Innoson Raps EFCC, Says Charge is Laughable

The Chairman and Managing Director of Innoson Vehicle
Manufacturing (IVM), Chief Innocent Chukwuma, has dismissed as
laughable and a ‘no issue’ the alleged fraud charge filed against
him by the Economic and Financial Crimes Commission (EFCC).

In a statement by Head of Corporate Communications Innoson
Group, Mr. Cornel Osigwe, the entrepreneur said the purported
charge was a calculated attempt by the anti-graft body to justify
his arrest last week Tuesday.

Innoson said the charge was an action taken in bad faith to
change the narrative to him in bad light and divert the attention
of the public that had continued to condemn his arrest.

He said: “We have some reservations with the publication of the
details of the suit in question on some online blogs because the
charge, which EFCC purports to file against me has a temporary suit
number: Temp/3315c/2017. This number is written with red pen at the
top most right side of the charge published at EFCC’s page.

“By this temporary number it means that the charge is not yet
before any court in Lagos State. Also, it means that the charge
cannot be acted upon by any court in Lagos State and it cannot be
served on any party as well.

“As it is, the charge has not been filed. So why the media noise
by the commission of filling fraud charges against Innoson? We
believe that it is a Volte face. Furthermore we are alarmed at how
low EFCC could descend to be used by GTB to destroy the Nigeria’s
foremost entrepreneur. We have it now in good authority that there
is a grand conspiracy by an International competitor of Innoson
Vehicles who have conspired with a financial institution to pull
down Innoson Vehicles at all cost because of the latest increase of
patronage of Innoson Vehicles by the Federal Government.

“But we are amazed that EFCC, a Federal Government Agency who is
supposed at all times to defend indigenous Nigerian companies who
are working hard to make Nigeria great will allow itself to be used
as a tool to kill and destroy these companies. Particulars of
Offence Nigeria needs to ask EFCC if GTB as a bank has any license
to import motorcycle spare parts or CKD.

“A cursory look at the charges filed by EFCC at court is both
laughable and constitutes a National embarrassment. The motorcycles
being deemed the property of GTB were ordered by Innoson from its
manufacturers and suppliers with a loan from GTB. Under letter of
credit transaction, in international trade, bills of ladings are
consigned to banks not because the banks – consignees – are the
owners of the goods but rather to ensure that the seller is paid
and the buyer receives the goods.

“Mere consignment or endorsement of a bill of lading does not
confer title in the goods covered by the bill of lading to either
the consignee or the endorsee. Where consignment or endorsement of
a bill of lading is intended as a security for loan, consignment or
endorsement in such circumstance does not transfer title in the
goods to the consignee or the endorsee.

“All Innoson’s letter of credit transactions, through GTB, were
confirmed LCs. In letter of credit transactions (LC), particularly
but not exclusively confirmed LC, the term is cash against
documents. Shipping documents are not released by the
advising/correspondent bank to the Issuing Bank until the Issuing
Bank pays for the goods.

“At all material times, Innoson paid 25% of every LC value
before it was opened. The media hype of EFCC portrayed Innoson and
its promoter as having stolen goods belonging to GTB. We note the
attempt of EFCC to get the courts to retry a matter Innoson had
already secured judgment on.”

The IVM owner further reiterated his earlier statement that the
commission was yet to tell him why he was arrested except to say on
pages of newspapers that he was arrested because of his fraud at
SEC and forgery of documents to obtain tax waivers.

“While we await to be served the court papers, we want to advice
the EFCC that if there is any complaint by GTB to EFCC, Innoson
should be invited by the commission to clear its name, EFCC will
then conducts its investigation before taking matter to court,” he
said.

The Chairman and Managing Director of Innoson Vehicle
Manufacturing (IVM), Chief Innocent Chukwuma, has dismissed as
laughable and a ‘no issue’ the alleged fraud charge filed against
him by the Economic and Financial Crimes Commission
(EFCC).

In a statement by Head of Corporate Communications Innoson
Group, Mr. Cornel Osigwe, the entrepreneur said the purported
charge was a calculated attempt by the anti-graft body to justify
his arrest last week Tuesday.

Innoson said the charge was an action taken in bad faith to
change the narrative to him in bad light and divert the attention
of the public that had continued to condemn his arrest.

He said: “We have some reservations with the publication of the
details of the suit in question on some online blogs because the
charge, which EFCC purports to file against me has a temporary suit
number: Temp/3315c/2017. This number is written with red pen at the
top most right side of the charge published at EFCC’s page.

“By this temporary number it means that the charge is not yet
before any court in Lagos State. Also, it means that the charge
cannot be acted upon by any court in Lagos State and it cannot be
served on any party as well.

“As it is, the charge has not been filed. So why the media noise
by the commission of filling fraud charges against Innoson? We
believe that it is a Volte face. Furthermore we are alarmed at how
low EFCC could descend to be used by GTB to destroy the Nigeria’s
foremost entrepreneur. We have it now in good authority that there
is a grand conspiracy by an International competitor of Innoson
Vehicles who have conspired with a financial institution to pull
down Innoson Vehicles at all cost because of the latest increase of
patronage of Innoson Vehicles by the Federal Government.

“But we are amazed that EFCC, a Federal Government Agency who is
supposed at all times to defend indigenous Nigerian companies who
are working hard to make Nigeria great will allow itself to be used
as a tool to kill and destroy these companies. Particulars of
Offence Nigeria needs to ask EFCC if GTB as a bank has any license
to import motorcycle spare parts or CKD.

“A cursory look at the charges filed by EFCC at court is both
laughable and constitutes a National embarrassment. The motorcycles
being deemed the property of GTB were ordered by Innoson from its
manufacturers and suppliers with a loan from GTB. Under letter of
credit transaction, in international trade, bills of ladings are
consigned to banks not because the banks – consignees – are the
owners of the goods but rather to ensure that the seller is paid
and the buyer receives the goods.

“Mere consignment or endorsement of a bill of lading does not
confer title in the goods covered by the bill of lading to either
the consignee or the endorsee. Where consignment or endorsement of
a bill of lading is intended as a security for loan, consignment or
endorsement in such circumstance does not transfer title in the
goods to the consignee or the endorsee.

“All Innoson’s letter of credit transactions, through GTB, were
confirmed LCs. In letter of credit transactions (LC), particularly
but not exclusively confirmed LC, the term is cash against
documents. Shipping documents are not released by the
advising/correspondent bank to the Issuing Bank until the Issuing
Bank pays for the goods.

“At all material times, Innoson paid 25% of every LC value
before it was opened. The media hype of EFCC portrayed Innoson and
its promoter as having stolen goods belonging to GTB. We note the
attempt of EFCC to get the courts to retry a matter Innoson had
already secured judgment on.”

The IVM owner further reiterated his earlier statement that the
commission was yet to tell him why he was arrested except to say on
pages of newspapers that he was arrested because of his fraud at
SEC and forgery of documents to obtain tax waivers.

“While we await to be served the court papers, we want to advice
the EFCC that if there is any complaint by GTB to EFCC, Innoson
should be invited by the commission to clear its name, EFCC will
then conducts its investigation before taking matter to court,” he
said.