by Alexander O. Onukwue

 

The CEO of Innoson Vehicles Manufacturing, Innocent Chukwuma, Nigeria’s most recognised indigenous automobile company, has been in the news over the past couple of days after he was arrested at his Enugu home by officers of the Economic and Financial Crimes Commission (EFCC).

Spokespersons for the company and for EFCC have traded words over the cause of the arrest. The facts and details of the matter are somewhat sketchy at the moment to place a definite finger on the circumstance which involves a private commercial bank. However, here is what we can tell from the skirmishes so far:

1. THE ORIGIN: A (SHADY) DEAL WITH GT BANK

Central to the controversy is a transaction between the proprietor of Innoson Motors, Dr Innocent Ifediaso Chukwuma and Guaranty Trust Bank PLC. According to some accounts, the transaction dates back to 2009 when the bank granted credit facilities to the tune of N2.4bn to Innoson. The loans were geared towards enabling the company to partially finance its acquisition of certain equipment and machinery. Apparently, those equipment were documented in GT Bank’s name as the sole authority who could sign for their release. Innoson could only receive the goods with the permission of the Bank and not before paying the 25% equity value of the goods.

The origin of the present allegations appears to stem from Innoson’s circumvention of this agreement and took hold of the goods, after allegedly forging the signatures of the authorised staff of the Bank. A series of reconciliation and debt forgiveness talks led to the sum of N1,095,107,822.95 being agreed as the full and final payment of Innoson’s indebtedness to the Bank, provided that it was fully paid not later than (30) days from the date of the letter written to him.

But Innoson allegedly reneged on this restructured debt, rather taking the Bank to the Federal High Court in Awka on the charge of excessive debt.

2. INNOSON SAYS: GT BANK HAS BEEN STEALING FROM ME

But the industrialist denies that he is the one in the wrong here, accusing the bank of continuous deductions from his account. This was the side of the story shared by Deputy Senate President, Ike Ekweremadu, on the floor of the Senate on Wednesday. Mr Ekweremadu, who represents the place of Innoson’s residence Enugu state, stated that the indigenous manufacturer’s company does not owe the bank “anything”.

According to the Senator, Innoson borrowed money from the bank “which he has since repaid but the bank kept charging money and withdrawing it from his account”. An audit committee was set up by both parties with the conclusion that the bank had deducted “more than N500 million”. A disagreement then ensued as to how much would be paid by the bank; GT offered 17 % but Innoson was holding out for 22%.

3. THE POLICE SAYS: THIS IS A CASE OF FRAUD

It is being asked why a matter involving a customer and his bank should involve the EFCC. Senate President Bukola Saraki in his reaction Wednesday, opined that the FBI would not be involved if Citi Bank had an issue with Ford Motors and Mr Ekweremadu said the EFCC’s involvement leads to a mockery of the anti-graft body. However, the Police had apparently always treated this as a case of forgery and conspiracy to deceive.

According to an account in Premium Times, the Police had on October 12, 2017, filed 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 at the Federal High Court, Ikoyi. The EFCC says its Capital Marker and Insurance Fraud section is investigating Mr Chukwuma and his brother, Charles for N1,478,366,859.66 fraud. According to the body, Innoson allegedly forged documents to secure tax waivers and his brother Charles is at large.

4. THE SUPREME COURT WILL DECIDE THIS

Mr Chukwuma was released on bail on Wednesday, even if he refused to leave requesting to know why he had been arrested. Through their Twitter account, his company released a statement that “Dr Chukwuma’s case against GTB is already at the Supreme Court. We have absolute faith in the Nigeria Judiciary. They should be allowed to adjudicate over this matter without undue interference from any quarters”.

Innoson’s statement also includes a vote of confidence on the EFCC “as a law abiding organisation and a strong advocate of rule of law” asking that the body “should allow the court processes to reach its logical conclusion”.

5. ANOTHER CASE FOR TRIBAL POKER

Yes, the Innoson case is another case that shows how a non-political matter (at least on the surface) can produce attacks and defences based on ethnic nationality. An aide of former president Goodluck Jonathan has picked up on this to criticise president Buhari for arresting “five percenter Innoson who creates jobs for Nigerians, yet can’t arrest the guilty ninety seven percenter herdsmen who killing Nigerians”. A spokesperson for a group which refers to itself as the Igbo Youth Movement referred to the arrest of Innoson as “a loud statement to the Igbo Nation that we are perceived as slaves in Nigeria” and that “Aliko Dangote cannot be abducted that way over issues with a commercial bank”.

The tribal undertone of the matter was more than faintly visible on the floor of the Senate on Wednesday when Abia senator, Enyinnaya Abaribe sought to add to the tension by alleging that Mrs Chukwuma’s wife had been slapped by an officer of the EFCC.

6. THE SENATE STILL DETESTS MAGU

Episodes such as this provide opportunities to assess whether the upper house could yet change its opinion on confirming Ibrahim Magu as the substantive Chairman of the EFCC. But with the way the issue was discussed, the Senators’ collective aversion to Magu appears to have only magnified.