Innocent Chukwuma, the Chief Executive Officer of Innoson Motors, has been arrested by officers of the Economic and Financial Crimes Commission.

According to posts from the company’s official Twitter account, the arrest was ordered by Guaranty Trust Bank.

The company claimed that there was no prior notice of arrest, and that the officials came and began firing live bullets, wounding many people.

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There has been a lingering court battle between Innoson and GTB, dating back to 2012 when GTB fraudulently withdrew N700 million from the company account.

A statement by Cornel Osigwe, Head of Corporate Communications for the Innoson Group back in November reads;

“Sometime in 2012, Innoson discovered that GTBank had arbitrarily imposed and debited its current account to the tune of N700 million in excessive and unlawful charges.

“Despite a series of complaints and demand for reversal of the illegal charges, a defiant GTBank refused to refund the N700 million to Innoson. Consequently, Innoson sued GTBank before the Federal High Court in Awka, Anambra State.

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“Delivering judgement in suit number: FHC/AWK/CS/139/2012, the FHC awarded N4.7 billion to Innoson Motors against GTBank. The court also ordered GTBank to pay 22 percent interest on the judgment debt until all the payment had been made to Innoson.

“GTBank challenged the judgement at the Court of Appeal, Enugu Division. The appeal number is: CA/E/288/2013.  However, on December 9, 2014, the Court of Appeal upheld the judgement of the FHC and ordered GTBank to pay its debt to Innoson into an interest-yielding account operated by the court. By then, the debt had accumulated to over N6 billion.

“Similarly, the Federal High Court, Ibadan Division, in a garnishee order absolute made on July 29, 2011, ordered GTBank to pay N2.4 billion to Innoson. The case number is: FHC/L/CS/603/2006.

“Also, the Court of Appeal, Ibadan Division, in its judgment of February 6, 2014 affirmed the decision of the FHC and ordered GTBank to pay N2.4 billion. The appeal number is: CA/I/258/2011.

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“Based on the numerous judicial pronouncements to the appellate levels, GTBank was indebted to Innoson Motors up to N8.5 billion as at 2013/2014.

“In its various affidavits, particularly at the Court of Appeal in suit number: CA/E/288/2013, GTBank deposed that if it pays the outstanding judgment debt of N6 billion, much less the N8.5 billion, it could go bankrupt and be out of business.

“GTBank did not at any time grant any loan of N2.4 billion to Innoson. And there was no such thing as Innoson obtaining any loan from GTB with shipping documents.

“Innoson obtained, and had repaid same, a loan of N1.3 billion from GTB which was secured with a legal mortgage of its properties valued at more than N1.4 billion.”

More on this story as it develops.