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- No fresh charges preferred against us, says auto firm
By Rita Ejesieme
It’s been an unending battle. And when many Nigerians already thought that the long, legal tussle between auto-manufacturing company, Innoson Group, and frontline bank, Guaranty Trust Bank Plc, had been concluded, the war enters another phase.
Recently, the Innoson team and its Chinese partners visited Vice President Yemi Osinbajo on a proposed one billion-dollar investment into Nigeria. Later same day, the air was awash with the news that the Inspector-General of Police, Mr. Ibrahim Idris, had filed a four-count charge bordering on an alleged N2.4bn shipping fraud against Innoson Nigeria Limited before a Federal High Court in Lagos over its case with Guaranty Trust Bank.
But the Innoson Group denied the report as soon as it was released, insisting that no new charges were preferred against it by the police.
Citing a letter dated February 17, 2016, the Innoson Group stated that the police had filed a notice of withdrawal of the case since February when the police got the full details of the matter – a purely business matter between Innoson Nigeria Limited and GTB.
The group explained that it was the old case it had with GTB that was resuscitated in the media with a sensational headline to tarnish the image of the company.
The police prosecutor, Stanley Nwodo, Esq, who applied for the withdrawal of the case on February 17, 2016, also confirmed that indeed he had applied for the withdrawal of the case.
In a statement, Mr. Cornel Osigwe, Public Relations and Media Manager of Innoson Group explained: “We are constrained to respond to fictitious news published recently by some news media channels purporting that the Inspector-General of Police, Mr. Ibrahim Idris, filed four counts of alleged N2.4bn shipping fraud against Innoson Nigeria Limited before a Federal High Court in Lagos.”
“The said report, which was published with the ultimate aim of maligning the reputation of Dr Innocent Chukwuma on the same period he was playing host to his strategic Chinese business partners with a visit to Vice President Yemi Osinbajo, wouldn’t have merited our response. But we have been constrained to respond to this trumped-up charge to state the true position of things and to keep the record straight.”
According to the company, Guaranty Trust Bank PLC (GTB) imposed excess and unlawful charges running into Billions of Naira on Innoson Nig Ltd’s current account with it. Consequently, Innoson commenced suit No: FHC/AWK/CS/139/2012 against GTB and therein got judgment in excess of N4.7Billion against GTB. GTB appealed against the judgment to the Court of Appeal, through Appeal No: CA/E/288/2013. There, the Court of Appeal ordered GTB to pay over N6Billion, being the judgment with the accrued interest.
Innoson Group further explained that in another case, suit No: FHC/L/CS/603/2006, the Federal High Court ordered GTB to pay over N2.4Billion to Innoson. GTB appealed against this judgment/order in Appeal No: CA/I/258/2011. However, the Court of Appeal dismissed the appeal and ordered GTB to pay the N2.4Billion to Innoson.
Osigwe added: “Finding no justifiable way of getting Innoson to abandon the aforesaid judgments, which as at today is over N10Billion, given the post-judgment interest, or to let it pay a lesser sum to Innoson, the police were instigated to initiate a trumped-up charge – Charge No: FHC/L/565c/2015 against Innoson Nig Ltd. This charge was filed on 21st December 2015. However, when the Inspector General of Police discovered that the charge was a trumped-up one – a ruse – he withdrew the charge through its Notice of Withdrawal dated 17th February 2016 and adequately filed in the court.”
An image management strategist and public relations specialist, Mr. Johnson Odejide, urged both the Innoson Group and the GTB to settle the rift between them for the sake of the country.
He told Daily Sun: “What can be gleaned from this matter is that two corporate giants are fighting both in the court of law and in the court of public opinion to get the better of the other. While this is a minor case, the Supreme Court judgment on the main case between the two companies is still awaited. In the meantime, I will urge the two parties to sheathe their swords and settle their rift.”
Another Nigerian, a journalist who doesn’t want his name mentioned, said both companies were too critical to the nation’s economy. He noted. “Both companies are of great importance to the Nigerian economy because of the thousands of people they employ as well as what they contribute to the image and economy of Nigeria. Innoson has been an inspiration and a representation of the Nigerian entrepreneurial spirit. In spite of the tough business terrain the Nigerian market is to local manufacturers, it has persevered and even achieved the feat early this year of fabricating fighter jet parts for the Nigerian Air Force. The recent one billion-dollar investment in information technology via its Chinese partners is another exciting piece of news. On its part, GT Bank has done well for itself and the nation since 1990 when it was founded, coming out with different innovations. Nothing should be done to destroy any of these two brands.”
