In the Innoson Group v. GTBank fraud case, the plaintiff, Innoson Motors, asserts that GT Bank owes it a substantial amount of money, which, with compound interest at a rate of 22% yearly over a number of years, comes to ₦8.9 billion. But the Nigerian government is also looking into allegations of fraud against Innoson Motors.[1] Innoson Motors filed a lawsuit in 2011 against GT Bank.
The Nigerian Supreme Court has upheld Innoson Motors’ lawsuit against GT Bank. According to the corporation, it is entitled to acquire GT Bank instead of getting its money.[2] Following the Economic and Financial Crimes Commission’s arrest of the Innonson chairman, the controversy gained media attention.
In 2009, GTBank gave Innoson credit; as per the terms of the loan, which Chukwuma signed on the company’s behalf, the bank held the exclusive proprietary rights in imported items.
The original shipping paperwork were held by the bank, and the bank could only give ownership to Innoson—or any other third party—once the terms of the arrangement were met.[3] Because Innoson had not complied with the terms of the agreement, Chukwuma had applied to the bank on behalf of Innoson for the paperwork, but the bank had discovered in June 2011 that Innoson had obtained the imported items without permission. The bills of lading that the shipping line received from the bank were falsified. The falsification was reported by GTBank
Following a forensic analysis of the contested signatures, the police concluded that the imported commodities had been unlawfully cleared by the Nigerian Ports Authority and that the bank employees’ signatures were fake.[3]
The company was a GTBank customer, according to a press statement issued by the Innoson Group on November 10, 2017. The bank “arbitrarily imposed and debited [their] current account in excessive and unlawful charges” in 2012, which was when the problem first surfaced.[4] After Innoson sued GTBank, both parties contested a number of the rulings. GTBank owed Innoson Motors as much as ₦8.5 billion in 2013 and 2014.Innoson’s assertions regarding the verdict were refuted in news articles,
