FG URGES COURT TO ISSUE ARREST WARRANT ON INNOSON MOTORS BOSS

The Federal Government Monday urged the Federal High Court in Lagos to issue a bench warrant for Innoson Nigeria Limited’s chairman Mr. Innocent Chukwuma and two of his employees. They were charged in a fraud case before Justice Ayokunle Faji. The Police charged them with an alleged N2.4billion shipping fraud, but the Attorney-General of the Federation later took over the case. Others named in the charge are Charles Chukwuma, Maximian Chukwura, Mitsui Osk Lines and Anajekwu Sunny. The prosecution is praying the court to order the arrest of Innoson Motors…

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SAHARA ENERGY OPENS UP ON INDEBTEDNESS TO UBA

Sahara Energy The management of Sahara Energy Resource Ltd., says the company has no outstanding facilities with the United Bank for Africa Plc (UBA), contrary to media reports sourced from a petition filed by UBA. Sahara Group management said on its website on Saturday that it has instructed its lawyers to take necessary steps to ensure UBA’s petition is dismissed. UBA Plc had filed a petition against Sahara Energy Resource Ltd at a Federal High Court in Lagos asking for an order to take over and wind down the operations…

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JP MORGAN’S ROLE IN NIGERIA’S OIL BUSINESS HAS COME BACK TO HAUNT IT- NEW YORK TIMES

JPMorgan’s Role in Nigerian Oil Deal Has Come Back to Haunt It At the heart of a case against JPMorgan Chase is whether it did enough to safeguard Nigeria’s money. Under the rule of the Nigerian dictator Sani Abacha more than 20 years ago, a handful of high-ranking government officials looted billions of dollars from the country’s coffers. Now the Nigerian government is demanding some of its money back — from JPMorgan Chase. In a British court, lawyers for the country are suing a subsidiary of the largest United States…

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FIRS SUED 2BIL FOR SHUTTING DOWN COMPANY ILLEGALLY

Mr Bharat Vora, a Plaintiff, on Monday prayed a Federal High Court in Abuja to award him N2 billion against the Federal Inland Revenue Service (FIRS) for shutting his business. Vora, the Managing Director of Mutunci Company Nig. Ltd., also asked for the refund of N7 million that he paid FIRS to re-open his factory which they have failed to. The plaintiff, who was prosecution witness number three, and who was led in evidence by his counsel, Mr Sepirido Peters, identified the bundle of exhibits numbered 1-165 given to him…

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WE HAVE SEALED 7 BRANCHES OF GTBANK TO RECOVER OUR DEBT- INNOSON BOSS

…We’ll follow legal process to stop fraudulent order- GTB Innoson motors Nigeria Limited has said it has sealed seven branches of Guaranty Trust Bank, GTB to recover it’s N8.8 billion. The spoke person for Innoson Motors,  Cornell Osigwe who spoke to Daily Trust in Nnewi on Saturday said the company had sealed seven of GTB bank branches. The branches are: one in Nnewi, two in Onitsha, two in Awka and two in Enugu and would move to seal the GTB Head office next week. According to him, Innoson will seal…

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INNOSON MOTORS BOSS SPEAKS ON GTB PROBLEMS WITH HIS COMPANY, WATCH VIDEO

Here is everything you need to know about the problem between INNOCENT CHUKWUMA, founder and Chairman of INNOSON VEHICLE MANUFACTURING CO. LTD. and Guaranty Trust Bank. Watch the video, the moment Innoson CEO exposed GT Bank! “GTB is owing me 8 billion, Appeal Court ordered them to pay, they refused to pay, they went to Supreme Court, they went and got an affidavit and told Supreme that if they pay me (Innoson) the 8 billion, they will collapse! I don’t believe them, let them pay me my money, if they…

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GTBANK REACTS TO COURT ORDER GIVING PERMISSION TO INNOSON MOTORS TO TAKE OVER BANK BRANCHES

Guarantee Trust Bank says it is taking all necessary legal steps to ensure that no illegal or fraudulent execution is carried out by Innoson motors, with whom it has a long-drawn-out court case. On Friday, Innoson Nigeria Limited had announced that it obtained a writ of Fifa from the Federal High Court in Awka, Anambra State, against GTB to effect the judgment given by the Federal High Court in Ibadan and upheld by the Supreme Court of Nigeria. Cornel Osigwe, the Head of Corporate Communication of Innoson, made the announcement,…

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WHAT NIGERIANS ARE SAYING ABOUT INNOSON MOTORS TAKEOVER OF BRANCHES OF GTBANK AFTER COURT JUDGEMENT

Following the revelation that Nigerian car manufacturing company, Innoson Motors, is set to take over Guaranty trust bank, Nigerians have taken to their Twitter handle to react. The car manufacturing company has obtained a writ of Fifa from the Federal High Court in Awka, Anambra State, GTB to take over the banks assets over a controversial debt of over N8b. Reactions: If you don’t withdraw all your money from @gtbank_help, you are the one that would pay the debt of 8 billion naira GTBank is owning Innoson motors. I would visit…

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8.7BIL DEBT: INNOSON MOTORS MOVES TO TAKE OVER GTBANK

Innoson Nigeria Limited, Nigeria’s indigenous vehicle production company, has instituted a move to take over Guaranteed Trust Bank, GTB, following a ruling by the Supreme Court over the bank’s N8.7 billion indebtedness to the company. The company’s chairman, Chief Dr Innocent Chukwuma, made the move through a “Writ of FiFa taken over Guaranty Trust Bank PLC for and on half of Innoson Nigeria Ltd” as a result of the Bank’s indebtedness to Innoson Nigeria Ltd. In a landmark decision on February 27th 2019, the Supreme Court had dismissed GTB’s appeal…

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OANDO SHAREHOLDERS PETITION NATIONAL ASSEMBLY OVER CORPORATE GOVERNANCE ABUSE AND MISMANAGEMENT IN THE COMPANY

BY MARK ITSIBOR, Abuja Over 100 shareholders of Oando Plc have written a petition to the National Assembly alleging corporate governance abuse, mismanagement and gross misconduct in the oil firm. The petition that was addressed to the Chairman, House Committee on Capital Market and Institutions, was signed by the 100 aggrieved shareholders with a demand that the management of the company be removed. This is as shareholder groups across Northern Nigeria held a mass protest in Asokoro area calling on regulators to protect the interest of the shareholders and save…

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