Innoson challenges EFCC’s account of why he was arrested; GTBank states its side of the story

Dr. Innocent Chukwuma, the Chief Executive of Innoson Motors has challenged the Economic and Financial Crimes Commission, EFCC’s, official account of the reason for his dramatic arrest and detention which caused outrage across the country and beyond.

Although Chief Chukwuma has been released by the EFCC, the controversy surrounding the reason for, and propriety of, his arrest and incarceration is still raging.

A statement by Cornel Osigwe, Head Corporate Communications, for the Innoson Group, reacting to the EFCC’s release states in full:

*Re: EFCC ARRESTS INNOCENT CHUKWUMA (INNOSON)*

Our attention has been drawn to the Official Statement with the above caption released by the Economic and Financial Crimes Commission, stating the reason Dr Innocent Chukwuma was arrested by the Commission.

According to the statement published on EFCC’s official website, Dr Innocent Chukwuma’s arrest “followed his refusal to honour invitation by the Commission having earlier jumped an administrative bail granted him in a case being investigated by the Capital Market and Insurance Fraud Unit of the Commission’s Lagos office.”

The statement went further to claim that Dr Chukwuma rather than honouring invitation by the EFCC, “mobilized six truckloads of thugs pretending to be staff of his company tohis residence, where they manhandled EFCC operatives”.

In as much that we would not want to join words with EFCC, but because their Official Statement has been widely circulated among many News media including various online blogs and social media platforms, we would for record purposes state the facts on the alleged invitation as well what happened in his residence during his arrest yesterday.

1. We wish to deny EFFC’s claim categorically that Dr Innocent Chukwuma (Innoson) was invited by the Commission or was there any time or that he jumped an administrative bail granted by the EFCC. Dr Chukwuma (OFR) is a law abiding citizen, a public figure and a well-known industrialist of international repute. There is no how he would be invited by the EFCC and he would ignore or refuse to honour the invitation.

2. Dr Chukwuma has never had any issues or query from the EFCC recently. The last issue he had with EFCC was an invitation extended to him in 2012 based on a complaint against him by Guaranty Trust Bank (GTB), which he duly honoured

3. Upon the completion of investigation, EFCC requested him through a letter to pay some money to GTB saying that the money is what Innoson owes GTB after it-EFCC- deducted excess charge of about N560M which GTB illegally and unlawfully took from their account. Innoson rejected the demand maintaining that it was GTB that was owing it and that GTB is to pay interest on the excess and unlawful charges. This resulted in a stalemate between Innoson and EFCC. Consequently, Innoson commenced a lawsuit against GTB at Federal High Court in Suit No: FHC/AWK/139/2012 at Federal High Court Awka division and thereat got a judgment in its favour in the sum of N4.7B against GTB.

4. As a consequence of the above, EFCC filed a charge against him at the Lagos High Court. The Charge was subsequently struck out after EFCC filled a notice of discountenance. However Dr Innocent Chukwuma and Innoson Nigeria Ltd appealed against the order striking out the case on the basis that it ought to be dismissed and not struck out. The appeal- appeal no: CA/I/1330Cm/2017 till date is still pending at the court of Appeal Lagos State. Since then EFCC has never invited Dr Chukwuma again

5. We challenge EFCC to show proof and evidence of EFCC invitation extended to Dr Chukwuma; the various dates of the invitation and the letter of invitation extended to him. We further challenge EFCC to also show proof of how and when did Dr Chukwuma jump an administrative bail granted to h

6. EFCC also claimed that Dr Chukwuma is being investigated by the Capital Market and Insurance Fraud Unit of the Commission’s Lagos office. We equally challenge EFCC to show proof of this investigation: On whose petition is this investigation being carried out and proof of any letter on this investigation ever written to Innoson from this unit stating also the month and year

7. The Commission is being economical with the truth by stating that Dr Chukwuma “mobilized six truckloads of thugs pretending to be staff of his company to his residence, where they manhandled EFCC operatives”. The truth available at our disposal is that some factory workers on hearing their boss was being arrested, mobilized themselves to his residence to protest what they said was an illegal arrest. However the EFCC operatives together with the Police team fired tear gas and dispersed them. We have pictures to back up our claim. At nopoint did these factory workers manhandle the armed EFCC and Police officials at his residence. This is pure falsehood aimed at tarnishing the reputation of Dr Innocent Chukwuma (OFR).

8. EFCC as a law abiding organization and a strong advocate of rule of law as constantly shown and practiced by its Head led by Ibrahim Magu should allow the court processes to reach its logical conclusion. Dr Chukwuma’s case against GTB is already at the Supreme Court. We have absolute faith the Nigeria Judiciary. They should be allowed to adjudicate over this matter without undue interference from any quarters.

