• Advertise
  • Opinion
  • Features & Interviews
  • Investigation
  • Contact
Wednesday, February 1, 2023
  • Login
No Result
View All Result
NEWSLETTER
The Lagos Today
  • Home
  • News
    • Lagos News
    • National News
    • World News
  • Entertainment⚡ by CRAWL
    • All
    • Art & Design
    • Books
    • Movie
    • Music
    • Sports
    Why Arsenal Are Winning- Guardiola

    Why Arsenal Are Winning- Guardiola

    Falcons Coach picks Ebi, Oshoala, 21 others for Revelation Cup in Mexico

    Falcons Coach picks Ebi, Oshoala, 21 others for Revelation Cup in Mexico

    Tottenham Sign Nigeria-born Danjuma On Loan From Villarreal

    Tottenham Sign Nigeria-born Danjuma On Loan From Villarreal

    Beyonce rakes in $320k per minute for Dubai concert 

    Beyonce rakes in $320k per minute for Dubai concert 

    Chelsea Agree £29m Deal For PSV Forward, Madueke

    Chelsea Agree £29m Deal For PSV Forward, Madueke

    Pele Leaves Millions In Will For Out Of Wedlock Daughter He Denied

    Pele Leaves Millions In Will For Out Of Wedlock Daughter He Denied

    Eight states register for NSSFF American Football Championship

    Eight states register for NSSFF American Football Championship

    Big Brother Titans: 20 Housemates Compete For $100,000

    Big Brother Titans: 20 Housemates Compete For $100,000

    Kenya Suspends 16 Players And Coaches For Match-fixing

    Kenya Suspends 16 Players And Coaches For Match-fixing

    Police Summon OAP Do2dtun Over Alleged Domestic Violence

    Police Summon OAP Do2dtun Over Alleged Domestic Violence

  • Opinion
  • Business
  • Features & Interviews
  • Best Of Lagos
    Lagos welcomes The Art hotel: A flamboyant 5 star Business Boutique Hotel

    Lagos welcomes The Art hotel: A flamboyant 5 star Business Boutique Hotel

    THE LUXURY NETWORK NIGERIA ANNOUNCES NEW MEMBER, AFFINITY ART GALLERY

    THE LUXURY NETWORK NIGERIA ANNOUNCES NEW MEMBER, AFFINITY ART GALLERY

    THE LUXURY NETWORK NIGERIA HOSTS MEMBERS’ NETWORKING FORUM

    THE LUXURY NETWORK NIGERIA HOSTS MEMBERS’ NETWORKING FORUM

    Exploring Lagos’ Gastronomy With Chef Priyank Singh of Hard Rock Cafe

    Exploring Lagos’ Gastronomy With Chef Priyank Singh of Hard Rock Cafe

    Olu Oyinsan- Saying Yes To Founders At The Early Stage

    Olu Oyinsan- Saying Yes To Founders At The Early Stage

    A Rare Hobby: Sports Fishing In Lagos

    A Rare Hobby: Sports Fishing In Lagos

    Chef Nkesi- Experiencing Different Cultures Through Food

    Chef Nkesi- Experiencing Different Cultures Through Food

    Wumi Jubril: Creating Memorable Experiences

    Wumi Jubril: Creating Memorable Experiences

    Nordic hotel

    Nordic Hotel Makes Grand Debut in Lagos

  • Things To Do
  • Home
  • News
    • Lagos News
    • National News
    • World News
  • Entertainment⚡ by CRAWL
    • All
    • Art & Design
    • Books
    • Movie
    • Music
    • Sports
    Why Arsenal Are Winning- Guardiola

    Why Arsenal Are Winning- Guardiola

    Falcons Coach picks Ebi, Oshoala, 21 others for Revelation Cup in Mexico

    Falcons Coach picks Ebi, Oshoala, 21 others for Revelation Cup in Mexico

    Tottenham Sign Nigeria-born Danjuma On Loan From Villarreal

    Tottenham Sign Nigeria-born Danjuma On Loan From Villarreal

    Beyonce rakes in $320k per minute for Dubai concert 

    Beyonce rakes in $320k per minute for Dubai concert 

    Chelsea Agree £29m Deal For PSV Forward, Madueke

    Chelsea Agree £29m Deal For PSV Forward, Madueke

    Pele Leaves Millions In Will For Out Of Wedlock Daughter He Denied

    Pele Leaves Millions In Will For Out Of Wedlock Daughter He Denied

    Eight states register for NSSFF American Football Championship

    Eight states register for NSSFF American Football Championship

    Big Brother Titans: 20 Housemates Compete For $100,000

    Big Brother Titans: 20 Housemates Compete For $100,000

    Kenya Suspends 16 Players And Coaches For Match-fixing

    Kenya Suspends 16 Players And Coaches For Match-fixing

    Police Summon OAP Do2dtun Over Alleged Domestic Violence

    Police Summon OAP Do2dtun Over Alleged Domestic Violence

  • Opinion
  • Business
  • Features & Interviews
  • Best Of Lagos
    Lagos welcomes The Art hotel: A flamboyant 5 star Business Boutique Hotel

