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Operatives of the Economic and Financial Crimes Commission, EFCC, have arrested Innocent Chukwuma, the founder and chairman of Innoson Motors.

Spokesperson for the company, Cornel Osigwe,revealed  that Mr. Chukwuma was arrested at his residence in Enugu around 9:00 a.m. on Tuesday.

“His arrest is in connection to the ongoing case he has with GTBank,” Mr. Osigwe said.

Mr. Osigwe said his principal was accused of jumping bail, wondering how someone who was never invited by the EFCC much less being arrested would be accused of fleeing from the law.

“He was never invited by the EFCC, we challenge them to come forward with any evidence showing that he jumped bail,” Mr. Osigwe said.


“This is GTBank using federal authorities to persecute an illustrious citizen who has done a lot to improve the economic development of this country.”

A spokesperson for GTBank, Meksley Nwagboh, denied the bank’s involvement in the arrest,

“EFCC arrested him they will be in a best position to comment on the reason for his arrest.”

The dispute between the company and GTB began in 2012.

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Innoson Nigeria Ltd. was a customer of Guaranty Trust Bank Plc. Sometime in 2012 Innoson discovered that GTB imposed and debited its current account with over N700 million excess and unlawful charges. GTB failed and refused to refund the N700 million to Innoson.

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“Consequently, Innoson commenced suit no: FHC/AWK/CS/139/2012 against GTB and  the court rendered judgment in the sum of N4.7 billion with 22% interest on the judgment debt until satisfaction of the judgment debt in favour of Innoson against GTB.”

Innoson said the court of appeal of Ibadan division affirmed the decision of the federal high court and ordered GTB to pay N2.4 billion to Innoson.


The bank had appealed the ruling at the supreme court but lost the case. Innoson then began a N400milion  case at the Federal High Court, Abuja.

The bank has continued to maintain its allegations that Mr. Chukwuma manipulated bank and shipping documents to obtain tax waivers from the Nigerian government.

Innosson vehicle manufacturing company is the 1st Made-in-Africa automobile brand created to eradicate “tokunbo” (foreign used) cars from Africa with a mission to make durable and affordable brand new automobiles for Africans.


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