Tell your friends
Since the arrest of Innoson motors boss, the
narratives have been fluid and fast. One more
version won't hurt.
Since the arrest, different versions of why Dr.
Chukwuma was picked up, have permeated internet
sites and blogs.
A Pulse reader has sent us this comprehensive
version of events. The views expressed hereinafter
are those of the author and do not necessarily
reflect the views of our organisation.
Save for light editing to fit into house style, this
piece hasn't been radically altered in tone or form...
_____________________
Recently, the Innoson/GTBank story has generated
intense media coverage, especially following the
arrest of Innoson chairman, Innocent Chukwuma, a
few days ago by operatives of the Economic and
Financial Crimes Commission (EFCC).
Even though the case is pending in court, Innoson
has taken the battle to social media.
There have been numerous sponsored social media
campaigns against the bank such with the hashtags
#BewareOfGTBank and #WhatIsWrongWithGTBank.
Innoson has also taken to Television, with its owner,
Dr Innocent Chukwuma granting an interview to TVC,
wherein he claimed he had obtained a judgement of
N8B against the bank.
He added that the bank pleaded with him over their
inability to pay, and that he graciously offered to
accept shares of the bank as payment.
GTBank on their part has chosen to remain silent
on the matter, perhaps trusting in the integrity of
the legal system as against playing to the gallery.
Many attempts to get the bank’s representatives to
comment on the story have proven abortive. A staff
of the bank who spoke on condition of anonymity,
stated that “Irrespective of the issues we are facing
with the company, Innoson remains a customer of
the bank and we owe him a duty of confidentiality
and to conduct ourselves in a responsible manner
towards him”.
The obvious:
Innoson is, and still remains, a customer of
GTBank.
The EFCC says N1.4bn fraud and usage of forged
documents to secure tax waivers was reason for the
arrest of the businessman.
What we discovered:
1. GTBank (in 2009) granted Innoson several credit
facilities (i.e loans) totalling N2,400,000,000,00
(two billion, four hundred million Naira only), to part
finance working capital requirements, import new
motorcycles and motorcycle spare parts, agricultural
spare parts and plastic manufacturing equipment
(“Imported Goods”).
2. Under the loan terms agreed by Chief Innocent
Chukwuma on behalf of Innoson, proprietary interest
in the Imported Goods was consigned exclusively in
favour of the bank.
ALSO READ: Innoson boss challenges anti-graft
agency
This means that the Bank was the exclusive owner
of the imported goods. Accordingly, the original
shipping documents (i.e. the Bills of Lading) were
in the custody of the bank, and have remained in
the custody of the bank at all times.
3. Because GTBank was the exclusive owner of the
imported goods, ownership of the goods could only
be transferred to Innoson (or any other third party)
by the bank.
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.
What we learnt:
1. Innocent Chukwuma approached the bank on
behalf of Innoson, requesting the release of the
shipping documents without payment of the agreed
+ 25% equity.
The bank declined his request as a result of
Innoson’s failure to meet the agreed conditions.
2. It came to the bank’s knowledge some time in
June, 2011 that the imported goods for which the
bank declined to release shipping documents to
Innoson in view of its failure to meet the agreed
conditions, had been fraudulently procured by
Innoson.
3. The bank discovered that Innoson, under the
control of Dr. Innocent Chukwuma had forged the
bank's endorsement on the bills of lading to the
Shipping Line and fraudulently cleared the imported
goods which were in the name of the bank.
The imported goods, being property of the bank
should not have been cleared from the port without
the original shipping documents being endorsed by
the bank in favour of Innoson, or any third party.
4. The signatures of 4 (four) staff of the Bank, to
wit, Taofeek Olalere, Dan Attah, Bunmi Adeyemi and
Amazu Amalachukwu, as well as the bank’s stamp
were forged on all the shipping documents used by
Innoson to fraudulently clear goods at the port.
The bank did not at any time endorse or transfer the
shipping documents to Innoson, as the originals of
each of the relevant Bill of Lading remain in the
bank’s custody to this very day.
5. When the bank reported the matter to the Nigeria
Police, Dr. Innocent Chukwuma claimed the bank
released the shipping documents to him.
Consequently, the Police commenced investigation
into the bank's complaint, including a forensic
examination of the disputed signatures, and
established that the signatures of the bank’s staff
were forged, and the imported goods were
fraudulently cleared from the Nigerian Ports
Authority by Dr. Innocent Chukwuma and his
accomplices.
