Innocent Chukwuma |
Mr.
Innocent Chukwuma, the Anambra-born industrialist and Chairman of
Innoson Nigeria Limited, may have succeeded playing the victim with his
arrest, on Tuesday, by the Economic and Financial Crimes Commission
(EFCC), but there are clear indications that he attempted to defraud
Guaranty Trust Bank (GTBank) through forgery of documents.
Innocent Chukwuma, the Anambra-born industrialist and Chairman of
Innoson Nigeria Limited, may have succeeded playing the victim with his
arrest, on Tuesday, by the Economic and Financial Crimes Commission
(EFCC), but there are clear indications that he attempted to defraud
Guaranty Trust Bank (GTBank) through forgery of documents.
Mr. Chukwuma was released on bail on Thursday.
Part
of Mr. Chukwuma’s success manifested in his arrest being promoted as an
ethnically biased move as well as one to hamper a local industrialist.
Social media platforms have continued to fizz with this narrative, with
many users threatening to close their accounts with GTBank and urging
others to do same.
of Mr. Chukwuma’s success manifested in his arrest being promoted as an
ethnically biased move as well as one to hamper a local industrialist.
Social media platforms have continued to fizz with this narrative, with
many users threatening to close their accounts with GTBank and urging
others to do same.
GTBank, Chukwuma’s
supporters argued, is out to do Mr. Chukwuma and Innoson Motors in
because of his ethnicity.
supporters argued, is out to do Mr. Chukwuma and Innoson Motors in
because of his ethnicity.
The
saga dates back to 2009, when GTBank, with which Innoson Motors is a
customer, granted the auto assembly company a series of credit
facilities totaling N2.4 billion. The loans represented part-finance and
working capital for the importation of new motorcycles, motorcycle
spare parts, agricultural machinery spare parts and plastic
manufacturing equipment.
saga dates back to 2009, when GTBank, with which Innoson Motors is a
customer, granted the auto assembly company a series of credit
facilities totaling N2.4 billion. The loans represented part-finance and
working capital for the importation of new motorcycles, motorcycle
spare parts, agricultural machinery spare parts and plastic
manufacturing equipment.
Sources told
SaharaReporters that under the loan terms agreed by Mr. Chukwuma on
behalf of Innoson, proprietary interest in the imported items was
exclusively consigned in favor of the GTBank.
SaharaReporters that under the loan terms agreed by Mr. Chukwuma on
behalf of Innoson, proprietary interest in the imported items was
exclusively consigned in favor of the GTBank.
This,
in strict terms, means that the bank owned the imported goods. As such,
the original shipping documents (Bills of Lading), exclusively obtained
by SaharaReporters, sources further disclosed, were duly held by GTBank
and remain in its possession.
in strict terms, means that the bank owned the imported goods. As such,
the original shipping documents (Bills of Lading), exclusively obtained
by SaharaReporters, sources further disclosed, were duly held by GTBank
and remain in its possession.
On account of
the bank’s exclusive ownership of the goods, explained those
knowledgeable about the transaction, only it can transfer ownership to
Innoson or any other party.
the bank’s exclusive ownership of the goods, explained those
knowledgeable about the transaction, only it can transfer ownership to
Innoson or any other party.
A condition in the
loan agreement for the release of the goods by the bank to Innoson was
the payment of 25% of the value of each Letter of Credit transaction by
the auto assembly company.
loan agreement for the release of the goods by the bank to Innoson was
the payment of 25% of the value of each Letter of Credit transaction by
the auto assembly company.
SaharaReporters
learned the Mr. Chukwuma, on behalf of Innoson, approached GTBank
requesting the release of the shipping documents without fulfilling the
condition requiring him to pay payment the agreed 25% of the value of
each letter of credit. On account Innoson’s failure to meet the
condition in the agreement, the bank turned down the request.
learned the Mr. Chukwuma, on behalf of Innoson, approached GTBank
requesting the release of the shipping documents without fulfilling the
condition requiring him to pay payment the agreed 25% of the value of
each letter of credit. On account Innoson’s failure to meet the
condition in the agreement, the bank turned down the request.
What
followed stunned and riled the bank. It discovered in June 2011 that
the shipping documents for goods it declined to release to Innoson
because of its failure to meet the agreed conditions had fraudulently
been obtained by Innoson.
followed stunned and riled the bank. It discovered in June 2011 that
the shipping documents for goods it declined to release to Innoson
because of its failure to meet the agreed conditions had fraudulently
been obtained by Innoson.
