Connect with us

NEWS

INNOSON SUES UZODINMA, IMO GOVT OVER N2.5 BILLION DEBT.

Published

on

More than one year after supplying sundry vehicle models to the Imo State Government, Nnewi-based Innoson Innoson Vehicles Manufacturing (IVM) has filed a suit against Gov Hope Uzodinma and his administration to recover the total cost of the automobiles valued at over N2.5billion.
The indigenous auto maker, which is a member of the Innoson Group, said in a statement that it resorted to litigation following the failure of the Imo State Government to pay or service the debt of N2,547,666,435.00 (about $6.3m), being the purchase price of the various IVM Vehicles including their parts which IVM manufactured, sold and delivered to it.
The statement signed by Cornel Osigwe, Head, Corporate Communications and Affairs for Innoson Group, said the lawsuit became the last resort, because “the Imo State Governor or its government has refused and failed to pay the debt despite repeated demands and appeals.”
Osigwe also disclosed that the suit was filed by Prof Joseph N Mbadugha, SAN, of McCarthy Mbadugha & Co, the counsel to Innoson Vehicles, after “repeated attempts made by the Chairman/CEO of IVM, Chief Dr. Innocent Chukwuma, to the governor urging him to pay the company.”
According to him, the deal was struck sometime in April 2021, when Gov. Uzodinma invited Chief Chukwuma to the Imo State Government House, Owerri where they discussed and agreed that IVM would sell and supply various specifications of its brand of vehicles to the Imo State Government.
Specifically, the vehicles include 70 units of Innoson five-seater double cabin pick-up (IVM Carrier) 4WD; 10 units of Innoson five-seater double cabin military pick up (IVM G12); 10 units of Innoson five-seater single cabin military pick-up (IVM G12); and 100 units of a complete siren with public address system, revolving light, and street police light;
The UVM models purchased by Imo state also included two units of IVM ambulance vehicle; 20 units of IVM G12 MS11; and 20 sets of B. canopy
The vehicles which were valued at over N2.5B ($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 honored.
Innoson Vehicles lamented that special privilege and favour granted to the governor following his request, “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.
When Saturday Sun got wind of the debt recently and contacted the Chief Press Secretary to the Imo State Governor, Oguike Nwachukwu, he dismissed it as untrue.
But, Osigwe insisted the truth about the deal would be decided by the court .
He said: “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 27, 2022, the over N2.5B worth of vehicles supplied to Imo State Government in April 2021 under the leadership of Hope Uzodinma with a dollar value of $6.3M, is now worth $3.8M.
” Even if the money is paid today, the value of the money has depreciated by over 40 percent.”
“tt 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 N2.5B with an interest rate of 10 percent on the entirety of the sum claimed at the High Court of Anambra State, Nnewi Division.”
Continue Reading
Advertisement
Click to comment

Leave a Reply

NEWS

2023: APC unveils Lalong as presidential campaign DG, Keyamo as spokesperson

Published

on

The National Chairman of the All Progressives Congress (APC) Abdullahi Adamu on Thursday unveiled Governor Simon Lalong of Plateau State and Chairman of the Northern Governors’ Forum as the Director General of the party’s presidential campaign organisation.

The National Chairman, who led the presidential candidate of the party Bola Tinubu and his running mate Kashim Shettima to a meeting with President Muhammadu Buhari in his office in Abuja, made the announcement at a briefing. He equally unveiled the Minister of State for Labour and Employment, Festus Keyamo as the interim spokesperson of the Campaign Organisation. Barr Hanatu Musa Musa was named the deputy spokesperson.

According to him, the meeting was to brief the President and get his approval on the party’s plans regarding the campaign outfit and organogram. On the single faith ticket, the APC Chairman appealed to APC members to be patient and watch how the party develops. He noted that the party is sensitive to the concerns of Nigerians and assured that amicable solutions to the various sentiments would be worked out before the commencement of the campaign.

Meanwhile, Governor Lalong stated that he was surprised when he heard the announcement, promising to work along the established structure of the party.

Continue Reading

NEWS

Edo poised to bridge 20% of Nigeria’s supply gap for oil palm products – Obaseki

Published

on

The Edo State Governor, Mr. Godwin Obaseki, has said that the state is poised to bridge at least 20 percent supply gap of Nigeria’s oil palm market with the inflow of investment into the state through the Edo State Oil Palm Programme (ESOPP).
The governor, who said this in a chat with the Africa Report, a business magazine, noted that the state government prioritized development of oil palm plantations because it has a comparative advantage in the cash crop owing from years of hosting two companies listed on the Nigerian Stock Exchange, namely Okomu Plc and Presco Plc.
According to him, “One of my campaign promises was to create jobs. With my background as an investment banker, given the vagaries of the Nigerian economy, it was obvious that we needed to pursue diversification.
“With an increasing population, one way to diversify and create employment was to send out youths back to farm and ensure food security.”
He said the government is prioritizing agriculture by ensuring access to land and extension services in order to boost production, adding, “this led to the setting up of the Edo State Oil Palm Programme (ESOPP).”
According to him, “Nigeria has a supply gap of CPO and other products from oil palm. This has led to importation of these feedstock for many companies.
“There is a supply gap of about 650,000mt, which can be closed by cultivating about 350,000 hectares of oil palm plantation. In Edo, through ESOPP, we have already commenced cultivation of 70,000 hectares and will add another 20,000 hectares soon. That means we are closing the gap by 20 percent, with about 100,000 hectares.”
The governor added that the state is keen on sharing its experience in accessing finance and improving access to land with other states so that this would boost local capacity to fill the gap and also accelerate economic diversification in Nigeria.
Continue Reading

NEWS

U.S. mission welcomes new Consul General in Lagos

Published

on

The U.S. mission has welcomed Mr Will Stevens as the new Consul General at the Consulate General in Lagos.

The mission, in a statement, said Stevens arrived in Lagos on Friday, July 29, following consultations in Washington, D.C..

The mission said Stevens had served over 19 years in the U.S. Department of State as a career Foreign Service Officer with overseas experience in South Africa, Russia, Turkmenistan, Israel, and Belarus.

The News Agency of Nigeria (NAN) reports that Stevens succeeds Claire Pierangelo, who led the consulate from August 2019 to April 2022.

The mission quoted the new consul general to have said that he and his family looked forward to “getting to know Nigeria first-hand – exploring the region, experiencing the culture, and most importantly, meeting the people”.

NAN also reports that Stevens is the senior U.S. government representative to the Nigerian people throughout the 17 states in the southern part of the country.

He will be responsible for leading and overseeing U.S. government activities that enhance trade and investment relations and bilateral people-to-people ties across the region.

Before arriving in Nigeria, Stevens served as the Acting Consul General in Cape Town, South Africa, where he directed the U.S. government’s engagement in South Africa’s three cape provinces.

Under his leadership, US-South Africa’s trade and investment expanded by 50 percent over two years, and he coordinated the U.S. government’s response to COVID-19 in the Cape.

 

Source: NAN

Continue Reading





FOLLOW US ON TWITTER

Trending