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Innoson Sues Imo Government Over N2.5 Billion Debt

 

The federal government of Imo state has been sued by Innoson Group for owing it over N2.5 billion.

 

Innoson made the announcement on its Fb web page.

 

Giving particulars in regards to the lawsuit, the corporate wrote:

 

PRESS RELEASE

Innoson Autos Sue Imo State Authorities over N2.5B Debt

Nigeria’s indigenous automobile manufacturing firm, Innoson Autos Manufacturing (IVM) has filed an over N2.5B lawsuit in opposition to the Imo State Authorities underneath the headship of Senator Hope Uzodinma over its failure to pay or service the debt of N2,547,666,435.00 (Two Billion, 5 Hundred and Forty-Seven Million, Six Hundred and Sixty-Six Thousand, 4 Hundred and Thirty-5 Naira) being the acquisition worth of the assorted IVM Autos together with their components which IVM manufactured, offered and delivered to the State Authorities however Imo State Governor or its authorities has refused and did not pay similar regardless of repeated calls for and appeals.

The lawsuit which was filed by Prof Joseph N Mbadugha, SAN, FCPA of McCarthy Mbadugha & Co, the counsel to Innoson Autos coming in opposition to repeated makes an attempt made by the Chairman of Innoson Autos Manufacturing, Chief Dr. Harmless Chukwuma OFR, to the Governor urging him to pay the corporate on the automobiles offered, and delivered to the State Authorities.

For the avoidance of doubt, generally in April 2021, His Excellency, the Government Governor of Imo State, Senator Hope Uzodinma invited the Chairman/CEO of Innoson Autos, Chief Dr. Harmless Chukwuma to the Imo State Authorities Home, Owerri the place they mentioned and agreed that Innoson Autos would promote and provide numerous specs of its model of Autos to the State Authorities which incorporates, inter alia;

1. 70 items of Innoson 5 Seater double cabin pick-up (IVM Service) 4WD

2. 10 items of Innoson 5- Seater double cabin navy choose up (IVM G12)

3. 10 items of Innoson 5 seater single cabin navy pick-up (IVM G12)

4. 100 items of an entire siren with public addressing system, revolving gentle, and avenue police gentle;

5. 2 Items of IVM Ambulance Autos

6. 20 Items of IVM G12 MS11

7. 20 units of B. Cover

The above automobiles which had been valued at over N2.5B ($6.3M) had been provided in good religion to the Imo State Authorities based mostly on an understanding with the Governor which arose after a particular request that Innoson Autos grant the State the favor of paying for the automobiles after deliveries to them and which request was granted and honored.

The particular and privilege request granted to the Governor became a nightmare for Innoson Autos and Its Chairman after Chief Chukwuma had at numerous instances via a number of visits, telephone calls, messages, and submission of letters requesting fee appealed to the Governor and his conscience to make whole funds or arrange a fee plan that can offset the debt.

The lack of the State Authorities to pay the aforesaid buy worth of the automobiles provided has resulted in Innoson Autos having difficulties in fulfilling its mortgage reimbursement obligations to Keystone Financial institution Restricted and Financial institution of Trade. These Banks granted their credit score services on the price of 10% curiosity and different charges therein. Extra so, it has led to the lack of revenue arising therefrom and the accruing curiosity.

Additionally it is fascinating to notice that as of July twenty seventh, 2022, the over N2.5B value of automobiles provided to Imo State Authorities in April 2021 underneath the management of Hope Uzodinma with a greenback worth of $6.3M is now value $3.8M. Even when the cash is paid immediately, the worth of the cash has depreciated by over 40%.

It’s subsequently based mostly on this premise that Innoson Automobile Manufacturing Firm Ltd has begun the method of recovering its money owed in opposition to the Imo State Authorities by slamming a lawsuit of over N2.5B with an rate of interest of 10% on the whole thing of the sum claimed on the Excessive Court docket of Anambra State, Nnewi Division.

Cornel Osigwe

Head Company Communications and Affairs

IVM Innoson Group.

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