    Lagos welcomes The Art hotel: A flamboyant 5 star Business Boutique Hotel

    THE LUXURY NETWORK NIGERIA ANNOUNCES NEW MEMBER, AFFINITY ART GALLERY

    THE LUXURY NETWORK NIGERIA ANNOUNCES NEW MEMBER, AFFINITY ART GALLERY

    THE LUXURY NETWORK NIGERIA HOSTS MEMBERS’ NETWORKING FORUM

    THE LUXURY NETWORK NIGERIA HOSTS MEMBERS’ NETWORKING FORUM

    Exploring Lagos’ Gastronomy With Chef Priyank Singh of Hard Rock Cafe

    Exploring Lagos’ Gastronomy With Chef Priyank Singh of Hard Rock Cafe

    Olu Oyinsan- Saying Yes To Founders At The Early Stage

    Olu Oyinsan- Saying Yes To Founders At The Early Stage

    A Rare Hobby: Sports Fishing In Lagos

    A Rare Hobby: Sports Fishing In Lagos

    Chef Nkesi- Experiencing Different Cultures Through Food

    Chef Nkesi- Experiencing Different Cultures Through Food

    Wumi Jubril: Creating Memorable Experiences

    Wumi Jubril: Creating Memorable Experiences

    Nordic hotel

    Nordic Hotel Makes Grand Debut in Lagos

  • Things To Do
No Result
View All Result
The Lagos Today
No Result
View All Result
Home Business

Innoson Vehicles Sues Imo State Government Over N2.5 billion Debt, Accrued Interest

by Rosemary Opara
August 1, 2022
in Business
4 min read
0
0
Innoson Vehicles Sues Imo State Government Over N2.5 billion Debt, Accrued Interest
Share on FacebookShare on Twitter

Nigerian Indigenous motor manufacturing company, Innoson Vehicles Manufacturing (IVM) has sued the Imo State Government under the leadership of Governor Hope Uzodinma, for N2.5 billion.

The lawsuit by the auto firm is over the failure of the Imo State Government to pay or service the debt of N2,547,666,435 being the purchase price of the various IVM Vehicles including their parts which IVM manufactured, sold and delivered to the State Government but Imo State Governor or its government has refused and failed to pay same despite repeated demands and appeals.

This disclosure is contained in a press release issued by the Head of Corporate Communications and Affairs of IVM Innoson Group, Cornel Osigwe, on Friday, July 29, 2022.

Osigwe in the statement said that the lawsuit which was filed by Prof Joseph N Mbadugha, SAN, FCPA of McCarthy Mbadugha & Co, the counsel to Innoson Vehicles, is coming against repeated attempts made by the Chairman of Innoson Vehicles Manufacturing, Chief Dr. Innocent Chukwuma OFR, to the Governor urging him to pay the company on the vehicles sold, and delivered to the State Government.

It stated that sometime in April 2021, His Excellency, the Executive Governor of Imo State, Senator Hope Uzodinma invited the Chairman/CEO of Innoson Vehicles, Chief Dr. Innocent Chukwuma to the Imo State Government House, Owerri where they discussed and agreed that Innoson Vehicles would sell and supply various specifications of its brand of Vehicles to the State Government. The vehicles supplied included;

‘’70 units of Innoson 5 Seater double cabin pick-up (IVM Carrier) 4WD, 10 units of Innoson 5- Seater double cabin military pick up (IVM G12), 10 units of Innoson 5 seater single cabin military pick-up (IVM G12).

‘’Others are 100 units of a complete siren with public addressing system, revolving light, and street police light, 2 Units of IVM Ambulalance Vehicles, 20 Units of IVM G12 MS11 7. 20 sets of B. Canopy.’’

Osigwe said that IVM reached an agreement with the Imo State Government that the payment for the vehicles would be made after deliveries, an agreement that was later reneged by the state government.

The statement added, ‘’The above vehicles which were valued at over N2.5 billion ($6.3M) were supplied in good faith to the Imo State Government based on an understanding with the Governor which arose after a special request that Innoson Vehicles grant the State the favour of paying for the vehicles after deliveries to them and which request was granted and honoured.

‘’The special and privilege request granted to the Governor turned into a nightmare for Innoson Vehicles and Its Chairman after Chief Chukwuma had at various times through several visits, phone calls, messages, and submission of letters requesting payment appealed to the Governor and his conscience to make total payments or set up a payment plan that will offset the debt.’’

IVM said that the inability of Imo State Government to meet up with its debt obligation to it has resulted in its having difficulties in fulfilling its loan obligations to some banks, adding that even the value of the expected payment has depreciated significantly due to a reduction in the value of the naira.

