The issue of the case between @innosonmotors and GTBank with other parties like the IGP, AGF, and EFCC is interestingly complicated. The reason why it might be confusing to many. The aim, therefore, today is to state the facts according to publicly available time-lines.
In summary, there are 5 different cases and I will divide the thread into 3 segments each with its own unique time-line.
Stay with me, this will be long. #InnosonVsGTB
1. Innoson Vs Customs & GTBank – Issue of auction of seized goods by Customs
2003
The relationship between GTBank and Innoson Started sometime in 2003
#InnosonVsGTB
2004
Between October and December 2004, Innoson imported about 25 containers of Motorcycle CKDs, According to Innoson, it had obtained a concession certificate which allowed it to import at 5% duty. This certificate was to expire in July 2005. #InnosonVsGTB
Duty was paid by GTBank and receipt issue. But Customs refused to release his goods because of the existence of a circular removing Innoson from the list of companies enjoying such concessions. #InnosonVsGTB
2005
Innoson appealed to the Minister of Finance who approved that Innoson should be allowed to clear their goods with the concession certificate. Documents, where re-submitted for clearance and approval, came in Feb 2006
#InnosonVsGTB
2006
In Mar 2006, the goods could no longer be found as Customs had already auctioned 18 out of 25 containers. Between Mar & May 2006 there were efforts to resolve the issue betw Innoson, Min of Finance, Presidential Special Committee on Port Decongestion & Customs. #InnosonVsGTB
During this period, the remaining 7 containers were auctioned off by Customs.
Innoson then took the Customs to court (Suit FHC/L/CS/603/2006)
2011
The trial court in July 2011, therefore, ordered the Custom to pay Innoson the sum of N2.4B being damages incurred. #InnosonVsGTB
Innoson got a garnishee order from the Court ordering GTB to pay the judgment debt of N2.4B. GTB decided to appeal the court ruling on the garnishee to the Court of Appeal, Ibadan Division. Why GTBank appealed the order (and not Customs) is note worthy. #InnosonVsGTB
2014
In a unanimous judgment, delivered on 6th Feb 2014, the Court of Appeal dismissed the appeal and affirmed the judgment of the trial Court and ordered the GTBank to pay the said sum of N2.4B to Innoson. GTBank appealed to the SC. The SC is yet to give judgment. #InnosonVsGTB
2. Innoson Vs GTBank – Issue of Excess Charges on Innoson Account
2010
The fact they Innoson and GTB has this on-going court case concerning the custom sale of containers did not stop both organisations from doing business. #InnosonVsGTB
It appears at some point that the bank gave Innoson a N2.4 Billion facility later restructured into a 3-year term loan facility to finance its motorcycle’s CKD import business. Remember this figure because it will be relevant several years later. #InnosonVsGTB
2012
Innoson discovered strange charges in their account and decided to do an audit. The audit revealed that GTBank has over-charged it to the tune of N786m over the course of several years dating back to 2004. #InnosonVsGTB
Innoson wrote to the bank and not surprisingly, the bank did not accept to refund the charges. Innoson sued GTBank for refund of the excess charges. This is the second suit between Innoson and GTBank. #InnosonVsGTB
2013
In May 2013, Justice Salihu granted Innoson the sum of N559,374,072.09 against the bank, “with a 22 percent interest on the admitted sum to be paid from March 1, 2004, and at the same rate of 22 percent till satisfaction of the judgment debt. #InnosonVsGTB
It also added a 100% penalty as stipulated in the CBN Guidelines (Many people don’t know this penalty exist for excess charges by banks – But this is a conversation for another day). This brought the total judgement cost to N4.7B against GTBank. GTBank Appealed.
