Business

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

Published

7 years ago

December 21, 2017

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

Business

Zenith Bank Leads List Of 8 Nigerian Banks With Highest Customer Deposits In 2024

Published

9 minutes ago

November 20, 2024

Sahara Weekly

zenith Bank Leads List Of 8 Nigerian Banks With Highest Customer Deposits In 2024

– Eight Nigerian banks experienced an increase in customer deposits, which rose to N85.58 trillion in the third quarter of 2024.

– The increase represents a 12.2% increase, which shows customers confidence in the banking sector

– Zenith Bank led the pack with the highest customer deposits in the review period, with N21.57 trillion.

Customer deposits in eight commercial banks hit N85.58 trillion in the third quarter of 2024, representing a 12.2% increase from the N76.26 trillion recorded in the corresponding period in 2023.

The information is contained in the banks’ unaudited interim financials for the period ended September 30, which they filed with the Nigerian Exchange Limited (NGX).

Breakdown of the banks’ customer deposits

Customer deposit is the money a customer pays into a bank to secure goods or services or to make an advance payment on an order or project.

Zenith Bank recorded the highest customer de-posits at N21.57 trillion in the review period, from the N13.38 trillion recorded in Q3 2023.

The figure is a 61% increase driven by demand deposits, which rose from N7 trillion to N8 trillion.

Access Holdings followed next with N22.28 trillion in customer deposits compared to N15.32 trillion in Q3 2023, representing a 46% yearly increase.

The bank’s demand deposits stood at N9.36 trillion from N6,83 trillion in 2023.

First Bank increased to N16.72 trillion in the review period from N10.66 trillion in the same period in 2023, showing a 57% increase.

The bank’s demand deposits rose to N3.87 trillion, savings deposits reached N4.12 trillion, and term deposits spiked to N8.72 trillion.

Guaranty Trust Bank reported an N10.68 trillion increase in customer deposits under review from N7.41 trillion in the same period in 2023.

Term deposits of the bank rose from N846.09 billion to N1.46 trillion, while savings deposits rose from N3.29 trillion to N4.21 trillion.

Fidelity Bank recorded N6.08 trillion in customer deposits in the review period, relative to N4.01 trillion recorded in Q3 2023, representing a 52% increase, while term deposits rose from N75.99 billion to N309.80 billion.

Sterling Bank recorded customer deposits of N2.46 trillion in the period under review, up from the N1.84 trillion it recorded in the corresponding period in 2023.

The bank’s savings deposits rose from N1.10 trillion to N1.50 trillion, and term deposits stood at N1.23 trillion from N742.12 billion.

Its savings deposits rose from N1.10 trillion to N1.50 trillion, and term deposits increased from N742.12 to N1.23 trillion.

Stanbic IBTC’s deposits swelled to N2.46 trillion from N1.84 trillion in 2023, representing a 34% increase.

The growth was driven by current accounts, which spiked from N1.04 trillion to N1.33 trillion, and savings accounts rose from N337.25 billion to N478.22 billion.

Wema Bank experienced a 23% yearly increase in customer deposits, from N1.86 trillion in 2023 to N2.29 trillion in 2023.

Nigerian banks’ customer deposits explode in 2024

Punch reports that the value of customers’ bank deposits rose to N136 trillion as of March 2024.

Total bank deposits rose by 63%, from N70.5 trillion in 2022 to N115 trillion in 2023, hitting N136 trillion in March 2024, an 18.26% increase in three months.

CBN clarifies position on converting foreign currency

Legit.ng earlier reported that the Central Bank of Nigeria (CBN) had issued new rules clarifying that commercial, merchant, and non-interest banks (CMNIBs) should let holders convert their internationally tradable foreign currency (ITTC) balances in designated domiciliary accounts into the local currency, the naira, at any time, using the prevailing exchange rate.

The bank disclosed that all conversions must be fully disclosed and reported as part of the bank’s exchange rate requirements.

Legit.ng reported that in February 2024, the apex bank reaffirmed that it would not coerce domiciliary account holders to convert their holdings into naira.

Business

Giraffe Global Magazine rebrands as Giraffe Global Africa

Published

15 hours ago

November 19, 2024

Sahara Weekly

Eureka!
Its 8 years of excellent media reportage for
Giraffe Global Magazine

….now rebrands as Giraffe Global Africa

Eight years ago, the idea of setiing up Giraffe Multimedia Communications, the Publisher of Giraffe Global Magazine was birthed by quintessential and well known journalist, Akin Sokoya. Gradually, the magazine has suddenly become a highflyer in the African media value chain. Aside publishing, Giraffe Media also controls an online platform tagged www.giraffeglobal.com.ng which is diseminating quality and up to date news and information globally.

Presently, the media company has rebranded it’s soar away and seasoned celebrity Journal to Giraffe Global Africa, which has also reflected in it’s online platform, www.giraffeglobalafrica.com.ng

According to the publisher/editor-in-chief of Giraffe Global Africa, Akin Sokoya noted that the reason for the rebranding has to do with the wider reach to more African countries and in diasporas.

“It’s exactly eight years that Giraffe Global Magazine, and it’s online platform www.giraffeglobal.com.ng has been in existence, and we deem it fit to give our readers and advertisers a better value for their money and data, and this culminated into rebranding the name, giraffe globalafrica, www giraffe globalafrica.com.ng.

Business

Ex-bank manager remanded

Published

1 day ago

November 19, 2024

Sahara Weekly

Ex-bank manager remanded

A former new generation bank manager in the Iju branch, Abiodun Sanni, was on Monday remanded in the correctional centre by a Lagos State Special Offences Court, in Ikeja, over alleged N122,011,441 fraud.

Sanni was arraigned on 16 counts bordering on obtaining credit by false pretences, forgery, use of false documents and stealing by the Economic and Financial Crimes Commission.

The EFCC’s prosecution counsel, O. Adewunmi, told the court that Sanni committed the offences on or about February 24, 2020, in Lagos.

Adewunmi told the court that the defendant while he was the bank manager of the lju branch of Polaris Bank Limited, obtained credit in the form of a loan in the sum of N17m, for one Bamgbose Tayo Taofia trading under the name and style of Banut Haulage.

The prosecutor said that the money was obtained from Polaris Bank Limited, by the false pretence that the loan had collateral in the form of a fixed deposit account number 0071572791, worth N111,540,380.52 belonging to Yinkus Multibiz Ventures and that the owner, one Mrs Olayinka Hannah Aderibigbe, consented to it being used as collateral.

He was also alleged to have dishonestly converted a Polaris Bank Limited fixed deposit account number 0071277522 worth N15, 011,441.00 (Fifteen Million, Eleven Thousand, Four Hundred and Forty-One Naira) belonging to Atolagbe Joshua Tinuoye, to his use.

The prosecutor, urged the court to remand the defendant at the correctional centre, pending his trial date.

“My Lord, the prosecutor intended to call 10 witnesses regarding this case and we urge the court to remand the defendant in custody”, Adewunmi said.

But the defence counsel, Osho Oludoshu, told the court that he had filed a bail application on behalf of his client.

In a short ruling, Justice Olubunmi Abike-Fadipe adjourned the case and ordered that the bail application should be submitted to the court before the date of trial.

“I adjourn this case to Match 6 and 19, 2025, and I remand the defendant at the correctional centre. They are entitled to bring a bail application before his trial date”, the judge held.