SaharaReporters
learned that Innoson, on the instruction of its Chairman, had forged
GTBank’s endorsement on the Bills of Lading to the shipping line,
fraudulently clearing the imported items, which consigned to the bank.
learned that Innoson, on the instruction of its Chairman, had forged
GTBank’s endorsement on the Bills of Lading to the shipping line,
fraudulently clearing the imported items, which consigned to the bank.
This
means that being the property of the bank, the items should never have
been cleared from the ports without the bank endorsing the original
shipping documents in favor of Innoson or any third party.
means that being the property of the bank, the items should never have
been cleared from the ports without the bank endorsing the original
shipping documents in favor of Innoson or any third party.
What
Innoson did, revealed sources, was to forge the signatures of Messrs
Taofeek Olalere, Dan Attah, Bunmi Adeyemi and Amazu Amalachukwu, all
GTBank staff, as well as the bank’s stamp on all the shipping documents
to clear the goods at the ports. Insiders said the bank never endorsed
or transferred the shipping documents to Innoson, as their original
copies remain in the bank’s possession.
Innoson did, revealed sources, was to forge the signatures of Messrs
Taofeek Olalere, Dan Attah, Bunmi Adeyemi and Amazu Amalachukwu, all
GTBank staff, as well as the bank’s stamp on all the shipping documents
to clear the goods at the ports. Insiders said the bank never endorsed
or transferred the shipping documents to Innoson, as their original
copies remain in the bank’s possession.
Displeased,
the bank reported the matter to the Police, to which, insiders further
said, Mr. Chukwuma told that the documents were released to him by the
bank. The Nigerian Police launched an investigation into the bank’s
complaint. This took in a forensic examination of the signatures on the
documents and established that they were forged by Mr. Chùkwuma and his
accomplices to fraudulently clear the goods the Nigerian Ports Authority
(NPA).
the bank reported the matter to the Police, to which, insiders further
said, Mr. Chukwuma told that the documents were released to him by the
bank. The Nigerian Police launched an investigation into the bank’s
complaint. This took in a forensic examination of the signatures on the
documents and established that they were forged by Mr. Chùkwuma and his
accomplices to fraudulently clear the goods the Nigerian Ports Authority
(NPA).
Police sources said what they knew was
that Innoson and Mr. Chukwuma deliberately designed a scheme to steal
from the goods from the bank through forgery and misrepresentation. The
theft of the goods, which served as the bank’s collateral, left a debt
in excess of N1.6billion as at September 26, 2012.
that Innoson and Mr. Chukwuma deliberately designed a scheme to steal
from the goods from the bank through forgery and misrepresentation. The
theft of the goods, which served as the bank’s collateral, left a debt
in excess of N1.6billion as at September 26, 2012.
The
Innoson Chairman was arrested and interrogated the EFCC. After the
interrogation, EFCC sources disclosed, he agreed to make monthly
payments into Innoson’s account until his company’s indebtedness to the
bank is completely liquidated.
Innoson Chairman was arrested and interrogated the EFCC. After the
interrogation, EFCC sources disclosed, he agreed to make monthly
payments into Innoson’s account until his company’s indebtedness to the
bank is completely liquidated.
However, that agreement was
breached, said sources. In September 2013, GT Bank expressed its
disappointment by petitioning the Police, which deemed Mr. Chukwuma
culpable. He was subsequently charged to court.
breached, said sources. In September 2013, GT Bank expressed its
disappointment by petitioning the Police, which deemed Mr. Chukwuma
culpable. He was subsequently charged to court.
The
case (No. FHC/L/565C/2015) is currently pending before Justice J. Faji
of the Federal High Coury, Ikoyi, Lagos. The Police slammed charges of
fraudulent clearance of goods, forgery, illegal conversion, stealing and
conspiracy on Innoson Nigeria Limited, Mr. Chukwuma, Charles Chukwuma,
Maximian Chukwura, Mitsui Osk Lines and Annajekwu Sunny. At the last
proceedings, the matter was adjourned to November 21, 2017 for
arraignment/or hearing of a motion for issuance of Bench Warrant.
case (No. FHC/L/565C/2015) is currently pending before Justice J. Faji
of the Federal High Coury, Ikoyi, Lagos. The Police slammed charges of
fraudulent clearance of goods, forgery, illegal conversion, stealing and
conspiracy on Innoson Nigeria Limited, Mr. Chukwuma, Charles Chukwuma,
Maximian Chukwura, Mitsui Osk Lines and Annajekwu Sunny. At the last
proceedings, the matter was adjourned to November 21, 2017 for
arraignment/or hearing of a motion for issuance of Bench Warrant.
