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Innoson vs GTBank: How Industrialist Defrauded Bank; Bullied EFCC, Police And Courts With his Political Connections [DOCUMENTS ATTACHED]

Published

6 years ago

on

innoson motors

Mr. Innocent Chukwuma, the Anambra-born industrialist and Chairman of Innoson Nigeria Limited, may have succeeded playing the victim with his arrest, on Tuesday, by the Economic and Financial Crimes Commission (EFCC), but there are clear indications that he attempted to defraud Guaranty Trust Bank (GTBank) through forgery of documents.

Mr. Chukwuma was released on bail on Thursday.

Part of Mr. Chukwuma’s success manifested in his arrest being promoted as an ethnically biased move as well as one to hamper a local industrialist. Social media platforms have continued to fizz with this narrative, with many users threatening to close their accounts with GTBank and urging others to do same.

GTBank, Chukwuma’s supporters argued, is out to do Mr. Chukwuma and Innoson Motors in because of his ethnicity.

The saga dates back to 2009, when GTBank, with which Innoson Motors is a customer, granted the auto assembly company a series of credit facilities totaling N2.4 billion. The loans represented part-finance and working capital for the importation of new motorcycles, motorcycle spare parts, agricultural machinery spare parts and plastic manufacturing equipment.

Sources told SaharaReporters that under the loan terms agreed by Mr. Chukwuma on behalf of Innoson, proprietary interest in the imported items was exclusively consigned in favor of the GTBank.

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.

Innocent Chukwuma

On account of the bank’s exclusive ownership of the goods, explained those knowledgeable about the transaction, only it can transfer ownership to Innoson or any other party.

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.

SaharaReporters learned the Mr. Chukwuma, on behalf of Innoson, approached GTBank requesting the release of the shipping documents without fulfilling the condition requiring him to pay payment the agreed 25% of the value of each letter of credit. On account Innoson’s failure to meet the condition in the agreement, the bank turned down the request.

What followed stunned and riled the bank. It discovered in June 2011 that the shipping documents for goods it declined to release to Innoson because of its failure to meet the agreed conditions had fraudulently been obtained by Innoson.

SaharaReporters learned that Innoson, on the instruction of its Chairman, had forged GTBank’s endorsement on the Bills of Lading to the shipping line, fraudulently clearing the imported items, which consigned to the bank.

This means that being the property of the bank, the items should never have been cleared from the ports without the bank endorsing the original shipping documents in favor of Innoson or any third party.

What Innoson did, revealed sources, was to forge 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.

Displeased, the bank reported the matter to the Police, to which, insiders further said, Mr. Chukwuma told that the documents were released to him by the bank. The Nigerian Police launched an investigation into the bank’s complaint. This took in a forensic examination of the signatures on the documents and established that they were forged by Mr. Chùkwuma and his accomplices to fraudulently clear the goods the Nigerian Ports Authority (NPA).

Police sources said what they knew was that Innoson and 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.

The Innoson Chairman was arrested and interrogated the EFCC. After the interrogation, 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 expressed its disappointment by petitioning the Police, which deemed Mr. Chukwuma culpable. He was subsequently charged to court.

The case (No. FHC/L/565C/2015) is currently pending before Justice J. Faji of the Federal High Coury, Ikoyi, Lagos. The Police slammed 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. At the last proceedings, the matter was adjourned to November 21, 2017 for arraignment/or hearing of a motion for issuance of Bench Warrant.

Innoson would later approach GT Bank for a reconciliation of his account and pleaded for debt forgiveness.

The bank 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. On account of the conciliatory posture by Mr. Chukwuma and EFCC intervention, GTBank, said authoritative sources, 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.

On the basis of this, the bank decided to accept from Innoson the sum of N1.095billion as full and final payment of the company’s indebtedness to the bank with the proviso 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.

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.

To stall the criminal proceedings against him and his company, Mr. Chukwuma 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.

To thwart the bank’s recovery bid as well as distract it from focusing on the criminal action and civil actions filed for recovery of the debt, Mr. Chukwuma and his company, revealed sources, have continued to institute lawsuits before various courts, claiming frivolous and outrageous sums against the bank.

Giving reasons for Mr. Chukwuma’s arrest, the EFCC, in a statement signed by Mr. Wilson Uwujaren, its spokesman, Mr. Chukwuma refused to respond to invitations by the commission after initially being granted administrative bail by the commission, while his surety could also not be found. He was also said to have resisted arrest.

“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.

“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,” said the EFCC.

His thugs added the commission, assaulted its operatives, forcing the EFCC to call its Enugu office for reinforcement.

