current president

Rubbish,rag tag,beer parlour news sourcing blog.
In first paragraph they reported many people were feared killed;but in 2 other paragraphs, quoting people,they report those people could not tell if anyone was even injured!
Ever since they stopped getting the bribes from now APC members to publish half truths and sometimes concoct outright lies about the GEJ government,SR has continually been exposed for what it is,a glorified,lying and news concocting blog.

221 days?
That's almost a year!
Who does that for a mega city!!

See how throughout the statement he never mentioned or even hinted at mentioning that 'he respects the office of the VP and Osinbajo",as is expected of such press releases,even if the story was denied.
But he still went ahead to acknowledge divergent opinions is common with lawyers without still showing respect to the office or person of Osinbajo.
That shows the contempt to which Osinbajo is held by malami.

In Nigeria the man would already be behind bars,imps somewhere would go on social media to claim he used her for money rituals by strangulating her and one corrupt Kyari in panti or homicide Abuja with a co corrupt DPO would tell the man "oga u don buy case ;if u want to settle this matter bring ₦100m",to go round,believing they would finally arrive at ₦20-₦15m,if the man can raise it.
No investigation,no forensics,just stone aged accusation and passage of judgement by d police due to by commission of a sexual act.That is the Nigerian police of 2021!
See how this man was not even charged for any crime, despite the girl being dead,simply because she had legally reached the consent age for sex in Brazil and there was no physical forensic evidence to show any foul play!Even during the sex itself!!

2 medals already guaranteed

Buckeyemedia1:
People like you filled with so much hate expects something different from the hate they harbor? Now the offa robbers are good, the police that saved the day, are the bad people? Yet you hope to see a good life in Nigeria? Sorry for you, no wonder you are in the pit.

That is why a herdsmen is ruling you to the ground and you don't av the simple number 6 to know it,so u continue licking his incompetent ab Oki arse.
A semi-illiterate,senile old man is ruling you and you are proud of it.

thebosstrevor1:
They want to blame everything on kyari.

No evidence, no proof

How many people died during that offa robbery??

You are so nauseating!
So that 17 policemen were killed,the main suspect should now be extrajudicially murdered?
What if Kyari murdered him to prevent the guy from disclosing the involvement of other policemen or even Kyari himself?
The reason why u don't kill a suspect in custody is to get enough information about his accomplices,even if he killed 200 people,till the court sentences him to death.
Brainless cows everywhere!

Thank God.
That Amusa girl tried too,she was just unlucky.
If Amusa is well groomed,by the world championships and the next Olympics in 2024,she will be d one to beat.
Adegoke is another medal prospect come next Olympics,if well nurtured.
Nigeria is definitely talented in athletes,wrestling and judo and should regularly be competing for medals in these events,but archaic leadership and corruption will just not let us see road.
There was even a time we regularly produced medal prospects in boxing,but now boxing looks like gymnastics to us.

Thank God.
That Amusa girl tried too,she was just unlucky.
If Amusa is well groomed,by the world championships and the next Olympics in 2024,she will be d one to beat.
Adegoke is another medal prospect come next Olympics,if well nurtured.
Nigeria is definitely talented in athletes,wrestling and judo and should regularly be competing for medals in these events,but archaic leadership and corruption will just not let us see road.
There was even a time we regularly produced medal prospects in boxing,but now boxing looks like gymnastics to us.

FarahAideed:
I detest men without honor or sense

I detest old men without sense.
Buhari that has been shown to be a lying,nepotic,genetically incompetent,senile old man,is who this adefuye is talking about in these terms;at a democracy at that!
Didn't bother reading d whole interview because one would just get sick the more of the kinds of people in positions of authority in Nigeria.

Nbotee:
A Nigerian made it to the 100m final for the first time but had a disappointing race. He's d second Nigerian Athlete to have muscle pull while racing

Big lie.
Nigerians have been making it to d finals before.
Just haven't been able to win a 100m medal.

ifytrik:
hausa/fulani men here in the north believes that the igbos are highing the prices of goods in Nigeria jst ust to make buhari goverment look bad.

