Why EFCC, GTBank are colluding with foreign automakers to kill Innoson Motors — Innocent Chukwuma

The founder and CEO of Innoson Motors, Chief Innocent Chukwuma, on Tuesday accused the Economic and Financial Crimes Commission (EFCC) and GTBank of conspiring with some unnamed foreign entities to drive Nigeria’s only indigenous auto manufacturing company out of business.

“We have it now on good authority that there is a grand conspiracy by some international competitors of Innoson Vehicles who have conspired with a financial institution to pull down Innoson Vehicles at all cost,” Mr. Chukwuma said in a statement signed by Cornel Osigwe, head of corporate communications at Innoson.

The company linked the alleged conspiracy to “the latest increase of patronage of Innoson Vehicles by the Federal Government.”

Mr. Osigwe attributed the improved sales to a recent upsurge in orders placed by the Nigerian military, the Federal Road Safety Corps, the Nigerian Immigration Service, amongst other federal authorities.

Recall that Mr. Chukwuma was arrested by the EFCC in the morning of December 19 at his residence in Enugu, accusing him of attempted fraud, theft and forgery.

The allegations were reported by GTBank, which said Mr. Chukwuma forged bank and shipping documents to clear some goods a few years ago.

Innoson denied all allegations of wrongdoing, filing a counter-claim that the bank charged some arbitrary deductions to his company accounts.

The company alleged that the EFCC was instigated against it by GTBank, which is desperate to avoid paying the over N8 billion damages.

“We are alarmed at how low EFCC could descend to be used by GTB to destroy Nigeria’s foremost entrepreneur,” Mr. Osigwe added in his latest statement.

Innoson motors was established in 2010, and has produced up to 11,000 vehicles to date.

Credit: Premium Times