“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.

“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.

“The industrialist, among other infractions, allegedly used forged documents to secure tax waivers,” said the commission.

GT Bank, on Thursday, released a guarded statement, saying it would not want to speak about some of the allegations because they are already before the courts. It, however, maintained that it would take necessary legal steps when its rights are infringed upon.

What the bank did not say, explained sources, was that in responding to Innoson’s motion for a stay of criminal proceedings at the Court of Appeal, Justice J.S Ikyegh, on September 17, dismissed the motion as unmeritorious and ordered that proceeding in the criminal case against Innoson should proceed.

On October 12, the Police filed an application (No. FHC/L/565C/2015) for the issuance of bench warrant against Mr. Chukwuma, Charles Chukwuma and Annajekwu Sunny for fraudulent clearance of goods, forgery, conversion, stealing and conspiracy presently pending before Federal High Court, Ikoyi, Lagos.

The current hoopla quickly became political as Mr. Chukwuma mobilized lawmakers in the Senate who in turn began pushing an ethnic narrative over his arrest and detention by the Economic and Financial Crimes Commission. Sources told Saharareporters that Mr. Chukwuma had become a law unto himself, using political connections to circumvent official scrutiny. They said during ex-President Goodluck Jonathan’s era, Mr. Chukwuma was untouchable. During one of his court cases in Lagos, A federal judge who appears to be at his mercy of Mr. Chukwuma’s lawyers Justice Saliu Saidu of the Federal High Court in Lagos had to warn him that he would not be intimidated.

After his arrest by the EFCC, the forces against the anti-corruption Czar, Ibrahim Magu at the Nigerian Senate came out of the woodworks, even with the Senate President, Bukola Saraki making a ridiculous assertion with a rhetoric question on the floor of the Senate wondering if the FBI would intervene in a dispute between Ford Motors and an American bank.

The worsen the case of official collusion with Mr. Chukwuma, the Attorney General of the Federation, Abubakar Malami claimed he had not been briefed about Mr. Chukwuma legal issues, but a cursory check shows that the police is prosecuting Chukwuma through the office of the AGF.

Yesterday, a lawsuit filed by lawyers before Justice Rabiu-Shagari of the Federal High Court in Lagos by Mr. Chukwuma’s lawyers challenging his detention through a fundamental rights enforcement lawsuit was curiously withdrawn by his lawyers, a sign that he had achieved his objectives using his political connections to bully his bank and browbeat the courts and law enforcement agencies investigating the case of forgery against him.

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How Access Bank’s Mobile App Failure Led To Death of my 9-year-old Girl – Father.

Published

13 hours ago

on

May 8, 2024

By

 

This is the sad story of how the failure of Access Bank’s mobile app led to the death of a nine-year-old girl. The bank’s app reportedly malfunctioned on Monday.

 

The father of the girl is currently mourning her demise.

 

The tragic incident, reported by an individual identified as PIDOMNIGERIA, underscored the devastating consequences of technological failures in critical moments.

 

According to the distraught father, whose identity remained undisclosed, the inability to transfer funds using the Access Bank mobile app directly contributed to his daughter’s demise.

 

The child, who was in urgent need of medical attention, was admitted to an emergency unit at a local hospital.

 

Tragically, she was left unattended as her parent grappled with the financial constraints imposed by the malfunctioning app.

 

The father, described as a single dad working offshore, recounted his harrowing experience, stating that failure of Access Bank @myaccessbank app to function since yesterday has caused him to lose his 9-year-old daughter in a medical emergency.

 

His anguish and frustration were palpable, echoing the sentiments of many who have faced similar challenges with the bank’s app reliability.

 

Expressing his grief, the father lamented the recurrent issues plaguing the Access Bank mobile app, condemning the institution’s lack of accountability and explanation for the frequent disruptions.

 

“Access Bank is a complete shit bank. They always have issues with their bank app without any explanation every now and then,” he asserted.

 

As the family mourns the loss of their beloved daughter, questions linger about the accountability of financial institutions in ensuring the seamless functioning of essential services, especially during emergencies.

 

Access Bank had yet to respond to the allegations or provide clarification regarding the reported app malfunction as of press time.

 

Meanwhile, the grieving father and his family are grappling with the devastating aftermath of the preventable tra

gedy.

 

Credit: Leadership

 

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Illegal buildings: Lagos is victim of its own development – Tokunbo Wahab

Published

2 days ago

on

May 6, 2024

By

The Lagos State Commissioner for Environment and Water Resources, Tokunbo Wahab said the recent crackdown and demolition of illegal structures across Lagos State was an indication that the state is a victim of its own development.

