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INNOSON VEHICLES SUES IMO STATE GOVERNMENT OVER N2.5B DEBT

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Nigeria’s indigenous vehicle manufacturing company, Innoson Vehicles Manufacturing (IVM) has filed an over N2.5B lawsuit against the Imo State Government under the headship of Senator Hope Uzodinma over its failure to pay or service the debt of N2,547,666,435.00 (Two Billion, Five Hundred and Forty-Seven Million, Six Hundred and Sixty-Six Thousand, Four Hundred and Thirty-Five Naira) being the purchase price of the various IVM Vehicles including their parts which IVM manufactured, sold and delivered to the State Government but Imo State Governor or its government has refused and failed to pay same despite repeated demands and appeals.

The lawsuit which was filed by Prof. Joseph N. Mbadugha, SAN, FCPA of McCarthy Mbadugha & Co, the counsel to Innoson Vehicles coming against repeated attempts made by the Chairman of Innoson Vehicles Manufacturing, Chief Dr. Innocent Chukwuma OFR, to the Governor urging him to pay the company on the vehicles sold, and delivered to the State Government.

For the avoidance of doubt, sometimes in April 2021, His Excellency, the Executive Governor of Imo State, Senator Hope Uzodinma invited the Chairman/CEO of Innoson Vehicles, Chief Dr. Innocent Chukwuma to the Imo State Government House, Owerri where they discussed and agreed that Innoson Vehicles would sell and supply various specifications of its brand of Vehicles to the State Government which includes, inter alia;

1. 70 units of Innoson 5 Seater double cabin pick-up (IVM Carrier) 4WD

2. 10 units of Innoson 5- Seater double cabin military pick up (IVM G12)

3. 10 units of Innoson 5 seater single cabin military pick-up (IVM G12)

4. 100 units of a complete siren with public addressing system, revolving light, and street police light;

5. 2 Units of IVM Ambulance Vehicles

6. 20 Units of IVM G12 MS11

7. 20 sets of B. Canopy

The above vehicles which were valued at over N2.5B ($6.3M) were supplied in good faith to the Imo State Government based on an understanding with the Governor which arose after a special request that Innoson Vehicles grant the State the favor of paying for the vehicles after deliveries to them and which request was granted and honored.

The special and privilege request granted to the Governor turned into a nightmare for Innoson Vehicles and Its Chairman after Chief Chukwuma had at various times through several visits, phone calls, messages, and submission of letters requesting payment appealed to the Governor and his conscience to make total payments or set up a payment plan that will offset the debt.

The inability of the State Government to pay the aforesaid purchase price of the vehicles supplied has resulted in Innoson Vehicles having difficulties in fulfilling its loan repayment obligations to Keystone Bank Limited and Bank of Industry. These Banks granted their credit facilities at the rate of 10% interest and other fees therein. More so, it has led to the loss of profit arising therefrom and the accruing interest.

It is also interesting to note that as of July 27th, 2022, the over N2.5B worth of vehicles supplied to Imo State Government in April 2021 under the leadership of Hope Uzodinma with a dollar value of $6.3M is now worth $3.8M. Even if the money is paid today, the value of the money has depreciated by over 40%.

It is therefore based on this premise that Innoson Vehicle Manufacturing Company Ltd has begun the process of recovering its debts against the Imo State Government by slamming a lawsuit of over N2.5B with an interest rate of 10% on the entirety of the sum claimed at the High Court of Anambra State, Nnewi Division.

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Ex-Skye Bank chairman Tunde Ayeni speaks on paternity scandal with former lover, Adaobi Alagwu.

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Former chairman of the board of directors of the defunct Skye Bank (now Polaris Bank) Tunde Ayeni has debunked a report that he reunited with his ex-lover Adaobi Alagwu.

Ms Alagwu, 30, a female lawyer based in Abuja, was said to be Ayeni’s daughter’s classmate when their relationship began.

The lawyer, it was gathered, wants him to admit he is the father of the baby girl she has and take responsibility for her.

Ayeni, however, admitted in a statement released by his media office that his affair with Alagwu set his family backwards and that he would not like to revisit his romance with her.

He said, “Ordinarily, the recent series of media reports linking my name with a lady, Adaobi Alagwu, should not deserve a response from me since the section of the media that is feasting on the issue seems to be uninterested in fact-finding, but mere sensationalism.

“But, given the possibility of even some discerning readers placing some value on the story, this short clarification and disclaimer become necessary.

“I wish to state that, indeed, Ms. Adaobi Alagwu and I had a relationship, which has since ended and, as well-meaning Nigerians can imagine, it was a mistake that has caused my family much pain which I regret and do not wish to continue reliving as a section of the media continues to make me do.”

On the paternity of Alagwu’s child, the businessman explained that the issue “is being resolved and will be resolved in due course but whichever way it is resolved, will never mean a rekindling of the ended relationship between myself and Ms. Alagwu.”

Last year, the Economic and Financial Crimes Commission (EFCC) pulled back the N25.4 billion fraud case it filed against Ayeni and Skye Bank’s former managing director, Timothy Oguntayo.

The commission’s move followed an out-of-court settlement which the duo struck with the agency involving the forfeiture of about N15 billion in cash and assets.

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Tony ELUMELU Celebrates 60th Birthday with Symposium

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The Group Chairman, United Bank for Africa (UBA) Plc, Tony Onyemachi Elumelu, CFR, clocked 60 years on Wednesday March 23, 2023 and in commemoration of this event, a symposium was held in his honour at the Tony Elumelu Amphitheatre in UBA House.

The symposium tagged ’60 for 60’ was attended by 60 young beneficiaries of the Tony Elumelu Foundation Entrepreneurship Programme, friends and colleagues.

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Seplat Sues Retired Founder Orjiako For Fraudulent Use Of Company’s Letterhead

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Seplat Energy Plc has cut ties with founder, A.B.C. Orjiako and Amaze Limited for transacting on behalf of the company without the approval of the board after retirement.

The energy company said it has also commenced legal action against its retired founder and Amaze Ltd.

The company made the disclosure in a filing seen by THE WHISTLER on Thursday and signed by Mr. Basil Omiyi, Independent Chairman, on behalf of the entire Board of Seplat Energy PLC.

The company said, “Seplat Energy Plc (Seplat Energy or the Company) announces the termination with immediate effect of the Consultancy Agreement between the Company’s wholly-owned subsidiary and its co-founder, Dr. A.B.C Orjiako, acting through Amaze Limited.

“Under the Consultancy Agreement, Dr. Orjiako was obliged to provide defined assistance with certain external stakeholder engagements following his retirement from the Board after the 2022 Annual General Meeting in May 2022.”

Orjiako first resgined in November 2021, eight days after Zenith Bank Plc received an order from a Federal High Court sitting in Lagos blocking Seplat from transacting with its embattled founder, Orjiako.

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