It stated, ‘’The inability of the State Government to pay the aforesaid purchase price of the vehicles supplied has resulted in Innoson Vehicles having difficulties in fulfilling its loan repayment obligations to Keystone Bank Limited and Bank of Industry.

‘’These Banks granted their credit facilities at the rate of 10% interest and other fees therein. More so, it has led to the loss of profit arising therefrom and the accruing interest.

‘’It is also interesting to note that as of July 27th, 2022, the over N2.5 billion worth of vehicles supplied to Imo State Government in April 2021 under the leadership of Hope Uzodinma with a dollar value of $6.3 million is now worth $3.8 million.

‘’Even if the money is paid today, the value of the money has depreciated by over 40%. It is therefore based on this premise that Innoson Vehicle Manufacturing Company Ltd has begun the process of recovering its debts against the Imo State Government by slamming a lawsuit of over N2.5 billion with an interest rate of 10% on the entirety of the sum claimed at the High Court of Anambra State, Nnewi Division.’’

Innoson Vehicle Manufacturing Company Limited. (Commonly shortened to IVM) is a Nigerian automobile manufacturer headquartered in Nnewi, Anambra State and was founded by Chief Innocent Chukwuma Nwala.

Innoson Vehicle Manufacturing is regarded as the largest indigenous automobile manufacturing firm and produces 70% of the car parts locally, while the rest is sourced from Japan, China, and Germany.

This is not the first time that Innoson Vehicle is involved in a major legal battle with a major institution.

Innoson had been involved in a legal battle with GTB since 2011 over claims and counterclaims of loans between the vehicle manufacturing company and the bank over a N2.4 billion judgement and a 22% accrued interest per annum.

Follow us on social media
  • Facebook
  • Twitter
  • Instagram

Share this:

  • Twitter
  • Facebook

Like this:

Like Loading...
Tags: Hope UzodinmaImo StateImo State governmentInnoson Vehicles Manufacturing (IVM)
Previous Post

NNPC Remits $2.7b to its CBN Accounts in Six Months, Counters CBN’s Claims

Next Post

Another Oyo Monarch Reportedly Joins Ancestors

Rosemary Opara

Rosemary Opara

Related Posts

EFCC Nabs Racketeers Of Redesigned Naira In Abuja, Meets Officials Of Banks

CBN Uncovers Mismanaged New Naira Notes In Ogun, Knocks Commercial Banks 

by Rosemary Opara
January 31, 2023
0

The Central Bank of Nigeria, on Tuesday, said it has uncovered N4 million of new naira notes mismanaged by a...

Naira Gains Across Forex Markets Amid CBN Intervention

Banks Will Accept Old Naira Notes After Deadline – Emefiele 

by Idonosan Debe
January 31, 2023
0

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, says banks will continue to accept old naira notes after the...

Next Post
Another Oyo Monarch Reportedly Joins Ancestors

Another Oyo Monarch Reportedly Joins Ancestors

Please login to join discussion

Recommended

Improving access to finance in Nigeria

Improving access to finance in Nigeria

2 years ago
7.1bn Fraud: EFCC Moves to Transfer Orji Kalu’s Trial to Lagos

7.1bn Fraud: EFCC Moves to Transfer Orji Kalu’s Trial to Lagos

2 years ago

Popular News

    Newsletter

    Connect with us

    Tags

    #EndSARS 2023 Elections 2023 polls 2023 Presidency Academic Staff Union of Universities (ASUU) ACCIDENT Africa All progressives Congress APC Asiwaju Bola Tinubu ASUU Strike Babajide Sanwo-Olu Bitcoin CBN Central Bank of NIgeria Central Bank of Nigeria (CBN) China Coronavirus pandemic Covid-19 Covid-19 in Lagos Covid-19 in Nigeria Covid-19 Vaccine Cryptocurrency Donald Trump Drug Trafficking EFCC Federal Government Federal Government of Nigeria Fraud Gov. Sanwo-Olu Insecurity Lagos-Ibadan expressway Lagos state Lagos State Government Lagos State Police command Muhammadu Buhari Murder Naira NDLEA Nigeria Rape Strike action UK United states US

    News

    • Business
    • National
    • Politics
    • Tech

    Opinion

    • Editorials
    • Today’s Opinion
    • Letters
    • Sunday Review
    • Advertise
    • Opinion
    • Features & Interviews
    • Investigation
    • Contact

    © 2020 The Lagos Today - Nkali.

    No Result
    View All Result
    • Home
    • News
      • Lagos News
      • National News
      • World News
    • Entertainment
    • Opinion
    • Business
    • Features & Interviews
    • Best Of Lagos
    • Things To Do

    © 2020 The Lagos Today - Nkali.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Create New Account!

    Fill the forms bellow to register

    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    %d bloggers like this: