Details of Innoson vs GT bank

macfranc007 December 26, 2017 Nigeria News today & Breaking news ▷ Read Nigerian newspapers 24/7 Aanu Adegun

- New details of the transaction between Innoson Motors and GT bank has emerged

- The chairman of Innoson Nigeria Limited, Innocent Chukwuma, was alleged to have forged some documents to clear some goods cosigned to GTbank

- Specifically, Innoson Motors was alleged Innoson forged the signatures of Messrs Taofeek Olalere, Dan Attah, Bunmi Adeyemi and Amazu Amalachukwu, all GTBank staff

Details of the deal with Guarantee Trust Bank and the chairman of Innoson Nigeria Limited, Innocent Chukwuma, the Anambra-born industrialist who was recently arrested and released by the Economic and Financial Crimes Commission (EFCC), has been released.

Reports have it that the trouble dates back to 2009, when GTBank, granted the auto assembly company a series of credit facilities totaling N2.4 billion.

The loans was to part-finance new motorcycles, motorcycle spare parts, agricultural machinery spare parts and plastic manufacturing equipment.

The loan terms which was agreed by Mr Chukwuma on behalf of Innoson, gives proprietary interest in the imported items exclusively in favor of the GTBank.

A Copy of the Bill of Lading in possession of GT Bank that Mr Innocent Chukwuma allegedly forged. Credit Sahara Reporters

This, in strict terms, means that the bank owned the imported goods. As such, the original shipping documents (Bills of Lading), exclusively obtained by SaharaReporters, sources further disclosed, were duly held by GTBank and remain in its possession, Sahara reports.

And as such, only the bank can transfer ownership to Innoson or any other party, a source told Sahara Reporters.

Sahara reporters reports that a condition in the loan agreement for the release of the goods by the bank to Innoson was the payment of 25% of the value of each Letter of Credit transaction by the auto assembly company.

Chukwuma, on behalf of Innoson, approached GTBank requesting the release of the shipping documents without fulfilling the condition which was agreed on.

The bank was said to have turned down the request as a result of Innoson's inability to fulfil their end of the bargain.

Innoson Charge Order

However, in June 2011, the shipping documents for goods GTB declined to release to Innoson was alleged to have been fraudulently obtained by Innoson.

It was alleged that Innoson had forged GTBank’s endorsement on the Bills of Lading to the shipping line, and fraudulently clearing the imported items, which consigned to the bank.

It was also alleged Innoson forged the signatures of Messrs Taofeek Olalere, Dan Attah, Bunmi Adeyemi and Amazu Amalachukwu, all GTBank staff, as well as the bank’s stamp on all the shipping documents to clear the goods at the ports.

Insiders said the bank never endorsed or transferred the shipping documents to Innoson, as their original copies remain in the bank’s possession.

The bank was said to have alerted the police who conducted a forensic investigation and discovered that Innoson indeed forged the documents used in clearing the goods.

Sources in the police are said to have confirmed that Mr. Chukwuma deliberately designed a scheme to steal from the goods from the bank through forgery and misrepresentation.

The theft of the goods, which served as the bank’s collateral, left a debt in excess of N1.6billion as at September 26, 2012.

Police statement showing Innoson forged documents. Credit: Sahara Reporters

After the Innoson chairman was initially arrested and interrogated by the EFCC, sources disclosed, he agreed to make monthly payments into Innoson’s account until his company's indebtedness to the bank is completely liquidated.

However, that agreement was breached, said sources.

In September 2013, GT Bank petitioned the police, which charged to court Innoson to court after finding cupable

The case (No. FHC/L/565C/2015) is still pending before Justice J. Faji of the Federal High Coury, Ikoyi, Lagos.

Charges of fraudulent clearance of goods, forgery, illegal conversion, stealing and conspiracy on Innoson Nigeria Limited, Mr Chukwuma, Charles Chukwuma, Maximian Chukwura, Mitsui Osk Lines and Annajekwu Sunny was slammed by the police.

Innoson, however, approached GT Bank for a reconciliation of his account and pleaded for debt forgiveness.

GT bank was said to have agreed and reconciliation was carried out on the account, which had a debit balance of N1,654,481,895.04 as at December 31, 2011.

The bank was said to have agreed to forego the N559m, which represented default charges that had accrued on the account and debited in line with the loan agreement it and Innoson.

The bank then decided to accept from Innoson the sum of N1.095billion as full and final payment of the company's indebtedness to the bank.

This, however, was with one condition, that it must be paid in full not later than (30) days from the date of the letter written conveying the decision was written to Innoson.

Innoson, however, would stun the bank again when it filed a suit (No: FHC/AWK/CS/2012) against the bank at the Federal High Court, Awka, Anambra State, claiming that its account with the bank had been debited for excess charges totaling N559,374,072.09. He obtained a judgment in excess of N4.7billion against the bank from a judge said to be his ally, Sahara Reporters reports.

This was despite breaching the amicable agreement between the company and the bank for a full and final settlement of N1,095,107,822.95, which saw the bank forgo the sum of N559,374,072.09, which accrued on its account during the period which he abandoned it.

Mr Chukwuma also 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, Nigeria Police Force and investigating officer(s), seeking declaratory and injunctive reliefs, including orders restraining the police from commencing criminal proceedings against him and his company.

Charge sheet filed against Innocent Chukwuma. Sahara Reporters

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Meanwhile, NAIJ.com had earlier reported that the Economic and Financial Crimes Commission (EFCC) said the founder and chairman of Innoson Motors, Innocent Chukwuma allegedly hired six truckloads of thugs to attacks its operatives when they went to arrest him at his Enugu residence.

NAIJ.com gathered that this in a statement signed by the spokesman for the EFCC Wilson Uwujare who said Chukwuma was arrested after failing to honour a series of invitations in breach of the conditions of his administrative bail.

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