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

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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.

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.

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

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Petrol: MRS Slashes Petrol Price to N935/Litre Nationwide, Enforces compliance

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General Buratai Urges Dangote Not To Succumb To Marketers Blackmail, Reveals Why

Petrol: MRS Slashes Petrol Price to N935/Litre Nationwide, Enforces compliance

… Nigerians praise Dangote-MRS partnership

 

MRS Oil Nigeria Plc, a prominent player in the Nigerian downstream oil industry, has implemented a new petrol price of N935 per litre across all its retail service stations nationwide. This follows an announcement by the President of Dangote Industries Limited, Aliko Dangote, that the Dangote Petroleum Refinery has partnered with MRS Oil and Gas to offer petrol at N935 per litre at retail outlets, following a reduction in the ex-depot price from N970 to N899.50 per litre.

In response, MRS Oil Nigeria Plc has instructed all its outlets to implement the new price immediately, setting up a digital platform and monitoring team to ensure full compliance. The company has also called on Nigerians to report any outlets that fail to adhere to the new price structure.

“Petrol is now being sold at N935 at MRS Filling Stations nationwide. If you find any station not following this price, please report it. Call 08009447853 or email: [email protected],” the company stated in a release.

Emphasising the eco-friendly nature of its products, MRS Oil added, *“We call on all petrol station owners to join MRS Oil Nigeria Plc in improving the supply chain of our beloved country, ensuring product quality and availability in every corner of Nigeria for the benefit of all Nigerians.”*

Checks by our correspondents yesterday confirmed that the new price had been implemented at all MRS Oil and Gas retail outlets nationwide.

In Lagos, commuters were seen queuing at MRS filling stations to purchase petrol. Many expressed their gratitude to Dangote Petroleum Refinery and MRS Oil and Gas, urging other marketers to support the indigenous refinery rather than import off-spec products into the country.

Mrs. Ibukun Phillips, a commuter at the MRS station at Alapere on the Lagos Ibadan Express way, could not hide her joy as her husband filled up their car.

“I am very happy today. This is a victory for Nigeria,” she said. “The price reduction is the best gift of the season. But beyond just the reduction, we are buying standard, eco-friendly petrol at a lower rate. My husband and I have decided we will only be using MRS from now on because we are confident in the quality of the product and supporting the economy.”

Commercial bus driver Adio Ajibade described the price reduction as a great relief, especially during the festive season.

“The reduction is a great relief. It will reduce transportation costs and benefit Nigerians. God will continue to bless Alhaji Aliko Dangote,” he said.

A public affairs analyst and university lecturer, Dr. Tunde Akanni, said the collaboration between Dangote Petroleum Refinery and MRS Oil represents a significant step towards improving the affordability, quality, and sustainability of petroleum products in Nigeria.

According to Dr. Akanni, “this move will not only help ease the financial burden on Nigerians but also promote a more environmentally conscious approach to fuel consumption, benefitting both the economy and public health in the long term.”

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FIRS ANNOUNCES AN ONGOING RECRUITMENT

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FIRS ANNOUNCES AN ONGOING RECRUITMENT.

 

The Federal Inland Revenue Service (FIRS) has rolled out an exciting opportunity for experienced professionals to join its team.

In a public notice via its X handle, the agency announced job openings for positions like Assistant Manager, Deputy Manager, and Assistant Director in fields such as Tax, Public Relations, Legal, ICT, and Risk Management.

Interested candidates are encouraged to review the eligibility criteria and apply via the official portal at careers.firs.gov.ng before January 11, 2025. This recruitment drive is aimed at bolstering public service efforts and maximizing national development.

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UBA GMD Calls for Public-Private Collaboration, Joins Aviation Minister to Commission New MMIA Departure Section

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UBA GMD Calls for Public-Private Collaboration, Joins Aviation Minister to Commission New MMIA Departure Section

The newly renovated departure section of the Murtala Muhammed International Airport, Lagos, refurbished by United Bank for Africa (UBA) Plc, was officially commissioned on Friday, December 20th, 2024.

The laudable project, which marks a transformative moment in Nigeria’s aviation sector, underscores UBA’s unwavering commitment to national development and highlights the immense value of strategic public-private partnerships (PPPs).

The ceremony was graced by distinguished stakeholders, including the Honourable Minister of Aviation and Aerospace Development, Festus Keyamo, SAN; the Managing Director of the Federal Airports Authority of Nigeria (FAAN), Mrs. Olubunmi Kuku; other Directors, and Heads of Agencies operating at the Airport.

Speaking at the event, UBA’s Group Managing Director/CEO, Oliver Alawuba,lauded the collaboration that brought the project to fruition as he emphasised the need for public and private institutions to come together to build and revamp the nation’s assets.

“This renovation is a testament of UBA’s belief in the transformative power of investing in national assets. By modernising our airports, we not only enhance infrastructure but also position Nigeria as a global hub for tourism, trade, and investment,” he stated.

Alawuba took time to highlight the broader economic impact of such initiatives, urging increased private-sector participation in national development. “Public-private partnerships like this demonstrate what can be achieved when we unite for a shared vision of progress and investing in infrastructure catalyses economic growth, improves travel experiences, and creates opportunities across various sectors of the economy,” he added.

Alawuba reflected on the power of unity and collaboration, quoting Helen Keller: “Alone we can do so little; together we can do so much.” The commissioning of the renovated departure section serves as a reminder of what strategic partnerships can achieve in driving national development and elevating Nigeria’s global standing.”

While commissioning the project, Keyamo commended UBA for executing the project, a feat he termed a landmark achievement in Nigeria’s aviation sector. “This renovated departure section exemplifies the bank’s commitment to elevating aviation infrastructure, improving passenger experiences, and fostering international partnerships. It is a proud moment for the ministry and all stakeholders involved, and I thank the management of UBA for pioneering this initiative,” he remarked.

The minister highlighted other key achievements of his ministry, including compliance with the Cape Town Convention, the launch of a consumer protection portal, and advancements in major infrastructure projects such as the second runway at Abuja Airport and solar energy integration in airport operations.

The Managing Director/Chief Executive of FAAN, Mrs. Olubunmi Kuku, commended UBA and other stakeholders for their contributions, adding, “This project reflects FAAN’s dedication to delivering world-class aviation infrastructure. The enhanced departure section not only elevates passenger experiences but also strengthens Nigeria’s competitive position in global aviation,” she said.

She called for more private-sector participation, emphasising that “partnerships like these are essential to transforming the aviation sector into a beacon of excellence.”

The newly renovated departure section boasts cutting-edge facilities designed to enhance efficiency and passenger comfort. This upgrade reaffirms the Murtala Muhammed International Airport’s status as a critical gateway to Nigeria and a major hub for international travel in Africa.

United Bank for Africa is Africa’s Global Bank. Operating across twenty African countries and the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge technology. UBA is one of the largest employers in the financial sector on the African continent, with 25,000 employees group wide and serving over 45 million customers globally.

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