For Innoson Group:

Cornel Osigwe

Head Corporate Communications.

However, GTBank, which is at the centre of what has become the Innoson saga, has reacted to stories and speculations being circulated concerning the reason for the arrest and detention of Chief Chukwuma, the CEO of the indigenous auto firm, as well as its own account of the details of his transaction with the bank.

Below is its statement in full:

FACT AND FIGURES: The Untold Stories about Innoson CEO Arrest, details of transaction with Gtbank

So much is being said of the arrest of Innoson Boss, Innocent Chukwuma, yet there has been very little or no solid information on the matter. As a result, a lot of what is being spread in the news and on social media, are more false than fiction. Here, for example, are 4 myths about the Innoson saga.

1 700 Million Naira Excess Charges.
Many on social media and elsewhere have been quick to spread the story that GTB stole 700 million from Innoson. Research shows this to be wholly false. In fact, nowhere is the sum of 700 million Naira even mentioned in the Innoson case. What is actually the case is that after being found culpable of forgery and other fraudulent crimes by the police, Innoson approached the Bank and pleaded for debt forgiveness. The bank, out of goodwill, accepted his plea and agreed to forego the sum of N559,374,072.09 which represented default charges that has accrued on the account. Innoson also promised to pay back, within 30 days, the sum of N1,095,107,822.95 as full and final payment of his indebtedness to the Bank. Instead of honoring this agreement, Innoson filed a new case at the Federal High Court, Awka claiming that the bank had debited his account with N559,374,072.09, the exact sum that the bag had forgiven him in default charges. He has continued ever since, to claim falsely that the bank owes him.

2 Tribe is Involved

Many are also spreading rumours that the case against Innoson is tribalistic. This is a dangerously false narrative. The case against Innoson has nothing to do with where he comes from; it is simply a case of a debtor, in this case, Innoson, trying to avoid repaying the money he borrowed and trying to evade the case of forgery against him (See Story Here). It’s begs common sense to assume that a bank, in this case GTB, which was not be accused of tribalism when it gave Innoson the loan, would now be accused of such now that it is trying to recover funds. These funds, by the way, are owned by customers, many of who undoubtedly are of the same tribe as Innoson.

If GTBank is tribal how come they and not Fidelity or Diamond Bank gave innoson money when he needed help. If they played the tribal card, they probably wont be facing all this mess.

The Saga is Political

Some have tried to link the Innoson Saga to politics, but the fact of the matter is that it is entirely about business and breach of trust. It is important to note that the case between GTB and Innoson began more than seven years ago, that is, before the ruling APC was even formed as a political party.

To give a little background on the matter, GTB loaned Innoson N2.4bn in 2009 to import spare parts for his company. Under the loan terms, GTBank was the exclusive owner of the Imported Goods. The condition in the agreement between the Bank and Innoson, for the release of the Imported Goods by the Bank to Innoson, was the payment of 25% of the value of each Letter of Credit transaction by Innoson. Later, Innoson approached the Bank requesting the release of the shipping documents without payment of the agreed 25%. The Bank declined his request as a result of Innoson’s failure to meet the agreed conditions. Innoson then fraudulently cleared all the imported Goods by forging the signatures of 4 (four) staff of the Bank as well as the Bank’s stamp on all the shipping documents. The Bank reported the matter to the Nigeria Police, and the police confirmed that Innoson deliberately set out to defraud, steal from the Bank. And this brings us to the fourth myth of the saga, which is that the case is a civil matter.

It is Civil Case
Another claim out there is that the Innoson case is a civil matter which neither the EFCC nor the Police should get involved. Again, this is false. The Innoson saga is a criminal matter because he has been found culpable by the police of deliberately setting out to defraud, steal from the Bank and convert the Imported Goods belonging to the Bank by deceptive means and through forgery and misrepresentation. On October 12, 2017, the Police through its Charge No. FHC/L/565C/2015- filed an application for the issuance of bench warrant against Innocent Chukwuma; Charles Chukwuma and Annajekwu Sunny for fraudulent clearance of goods, forgery, conversion, stealing and conspiracy presently pending before Faji J, at the Federal High Court, Ikoyi and adjourned to Decemeber 8, 2017 for arraignment/or hearing of motion.

To further stall the criminal proceedings against him and the Bank’s bid to recover its funds, Innoson has been trying to distract the Bank from focusing on the criminal action, as well as civil actions filed for recovery of the debt. This includes propagating false and inciteful stories against the bank through frivolous and outrageous claims.