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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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GTCO Rated Nigeria’s Strongest Brand and Best Banking Brand in Nigeria

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GTCO Notice Of Proposed Offering

GTCO Rated Nigeria’s Strongest Brand and Best Banking Brand in Nigeria

Africa’s leading financial services institution, Guaranty Trust Holding Company Plc (“GTCO” or “the Group”), has added to its impressive haul of accolades as it was recently named Nigeria’s strongest brand and Best Banking Brand in Nigeria by Brand Finance and Global Brands Magazine, respectively. These awards not only reaffirm GTCO’s position as a leading financial services group but also spotlights the Group’s enduring reputation as a customer-focused brand.

Over the years, GTCO has demonstrated remarkable commitment to shaping the future of financial services in Africa and is renowned for its innovative approach to customer service and stakeholder engagement. The Group’s brand strength is underpinned by a strong commitment to delivering cutting-edge financial solutions, fostering meaningful customer relationships, and Promoting Enterprise using its proprietary free business platforms. Commenting on the two awards, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Segun Agbaje, said: “These achievements are a reflection of our unwavering commitment to excellence, innovation, and customer satisfaction, as well as to building a truly international brand from our proudly African roots. We are delighted to receive these recognitions and inspired to continue delivering our promise of enriching lives with every opportunity.”

GTCO is a leading financial services group with banking operations in Nigeria, West Africa, East Africa, and the United Kingdom alongside non-banking verticals in HabariPay, Guaranty Trust Fund Managers, and Guaranty Trust Pension Managers. Its leadership in the banking industry and efforts at empowering people and communities has earned it many prestigious awards over the years. The Group’s flagship banking franchise, Guaranty Trust Bank, was named Nigeria’s Best Bank and Best Bank in CSR at the 2023 Euromoney Awards for Excellence, Best Banking Group in Nigeria by World Finance, and Best Bank in Nigeria by Global Finance. Guaranty Trust Bank is featured in the Top 1000 Banks in the World and Top 100 Banks in Africa rankings by The Banker.

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Nigerian Barrister Orbby Vanessa Agwuncha aka BossLadyLaw Honored at Visionary African Women Summit in Kigali*

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**Nigerian Barrister Orbby Vanessa Agwuncha aka BossLadyLaw Honored at Visionary African Women Summit in Kigali*

 

 

KIGALI, RWANDA – Barrister Obiageli (Orbby) Vanessa Agwuncha, popularly known as BossladyLaw, a distinguished Nigerian lawyer, was recently recognized and awarded at the Visionary African Women Summit, held from June 12th to June 16th, 2024, in Kigali, Rwanda.

The summit gathered influential women from across Sub-Saharan Africa who have significantly impacted their communities through their careers, philanthropy, and community development efforts. The event focused on ensuring women are seen as positive contributors to society, moving beyond traditional objectification and specialization roles often depicted in the media.

This summit marked a departure from the typical portrayal of African women, emphasizing their positive and contributory roles in various sectors. Barr Orbby, in her address, highlighted women’s rights and the legal protections available to them, using Nigeria as a case study. She discussed the existing legal loopholes and suggested improvements to better protect women’s rights.

In her speech, BossladyLaw expressed her gratitude to the organizers for inviting her as a guest speaker and recognizing her achievements in Nigeria’s legal profession.

She also severed the rights to women empowerment. where women can have financial stability.

“It imperative that Every women should attain a source of income no matter how small”

During the summit, Prof Ogechi Adeola the Deputy Vice Chancellor, University of Kigali Rwanda presented an award to Barr Orbby Vanessa Agwuncha, (BossladyLaw), she was elated.

The Visionary African Women Summit aims to create a thriving community of African women from various fields to inspire, empower, and equip them as nation builders. The event featured insightful keynote presentations, interactive panel discussions, networking sessions, award presentations, exhibitions, entertainment, and a tour of Kigali.

 

Nigerian Barrister Orbby Vanessa Agwuncha aka BossLadyLaw Honored at Visionary African Women Summit in Kigali*

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Detained Binance executive Gambaryan has access to quality medical care, Nigerian govt Reveals

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Detained Binance executive, Gambaryan has access to quality medical care, Nigerian govt Reveals

Detained Binance executive Gambaryan has access to quality medical care, Nigerian govt Reveals

 

 

The Nigerian Government has denied keeping Binance Executive, Tigran Gambaryan in unsavory prison conditions.

The government said Gambaryan is being lawfully detained and has access to quality healthcare facility.

Mohammed Idris, the Minister of Information and National Orientation, said Gambaryan also has access to consular services from his country.

 

Detained Binance executive, Gambaryan has access to quality medical care, Nigerian govt Reveals

 

A statement by Idris reads: “It has become necessary for the Federal Government of Nigeria to address claims that Binance Executive, Tigran Gambaryan is being held in unsavory prison conditions in Nigeria, or that his health is deteriorating.

 

 

“We would like to state that these allegations are false and should be ignored.

“Gambaryan is being held in lawful detention and has access to quality medical care whenever required.

“He also has full access to consular services from his home government.

 

 

“The Federal Government will not do anything to jeopardize his fundamental rights to lawful trial, and to quality care, including healthcare, even as he undergoes trial by the laws of the Federal Republic of Nigeria.

 

 

“It is worth reiterating that his detention is a court-ordered one, and only the court can alter the terms or direct his release.

 

 

“The Federal Government of Nigeria will continue to follow due process in its quest to bring Binance to justice — a legitimate sovereign quest that is similarly being pursued in several other countries around the world.

 

 

“This adherence to legal and diplomatic standards underscores Nigeria’s dedication to upholding justice and maintaining the integrity of its judicial processes.

 

 

“The executive is being treated with the utmost fairness, and his legal and human rights are being protected throughout the judicial proceedings.”

 

 

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