Innocent Chukwuma, the founder and CEO of Innoson Motors, on
Tuesday accused the Economic and Financial Crimes Commission (EFCC)
and GTBank of conspiring with some unnamed foreign entities to
drive Nigeria’s only indigenous auto manufacturing company out of
business.
“We have it now on good authority that there is a grand
conspiracy by some international competitors of Innoson Vehicles
who have conspired with a financial institution to pull down
Innoson Vehicles at all cost,” Mr. Chukwuma said in a statement to
our reporter signed by Cornel Osigwe, head of corporate
communications at Innoson.
The company linked the alleged conspiracy to “the latest
increase of patronage of Innoson Vehicles by the Federal
Government.”
Mr. Osigwe attributed the improved sales to a recent upsurge in
orders placed by the Nigerian military, the Federal Road Safety
Corps, the Nigerian Immigration Service, amongst other federal
authorities.
The allegation could further complicate the worsening tension
between Innoson and GTBank.
Mr. Chukwuma was arrested by the EFCC in the morning of December
19 at his residence in Enugu, accusing him of attempted fraud,
theft and forgery.
The allegations were reported by GTBank, which said Mr. Chukwuma
forged bank and shipping documents to clear some goods a few years
ago.
Innoson denied all allegations of wrongdoing, filing a
counter-claim that the bank charged some arbitrary deductions to
his company accounts.
Although the initial claim that was allegedly deducted from
Innoson Group’s accounts was about N500 million, the amount has
since shot up to more than N8 billion naira today, the automaker
said.
The company said it received several judgements in its favour at
several federal courts, including at least two Court of Appeal
judgements.
It alleged that the EFCC was instigated against it by GTBank,
which is allegedly desperate to avoid paying the over N8 billion
damages.
“We are alarmed at how low EFCC could descend to be used by GTB
to destroy Nigeria’s foremost entrepreneur,” Mr. Osigwe added in
his latest statement.
The EFCC declined comments on the allegations Tuesday
afternoon.
“We don’t want to join issues with them,” said Wilson Uwujaren,
the agency’s spokesperson.
The GTBank said it reported Mr. Chukwuma and his brother,
Charles, to the EFCC after it uncovered traces of sharp practices
they allegedly perpetrated.
The bank vowed to continue reporting economic crimes to law
enforcement authorities whenever they’re detected.
A spokesperson for the bank equally declined to further join
issues with Innoson, saying the act contravenes its standards as an
ethical organisation, especially since the matter had been taken to
court.
Mr. Osigwe said Innoson has proof to back its claim of
tripartite conspiracy against it but did not immediately make them
available to our reporter
Innoson was established in 2010, and has produced up to 11,000
vehicles to date, the official said.
Innocent Chukwuma, the founder and CEO of Innoson Motors, on
Tuesday accused the Economic and Financial Crimes Commission (EFCC)
and GTBank of conspiring with some unnamed foreign entities to
drive Nigeria’s only indigenous auto manufacturing company out of
business.
“We have it now on good authority that there is a grand
conspiracy by some international competitors of Innoson Vehicles
who have conspired with a financial institution to pull down
Innoson Vehicles at all cost,” Mr. Chukwuma said in a statement to
our reporter signed by Cornel Osigwe, head of corporate
communications at Innoson.
The company linked the alleged conspiracy to “the latest
increase of patronage of Innoson Vehicles by the Federal
Government.”
Mr. Osigwe attributed the improved sales to a recent upsurge in
orders placed by the Nigerian military, the Federal Road Safety
Corps, the Nigerian Immigration Service, amongst other federal
authorities.
The allegation could further complicate the worsening tension
between Innoson and GTBank.
Mr. Chukwuma was arrested by the EFCC in the morning of December
19 at his residence in Enugu, accusing him of attempted fraud,
theft and forgery.
The allegations were reported by GTBank, which said Mr. Chukwuma
forged bank and shipping documents to clear some goods a few years
ago.
Innoson denied all allegations of wrongdoing, filing a
counter-claim that the bank charged some arbitrary deductions to
his company accounts.
Although the initial claim that was allegedly deducted from
Innoson Group’s accounts was about N500 million, the amount has
since shot up to more than N8 billion naira today, the automaker
said.
The company said it received several judgements in its favour at
several federal courts, including at least two Court of Appeal
judgements.
It alleged that the EFCC was instigated against it by GTBank,
which is allegedly desperate to avoid paying the over N8 billion
damages.
“We are alarmed at how low EFCC could descend to be used by GTB
to destroy Nigeria’s foremost entrepreneur,” Mr. Osigwe added in
his latest statement.
The EFCC declined comments on the allegations Tuesday
afternoon.
“We don’t want to join issues with them,” said Wilson Uwujaren,
the agency’s spokesperson.
The GTBank said it reported Mr. Chukwuma and his brother,
Charles, to the EFCC after it uncovered traces of sharp practices
they allegedly perpetrated.
The bank vowed to continue reporting economic crimes to law
enforcement authorities whenever they’re detected.
A spokesperson for the bank equally declined to further join
issues with Innoson, saying the act contravenes its standards as an
ethical organisation, especially since the matter had been taken to
court.
Mr. Osigwe said Innoson has proof to back its claim of
tripartite conspiracy against it but did not immediately make them
available to our reporter
Innoson was established in 2010, and has produced up to 11,000
vehicles to date, the official said.