Innoson would later approach GT Bank for a reconciliation of his account and pleaded for debt forgiveness.
The
bank agreed and reconciliation was carried out on the account, which
had a debit balance of N1,654,481,895.04 as at December 31, 2011. On
account of the conciliatory posture by Mr. Chukwuma and EFCC
intervention, GTBank, said authoritative sources, agreed to forego the
N559m, which represented default charges that had accrued on the account
and debited in line with the loan agreement it and Innoson.
bank agreed and reconciliation was carried out on the account, which
had a debit balance of N1,654,481,895.04 as at December 31, 2011. On
account of the conciliatory posture by Mr. Chukwuma and EFCC
intervention, GTBank, said authoritative sources, agreed to forego the
N559m, which represented default charges that had accrued on the account
and debited in line with the loan agreement it and Innoson.
On
the basis of this, the bank decided to accept from Innoson the sum of
N1.095billion as full and final payment of the company’s indebtedness
to the bank with the proviso that it must be paid in full not later than
(30) days from the date of the letter written conveying the decision
was written to Innoson.
the basis of this, the bank decided to accept from Innoson the sum of
N1.095billion as full and final payment of the company’s indebtedness
to the bank with the proviso that it must be paid in full not later than
(30) days from the date of the letter written conveying the decision
was written to Innoson.
Innoson, however, would
stun the bank again when it filed a suit (No: FHC/AWK/CS/2012) against
the bank at the Federal High Court, Awka, Anambra State, claiming that
its account with the bank had been debited for excess charges totaling
N559,374,072.09. He obtained a judgment in excess of N4.7billion against
the bank from a judge said to be his ally.
stun the bank again when it filed a suit (No: FHC/AWK/CS/2012) against
the bank at the Federal High Court, Awka, Anambra State, claiming that
its account with the bank had been debited for excess charges totaling
N559,374,072.09. He obtained a judgment in excess of N4.7billion against
the bank from a judge said to be his ally.
This was despite breaching the amicable
agreement between the company and the bank for a full and final
settlement of N1,095,107,822.95, which saw the bank forgo the sum of
N559,374,072.09, which accrued on its account during the period which
he abandoned it.
agreement between the company and the bank for a full and final
settlement of N1,095,107,822.95, which saw the bank forgo the sum of
N559,374,072.09, which accrued on its account during the period which
he abandoned it.
To stall the criminal
proceedings against him and his company, Mr. Chukwuma 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, Nigeria
Police Force and investigating officer(s), seeking declaratory and
injunctive reliefs, including orders restraining the Police from
commencing criminal proceedings against him and his company.
proceedings against him and his company, Mr. Chukwuma 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, Nigeria
Police Force and investigating officer(s), seeking declaratory and
injunctive reliefs, including orders restraining the Police from
commencing criminal proceedings against him and his company.
To thwart the
bank’s recovery bid as well as distract it from focusing on the criminal
action and civil actions filed for recovery of the debt, Mr. Chukwuma
and his company, revealed sources, have continued to institute lawsuits
before various courts, claiming frivolous and outrageous sums against
the bank.
bank’s recovery bid as well as distract it from focusing on the criminal
action and civil actions filed for recovery of the debt, Mr. Chukwuma
and his company, revealed sources, have continued to institute lawsuits
before various courts, claiming frivolous and outrageous sums against
the bank.
Giving reasons for Mr. Chukwuma’s
arrest, the EFCC, in a statement signed by Mr. Wilson Uwujaren, its
spokesman, Mr. Chukwuma refused to respond to invitations by the
commission after initially being granted administrative bail by the
commission, while his surety could also not be found. He was also said
to have resisted arrest.
arrest, the EFCC, in a statement signed by Mr. Wilson Uwujaren, its
spokesman, Mr. Chukwuma refused to respond to invitations by the
commission after initially being granted administrative bail by the
commission, while his surety could also not be found. He was also said
to have resisted arrest.
“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.
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,” said the EFCC.
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,” said the EFCC.
His thugs added the commission, assaulted its operatives, forcing the EFCC to call its 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.
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.
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,” said the commission.
GT
Bank, on Thursday, released a guarded statement, saying it would not
want to speak about some of the allegations because they are already
before the courts. It, however, maintained that it would take necessary
legal steps when its rights are infringed upon.
Bank, on Thursday, released a guarded statement, saying it would not
want to speak about some of the allegations because they are already
before the courts. It, however, maintained that it would take necessary
legal steps when its rights are infringed upon.
