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Innoson “alarmed at how low EFCC could descend,” finds Charges “Laughable”



Innoson "alarmed at how low EFCC could descend," finds Charges "Laughable" - BellaNaija

Innocent Chukwuma, chairman of Innoson Vehicle Manufacturing (IVM), has in a statement condemned the Economic and Financial Crimes Commission (EFCC) for its actions, ThisDay reports.

The commission had arrested the Innoson boss, suing him, his company, and his brother.

In the statement released by the Head of Corporate Communications Innoson Group, Cornel Osigwe, Chukwuma revealed the charge is a temporary one, and is not before any court in Lagos State.

He described the actions of the EFCC as laughable and constituting national embarrassment, and gave more details as to the nature of the transaction between Innoson and GTBank.

Read the statement below:

We have some reservations with the publication of the details of the suit in question on some online blogs because the charge, which EFCC purports to file against me has a temporary suit number: Temp/3315c/2017. This number is written with red pen at the top most right side of the charge published at EFCC’s page.

By this temporary number it means that the charge is not yet before any court in Lagos State. Also, it means that the charge cannot be acted upon by any court in Lagos State and it cannot be served on any party as well.

As it is, the charge has not been filed. So why the media noise by the commission of filling fraud charges against Innoson? We believe that it is a Volte face. Furthermore we are alarmed at how low EFCC could descend to be used by GTB to destroy the Nigeria’s foremost entrepreneur. We have it now in good authority that there is a grand conspiracy by an International competitor of Innoson Vehicles who have conspired with a financial institution to pull down Innoson Vehicles at all cost because of the latest increase of patronage of Innoson Vehicles by the Federal Government.

But we are amazed that EFCC, a Federal Government Agency who is supposed at all times to defend indigenous Nigerian companies who are working hard to make Nigeria great will allow itself to be used as a tool to kill and destroy these companies. Particulars of Offence Nigeria needs to ask EFCC if GTB as a bank has any license to import motorcycle spare parts or CKD.

A cursory look at the charges filed by EFCC at court is both laughable and constitutes a National embarrassment. The motorcycles being deemed the property of GTB were ordered by Innoson from its manufacturers and suppliers with a loan from GTB. Under letter of credit transaction, in international trade, bills of ladings are consigned to banks not because the banks – consignees – are the owners of the goods but rather to ensure that the seller is paid and the buyer receives the goods.

Mere consignment or endorsement of a bill of lading does not confer title in the goods covered by the bill of lading to either the consignee or the endorsee. Where consignment or endorsement of a bill of lading is intended as a security for loan, consignment or endorsement in such circumstance does not transfer title in the goods to the consignee or the endorsee.

All Innoson’s letter of credit transactions, through GTB, were confirmed LCs. In letter of credit transactions (LC), particularly but not exclusively confirmed LC, the term is cash against documents. Shipping documents are not released by the advising/correspondent bank to the Issuing Bank until the Issuing Bank pays for the goods.

At all material times, Innoson paid 25% of every LC value before it was opened. The media hype of EFCC portrayed Innoson and its promoter as having stolen goods belonging to GTB. We note the attempt of EFCC to get the courts to retry a matter Innoson had already secured judgment on.

While we await to be served the court papers, we want to advice the EFCC that if there is any complaint by GTB to EFCC, Innoson should be invited by the commission to clear its name, EFCC will then conducts its investigation before taking matter to court.


  1. Ottawa Queen

    December 29, 2017 at 6:16 pm

    They should leave this man alone…bunch of jobless mofo’s looking for where to eat money from! EFCC is scam!

  2. NG

    December 29, 2017 at 9:33 pm

    Bunch of morons at Efcc. Bunch of misfits who have never done a single honest job of wealth creation, but rather leeching on government.
    We are watching. Next the powers that be who think they own Nigeria Will threaten the Man’s contract with the government.

  3. Vincent

    December 30, 2017 at 1:48 am

    Pls dont mind them.some off them may not help full for this generation.remain focus.custom sold ur 20 containers they did not investigate that not fraud too.

  4. Awesome

    December 30, 2017 at 11:14 am

    EFCC it has do ooo. You people should leave this man alone. If GTB is aggrieved they should bring an independent suit to court for specific performance of their contract or better still recovery of any money owed to them instead of this witch hunt.

  5. tunmi

    December 31, 2017 at 1:31 am

    If there is financial fraud and someone has reported it, then the EFCC has a job to do

  6. Vincent

    December 31, 2017 at 3:46 pm

    This mater as pass through high,appeal court and now at suprem court.why won’t efcc wait for supreme court judgement.what do they want to achieve in this manner.

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