#InnosonVsGTB
2014
In Sept 2014, GTBank secured an ex parte order on Innoson Nigeria Limited Basically freezing their accounts. “All commercial banks in Nigeria were restrained from accepting, honouring, or giving effect in any manner whatsoever to any instruction by Innoson …” #InnosonVsGTB
On December 9, 2014, the Court of Appeal upheld the judgement of the FHC and ordered GTBank to pay its debt to Innoson into an interest-yielding account operated by the court. By then, the debt had accumulated to over N6 billion. #InnosonVsGTB
*If you add the previous judgement of N2.4B GTBank was already indebted as per Judgment cost to the tune of over N8.5B in 2014. GTBank in its numerous affidavits deposed that if it pays the outstanding judgment debt of N6B, it could go bankrupt & be out of business. #InnosonVsGTB
GTBank then appealed to the SC as well. Making this the second case between Innoson and GTBank at the SC awaiting judgment.
2015
In June 2015, the FHC, Lagos struck out the ex parte order freezing the bank accounts of the companies in Innoson Group.
#InnosonVsGTB
Innoson then slammed a N30 billion suit on the bank for what it had suffered in monetary terms and reputational terms during the months when the accounts of its companies in all Nigerian banks were frozen.
This is the fourth case between Innoson and GTBank
#InnosonVsGTB
3. IGP Vs Innoson – Issue of Criminal Charge of Forgery against Innoson and 5 others.
2015
GTBank filed a petition to the IGP alleging that Innocent Chukwuma and 5 others (including Innoson and Mitsui OSK Lines) criminally conspired to commit forgery. #InnosonVsGTB
GTBank alleged that Innoson + 5 criminally conspired to falsify shipping documents between Jan 2010 and April 2011 at the Apapa Wharf. The documents of which was used to obtain a N2.4B loan from GTBank. (Recall the N2.4B facility referenced earlier in this thread?) #InnosonVsGTB
This led to the suit No: FHC/L/565C/2015 by the police prosecutor against the 6 accused.
2016
In February 2016, the police withdrew the charge against the accused based on its need to further investigate the case. It seems the DPP is not aware of this withdrawal.
#InnosonVsGTB
In May 2016, the AGF approached the court to take over the case. This application was granted. This is where it gets messy. It seems the prosecutor in the IGP office did not inform the court that they already withdrew the charges before the DPP took over. #InnosonVsGTB
The EFCC invitation to Innocent Chukwuma appears to be in connection to the investigation of this GTB petition and subsequent suit by the IGP. According to the EFCC, he jumped an administrative bail. If that is true, it suggests he had already been interviewed. #InnosonVsGTB
Conclusion
In conclusion, I know we love drama and nothing can trump the drama of an arrest in the residence of a popular industrialist in the midst of his employees. But the facts of this case is bigger and judging from the time frame has detailed in this thread. #InnosonVsGTB
While we can say absolutely that GTBank is not directly involved in his arrest, we can infer that its petition is the basis on which Mr. Innocent Chukwuma is being currently investigated. So the bank is somewhat connected to it indirectly. #InnosonVsGTB
If the evidence of all the numerous court cases won by Innoson is anything to go by, I’m convinced that he will win this too. In the meanwhile, it’s better for us to be informed before taking a position either way. I hope this thread has helped towards that.
#InnosonVsGTB
Allow me to add to this thread a little. I want to speak specifically to the issue of the “forgery” charge against Innocent Chukwuma and 5 others. To be very clear, this issue is SERIOUS and he would need to take it seriously. Allow me to explain what I mean. #InnosonVsGTB
Now depending on who you believe, there are claims and counter-claims on this issue of “forgery”. But the devil is in the detail. What you need to know is that this dates back to transactions in 2010/2011. It is all procedural but you need to follow me closely. #InnosonVsGTB
Let’s start with what we can deduce from court docs & Innoson Statement
GTBank Claims
– Granted Innoson N2.4B Loan to import motorcycles
– Establishes different LCs IFO of Innoson under this facility
– It reserved propriety interest until a % of value of LC is paid
#InnosonVsGTBank
Yinka Ogunnubi contributed this from Lagos.