What
the bank did not say, explained sources, was that in responding to
Innoson’s motion for a stay of criminal proceedings at the Court of
Appeal, Justice J.S Ikyegh, on September 17, dismissed the motion as
unmeritorious and ordered that proceeding in the criminal case against
Innoson should proceed.
the bank did not say, explained sources, was that in responding to
Innoson’s motion for a stay of criminal proceedings at the Court of
Appeal, Justice J.S Ikyegh, on September 17, dismissed the motion as
unmeritorious and ordered that proceeding in the criminal case against
Innoson should proceed.
On October 12, the
Police filed an application (No. FHC/L/565C/2015) for the issuance of
bench warrant against Mr. Chukwuma, Charles Chukwuma and Annajekwu Sunny
for fraudulent clearance of goods, forgery, conversion, stealing and
conspiracy presently pending before Federal High Court, Ikoyi, Lagos.
Police filed an application (No. FHC/L/565C/2015) for the issuance of
bench warrant against Mr. Chukwuma, Charles Chukwuma and Annajekwu Sunny
for fraudulent clearance of goods, forgery, conversion, stealing and
conspiracy presently pending before Federal High Court, Ikoyi, Lagos.
The
current hoopla quickly became political as Mr. Chukwuma mobilized
lawmakers in the Senate who in turn began pushing an ethnic narrative
over his arrest and detention by the Economic and Financial Crimes
Commission. Sources told Saharareporters that Mr. Chukwuma had become a
law unto himself, using political connections to circumvent official
scrutiny. They said during ex-President Goodluck Jonathan’s era, Mr.
Chukwuma was untouchable. During one of his court cases in Lagos, A
federal judge who appears to be at his mercy of Mr. Chukwuma’s lawyers
Justice Saliu Saidu of the Federal High Court in Lagos had to warn him
that he would not be intimidated.
current hoopla quickly became political as Mr. Chukwuma mobilized
lawmakers in the Senate who in turn began pushing an ethnic narrative
over his arrest and detention by the Economic and Financial Crimes
Commission. Sources told Saharareporters that Mr. Chukwuma had become a
law unto himself, using political connections to circumvent official
scrutiny. They said during ex-President Goodluck Jonathan’s era, Mr.
Chukwuma was untouchable. During one of his court cases in Lagos, A
federal judge who appears to be at his mercy of Mr. Chukwuma’s lawyers
Justice Saliu Saidu of the Federal High Court in Lagos had to warn him
that he would not be intimidated.
After his
arrest by the EFCC, the forces against the anti-corruption Czar, Ibrahim
Magu at the Nigerian Senate came out of the woodworks, even with the
Senate President, Bukola Saraki making a ridiculous assertion with a
rhetoric question on the floor of the Senate wondering if the FBI would
intervene in a dispute between Ford Motors and an American bank.
arrest by the EFCC, the forces against the anti-corruption Czar, Ibrahim
Magu at the Nigerian Senate came out of the woodworks, even with the
Senate President, Bukola Saraki making a ridiculous assertion with a
rhetoric question on the floor of the Senate wondering if the FBI would
intervene in a dispute between Ford Motors and an American bank.
The
worsen the case of official collusion with Mr. Chukwuma, the Attorney
General of the Federation, Abubakar Malami claimed he had not been
briefed about Mr. Chukwuma legal issues, but a cursory check shows that
the police is prosecuting Chukwuma through the office of the AGF.
worsen the case of official collusion with Mr. Chukwuma, the Attorney
General of the Federation, Abubakar Malami claimed he had not been
briefed about Mr. Chukwuma legal issues, but a cursory check shows that
the police is prosecuting Chukwuma through the office of the AGF.
Yesterday,
a lawsuit filed by lawyers before Justice Rabiu-Shagari of the Federal
High Court in Lagos by Mr. Chukwuma’s lawyers challenging his detention
through a fundamental rights enforcement lawsuit was curiously withdrawn
by his lawyers, a sign that he had achieved his objectives using his
political connections to bully his bank and browbeat the courts and law
enforcement agencies investigating the case of forgery against him.
a lawsuit filed by lawyers before Justice Rabiu-Shagari of the Federal
High Court in Lagos by Mr. Chukwuma’s lawyers challenging his detention
through a fundamental rights enforcement lawsuit was curiously withdrawn
by his lawyers, a sign that he had achieved his objectives using his
political connections to bully his bank and browbeat the courts and law
enforcement agencies investigating the case of forgery against him.