Funny but I don't doubt u one bit because that is the average way their mindset operates.
I remember during the GEJ government,the same people with that same mindset felt the GEJ government then was sponsoring BH so that Northerners won't come out to vote.
Now that BH is still devastating the north and has even spread in location and intensity,they have now changed it to accusing haters of the Buhari government of sponsoring BH to make the Buhari government look bad!
Talk about changing of goal posts,hypocrisy at its height and an animal way of reasoning,in the same group of people!!

As educated as u are it's obvious u don't even understand what a DNA test is.
What u want to do is a DNA paternity test and that should even be cheaper than doing DNA test for all three of u.
They just need your blood or fluid sample and that of the baby,you needed bother yourself with the mum.
The paternity DNA test will conclusively show if u are d father or not.If it turns out u are not,her doing a maternity test to prove she is the mum or not does not arise and even if it does,it's no business of yours.
If u are serious u can get a police consent or court order to carry out d test.In that case,she can't refuse bringing the child.IF YOU ARE SERIOUS of course.

May turn out to be the worst outing since Nigeria started attending the Olympics.
Going to Google to check how Nigeria performed during the cattle helders military rule.
P.S. 1 silver,1 bronze in 1984.Was surprised because I know the man was born a failure.
He has gotten worse,as expected,as his incompetence and propaganda of lies about his personality get busted.

Tinubu handed Lagos to touts to secure his re-election then godfatherism.
Now touts are now an official part of the Lagos state government machinery.
In sympathy with the Lagos government,touts are now also part of the official government apparati in many states in the SouthEast and South South.

The girl could be lying about her mum giving her the rat poison.
The things some of these young girls do will shame even the devil.
Proper investigation by a proper investigator should be done,not all these village type kangaroo judgement.

TarOrfeeek:
The stupidity unfolding within this country is shocking. I can't even imagine whether this guy has sense or not.

This is what annoys me about some posts here atimes.
Someone just made a very stu pid statement despite the clear evidence of a policeman being found corrupt,not hearsay,yet you are still asking if he has sense.
It's like u seeing a naked female with clearly no male pe nis and still you still go ahead to ask if the person u are seeing with your own eyes is a male or female.

Even a 5 year old would concoct a better story.
Kyari was so idle he would be calling your father everyday to find out how he is doing and reassure him of the criminals being brought to book.
Even in the US with one of the most advanced police forces in the world,detectives don't call victims on a daily basis unless something breaks in a case they are handling.
Next,one will soon hear how Kyari faced 5 kidnappers alone,overpowered them,rescued the victims and returned almost ₦10 million ransome they had paid.
It's always the Nigerian strategy of defence,renting a crowd or renting a story fabricator.

LadySarah:
Kainene.We are watching

No be by press release
Naija Jack Bauer sent to Orlu to catch Ipob.

pickup man for all things Ankara.

What makes this one difficult for the Nigerian government is that this is an official indictment from the U.S of someone that was mentioned by a convicted felon as a co conspirator.
The government buys military weapons from the U.S and other needs.
If something is not done about Kyari, including even extradition,this government will find it's few remaining years very uncomfortable because the US senate and assembly would first effectively block any military sale and other aid to Nigeria.
With less than 2 years for d cattle rearer to complete his disastrous tenure and with pressure growing and daily growing international exposure of Buhari incompetence in all sectors,they would bundle Kyari down to us themselves if it would ward off the growing evidence of Buhari's failure and continued bad press and publicity.

People's Gazette are the original "super cop".
Kyari and all his other co-crooked cops are counterfeit.

if u believe this guy is not corrupt ure dumb.
Someone that headed the then SARS in Lagos with full bag of allegations of bribery,extra judicial killings and all.
Once a police officer outrightly seeks publicity for anything he does,even taking the shine off people that did the job on the ground,you got to know that officer is full of s hit and is using journalists he probably also bribes to give a false facade of being good in his job.
Deny all he wants,the evidence can easily be checked out and found in a serious country.
Of course this is a sh it hole run to the ground by a cattle helder,so won't be surprised if he gets promoted tomorrow.