Wahab stated this in an interview with Arise Television on Sunday.

He said the government of Lagos State is not battering its citizens but is rather just a victim of its own development, and as such, everybody coming into the state has got to come in and be responsible and be able to be accounted for.

“The truth is that no matter what the government does, there is a state of mistrust between them and the citizens globally. It is a global thing. My response to this is we are not battering them. You can’t say you are under the bridge and you want us to account for you. It is not habitable at all. It is not about battering people that are under privileged, we can’t do that. But it is about taking ownership. Lagos is just a victim of its own development.”

Speaking on the incident that led to the recent demolition of the illegal under bridge structure at Dolphin Estate Ikoyi, the commissioner said a whistleblower alerted authorities about suspicious activities under the bridge and following the tip-off, investigations uncovered a network facilitating illegal tenancy arrangements, with individuals, including women and young people, being exploited.

“The past few weeks and months, the state made a policy that we shall reclaim all our ungoverned spaces and we started out with Ijora under bridge, under national theatre, from there we went to Apongbon, Obalende, then a whistleblower called our attention last week Wednesday, he said he was jogging and heard voices under the bridge. He didn’t even stop, he slowed down and peeped in, took a video and sent it to my social media handle.

“Right there and then, I had to inform the governor that something was happening there and that we had to go, and he approved and the rest they say is history. What is not history is the fact that we have declared the ringleader wanted because somebody somewhere has been collecting rent and giving out spaces to individuals, women, young people and we have said to him that the long hand of the law shall surely catch up with him, no matter how long it takes us.”

He said efforts are underway to repurpose these spaces for beneficial use.

“We are also trying to put these spaces to functional usage. We have an agency called Glass pack. The role of that agency is to put these ungoverned spaces to proper usage to citizens.

“The one at Ijora, a design has been approved and it’s a CSR by a Lagosian who believes we can turn it to a football pitch and have some other games in there. Obalende has been taken up by one of the biggest telecoms companies in the country, MTN and the design is already in the works. Same thing we are going to do for Apongbon and the Dolphin area.

“So, what we are saying to the citizens is, don’t be vulnerable, no matter how desperate you are. If you have the means to pay two hundred and fifty thousand naira for a small space under the bridge, you don’t have to be in Ikoyi, you can go and live outside the Island or where you can pay for rent for a decent accommodation.

“We were even there yesterday and it was very emotional. We saw three young kids and I spoke to my colleague in the ministry of youth and social development and I said to him to take them to our homes and I will be personally responsible for them from now till they are able to go to the University and graduate and that for me is the path and way to go as a State.

“We are profiling each one of the tenants. I am not the one that will perform that duty. The agency under which they were arrested is profiling them. With the profiling they are going to remove those that were just there and then take the criminal elements or suspects to court on Monday.”

Wahab said several notices were served prior to the demolition as well as engagements with major stakeholders.

“I don’t demolish properties; I remove contraventions on the right of way of the drainage system or the canal and with respect to Mende…in 2021, my predecessor in office served them a notice and they had engagements that ran into months and years.

“In November 2023, we called a stakeholders meeting, we served notices before then and even marked buildings on the right of way and they came to my office and we had a meeting, played the video and they did admit that they were on the right of way but however pleaded that we reduce the right of way.

“On the issue of notices, they have been served enough notices. We served in 2021, renewed again in 2023, that is about six months ago. In my first life, I was a lawyer and notices are the first of every activity and we have served them and I am sure of that.

“If they have a genuine claim, they have a means to ventilate that claim and that is the court of law. The executives have done what they believe is overriding public interest.”

On government plans to curb reemergence of illegal structures in the future, he called on citizens to collaborate by reporting illegal activities, emphasising that the collaboration will aid the government in being accountable for the people.

“We have ramped up the capacities of our enforcement units, so they have to start pinning down officers in every area where we have ungoverned spaces and then we are relying on the citizens to take ownership and trust the government to do the right thing in the sense that when you whistle blow, the government will take steps of actions.

“With respect to those people who have no business to be where they are staying, what we are trying to push back in Lagos here is for us to be able to account for everyone that is in this space. For the sake of the generality of our citizens, if you come in and you are staying under the bridge, how do we plan for your education, for your health and for our own infrastructure to take care of you. If you are under the bridge, nobody can make plans for you.”