What we heard from the Police:
1. Police investigations confirmed that Innoson and
Dr. Innocent Chukwuma deliberately set out to
defraud, steal from the bank and convert the
imported goods belonging to the bank by deceptive
means and through forgery and misrepresentation.
The unlawful takeover of the imported goods, which
served as the bank’s collateral, left an indebtedness
in excess of the sum of N1,654,481,895.04 (one
billion, six hundred and fifty four million, four
hundred and eighty one thousand, eight hundred and
ninety five Naira, four Kobo) as at September 26,
2012.
2. Chief Innocent Chukwuma was arrested and
interrogated by operatives of the EFCC, following
which he agreed to make monthly payments into
Innoson’s account until the full liquidation of
Innoson’s indebtedness to the bank.
However, Innoson defaulted in making the agreed
payments. Investigations by the Nigeria Police
following a petition by the bank in September 2013
also found Innoson and Chief Innocent Chukwuma
culpable of the criminal allegations levelled against
them by the bank, and Chief Innocent Chukwuma
was accordingly charged to court by the Police.
3. The Police filed Charge No. FHC/L/565C/2015-
Inspector General Of Police And Innoson Nigeria
Limited; Innocent Chukwuma; Charles Chukwuma;
Maximian Chukwura; Mitsui Osk Lines; 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 November 21, 2017 for
arraignment/or hearing of motion for issuance of
Bench Warrant.
What Innoson did:
1. Innoson approached the bank for a reconciliation
of his account and pleaded for a debt forgiveness.
A reconciliation was carried out on the account –
which had a debit balance of N1,654,481,895.04 as
at December 31, 2011.
In the spirit of amicable resolution and EFCC
intervention, the bank said it agreed to forego the
sum of N559,374,072.09 which represented default
charges that has accrued on the account and
debited in line with the loan agreement between the
customer and the bank.
2. Based on this, the bank decided to accept from
the customer, the sum of N1,095,107,822.95 as
full and final payment of the customer’s
indebtedness to the bank, provided that same shall
be fully paid not later than (30) days from the date
of the letter written to him.
3. Surprisingly, Innoson commenced suit no:FHC/
AWK/CS/2012 against the bank at the Federal High
Court, Awka, stating that the bank had debited its
account with excess charges totalling
N559,374,072.09 and obtained judgement in
excess of N4.7Billion against the Bank.
Again, choosing to dishonour an agreement that
was amicably reached between him and the bank
for a full and final settlement of N1,095,107,822.95
wherein the bank graciously forgave him the sum of
N559,374,072.09 which accrued on his account
during the period which he abandoned his account.
4. To further stall the criminal proceedings against
him, Chief Innocent Chukwuma and his company
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, The
Nigeria Police Force and Investigating Officer(s),
seeking declaratory and injunctive reliefs, including
orders restraining the Police from commencing
criminal proceedings against Innoson and Chief
Innocent Chukwuma.
Furthermore, in a bid to stall the bank’s recovery
steps, and distract the Bank from focusing on the
criminal action, as well as civil actions filed for
recovery of the debt, Chief Innocent Chukwuma and
his company Innoson, have continued to institute
various spurious suits before various courts,
claiming frivolous and outrageous sums against the
bank.
What EFCC is Saying
In a statement issued by the Head of Media and
Publicity of the Economic and Financial Crimes
Commission, Wilson Uwujaren, the anti-graft
agency said, “The Economic and Financial Crimes
Commission has released Nnewi, Anambra-State
born Industrialist, Chief Innocent Chukwuma on bail.
“The businessman who runs a local auto assembly
plant was arrested on Tuesday December 19, 2017
at his Enugu residence, following his refusal to
respond to invitations by the Commission, after
initially being granted administrative bail by the
Commission, while his surety could also not be
found.
“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.
“His unruly thugs encircled and manhandled
operatives of the Commission who had gone to
effect the arrest. Consequently, a distress call was
sent to the Commission’s 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.”
What GTBank is not saying:
1. In responding to Innoson’s motion for a stay of
criminal proceedings at the Court of Appeal, the
Honourable Justice J.S Ikyegh on September 17,
2017 dismissed the motion for being unmeritorious
and ordered that proceeding in the criminal case
against Innson should proceed.
2. 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.
JUDE EGBAS
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