 

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News and Report

Illegal buildings: Lagos is victim of its own development – Tokunbo Wahab

Published

2 days ago

on

May 6, 2024

By

The Lagos State Commissioner for Environment and Water Resources, Tokunbo Wahab said the recent crackdown and demolition of illegal structures across Lagos State was an indication that the state is a victim of its own development.

Wahab stated this in an interview with Arise Television on Sunday.

He said the government of Lagos State is not battering its citizens but is rather just a victim of its own development, and as such, everybody coming into the state has got to come in and be responsible and be able to be accounted for.

“The truth is that no matter what the government does, there is a state of mistrust between them and the citizens globally. It is a global thing. My response to this is we are not battering them. You can’t say you are under the bridge and you want us to account for you. It is not habitable at all. It is not about battering people that are under privileged, we can’t do that. But it is about taking ownership. Lagos is just a victim of its own development.”

Speaking on the incident that led to the recent demolition of the illegal under bridge structure at Dolphin Estate Ikoyi, the commissioner said a whistleblower alerted authorities about suspicious activities under the bridge and following the tip-off, investigations uncovered a network facilitating illegal tenancy arrangements, with individuals, including women and young people, being exploited.

“The past few weeks and months, the state made a policy that we shall reclaim all our ungoverned spaces and we started out with Ijora under bridge, under national theatre, from there we went to Apongbon, Obalende, then a whistleblower called our attention last week Wednesday, he said he was jogging and heard voices under the bridge. He didn’t even stop, he slowed down and peeped in, took a video and sent it to my social media handle.

“Right there and then, I had to inform the governor that something was happening there and that we had to go, and he approved and the rest they say is history. What is not history is the fact that we have declared the ringleader wanted because somebody somewhere has been collecting rent and giving out spaces to individuals, women, young people and we have said to him that the long hand of the law shall surely catch up with him, no matter how long it takes us.”

He said efforts are underway to repurpose these spaces for beneficial use.

“We are also trying to put these spaces to functional usage. We have an agency called Glass pack. The role of that agency is to put these ungoverned spaces to proper usage to citizens.

“The one at Ijora, a design has been approved and it’s a CSR by a Lagosian who believes we can turn it to a football pitch and have some other games in there. Obalende has been taken up by one of the biggest telecoms companies in the country, MTN and the design is already in the works. Same thing we are going to do for Apongbon and the Dolphin area.

“So, what we are saying to the citizens is, don’t be vulnerable, no matter how desperate you are. If you have the means to pay two hundred and fifty thousand naira for a small space under the bridge, you don’t have to be in Ikoyi, you can go and live outside the Island or where you can pay for rent for a decent accommodation.

“We were even there yesterday and it was very emotional. We saw three young kids and I spoke to my colleague in the ministry of youth and social development and I said to him to take them to our homes and I will be personally responsible for them from now till they are able to go to the University and graduate and that for me is the path and way to go as a State.

“We are profiling each one of the tenants. I am not the one that will perform that duty. The agency under which they were arrested is profiling them. With the profiling they are going to remove those that were just there and then take the criminal elements or suspects to court on Monday.”

Wahab said several notices were served prior to the demolition as well as engagements with major stakeholders.

“I don’t demolish properties; I remove contraventions on the right of way of the drainage system or the canal and with respect to Mende…in 2021, my predecessor in office served them a notice and they had engagements that ran into months and years.

“In November 2023, we called a stakeholders meeting, we served notices before then and even marked buildings on the right of way and they came to my office and we had a meeting, played the video and they did admit that they were on the right of way but however pleaded that we reduce the right of way.

“On the issue of notices, they have been served enough notices. We served in 2021, renewed again in 2023, that is about six months ago. In my first life, I was a lawyer and notices are the first of every activity and we have served them and I am sure of that.

“If they have a genuine claim, they have a means to ventilate that claim and that is the court of law. The executives have done what they believe is overriding public interest.”

On government plans to curb reemergence of illegal structures in the future, he called on citizens to collaborate by reporting illegal activities, emphasising that the collaboration will aid the government in being accountable for the people.

“We have ramped up the capacities of our enforcement units, so they have to start pinning down officers in every area where we have ungoverned spaces and then we are relying on the citizens to take ownership and trust the government to do the right thing in the sense that when you whistle blow, the government will take steps of actions.

“With respect to those people who have no business to be where they are staying, what we are trying to push back in Lagos here is for us to be able to account for everyone that is in this space. For the sake of the generality of our citizens, if you come in and you are staying under the bridge, how do we plan for your education, for your health and for our own infrastructure to take care of you. If you are under the bridge, nobody can make plans for you.”

 

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