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Innoson Responds to His Arrest Warrant

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Chairman and Chief Executive Officer (CEO) of the Innoson Group, Innocent Chukwuma has sought a Court of Appeal motion seeking a stay of execution in response to a bench order issued yesterday by a Federal High Court sitting in Lagos.

Justice Mojisola Dada of a Federal High Court sitting in Lagos,  yesterday issued an arrest warrant, instructing the police to produce him in court on the 1st of March.

Innoson’s response 

Counsel to Innoson, JB Mbadugha had filed a motion before the court of appeal challenging the jurisdiction of the high court to hear the matter.

He also stated that an identical case between both parties was currently before a Federal High Court, thus terming it an abuse of court process.

In addition, Mbadugha was of the opinion that the Economic and Financial Crimes Commission EFCC had no right to investigate, charge and prosecute Chukwuma for fraud.

Prior to this

Innoson has had a running battle with the EFCC, following a petition allegedly submitted by Guaranty Trust Bank. This climaxed with his arrest last year. The National Assembly waded into the matter as the Senate instructed its committee on Anti Corruption and Financial Crimes Commission (EFCC) to investigate the circumstances of his arrest.

Chukwuma and his brother are accused of forging documents which were used to obtain motorcycle spare parts. He has however denied those charges.

Rather, he has accused the bank of instituting the petition in a bid to avoid paying a judgment sum awarded against it.

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Innoson, in 2012, had allegedly discovered that his current account with GT Bank had been wrongly debited by over ₦700 million. Subsequently, the company took the bank to court and was awarded judgment in the sum of ₦4.7 billion with 22% interest on the judgment debt.

A  Court of Appeal of Ibadan division affirmed the decision of the Federal High Court and ordered GTB to pay ₦2.4 billion to Innoson. The bank appealed the ruling to the Supreme court but lost the case.

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training.He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE).He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy.You can contact him via [email protected]

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Cryptocurrency

XRP surges by 150% in 7 days as Ripple posts early victories against SEC

This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.

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XRP, Ripple's co-founder earned $411 million from selling XRP in 2020

Amid the strong bullish rally at play in the cryptoverse, Ripple’s XRP looks to be leading the way with a push as it almost triples in value following a series of legal victories and social media rumours of relisting at some crypto exchanges like Coinbase.

This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.

At the time of writing this report, XRP traded at $1.47 with a daily trading volume of $29.3 billion. XRP is up 147% for the week with a current market value of about $67 Billion.

The surge in this crypto asset is coming amid a lawsuit from the SEC which accuses XRP’s $1.3 billion initial coin offering of being an “unregistered securities offering.” The allegation led most American crypto multiple exchanges to delist the crypto and XRP lost its place as the 3rd largest crypto by market value.

That being said, crypto traders appear to be backing the crypto asset amid credible reports suggesting that Ripple lawyers have posted two victories in their legal tussle against the powerful American regulator, including gaining access to internal Securities Exchange Commission discussion history regarding crypto assets.

What this means

Such access by Ripple’s lawyers to these records would offer them insights into why the Securities Exchange Commission regulator has not deemed Bitcoin and Ethereum a security asset.

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Business

Lagos Commissioner of Police dismantles road blocks on Lagos-Badagry expressway

The Commissioner warned the concerned Area Commanders to take action on full compliance as any defaulter will be sanctioned accordingly.

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The Commissioner of Police in Lagos State, CP Hakeem Odumosu, has ordered the immediate dismantling of all illegal roadblocks by police teams from the command on the Lagos-Badagry expressway.

The directive is to checkmate the illegal activities of the police on that route which have been condemned by the government, some stakeholders and international bodies and also bring sanity and decency to their operations along that axis.

That disclosure is contained in a statement signed by the Police Public Relations Officer of the Lagos State Police Command, CSP Olumuyiwa Adejobi, on Saturday, April 10, 2021.

Adejobi in the statement said that CP Odumosu gave the order on Friday while addressing Area Commanders and Divisional Police Officers in the command on the general security situation in the state and reviewing the anti-crime strategies of the command in order to sustain its feats on crime control.

What the statement from the Lagos State Police Command is saying

The statement from the Lagos Police Command partly reads, “In his bid to restore sanity and decency to the operations of the police along the ever-busy international route, Lagos/Badargy Expressway, the Commissioner of Police, Lagos State, CP Hakeem Odumosu, has ordered for the immediate dismantling of illegal roadblocks by the police teams from the Lagos State Police Command.

The police boss, while reacting to some complaints from the general public and some security reports on the police activities along the international route, ordered the Area Commanders and Divisional Police Officers whose jurisdictions fall along the Badargy Expressway; Festac and Area K, Marogbo, to withdraw their men from the illegal roadblocks and embark on aggressive motorised patrol and surveillance to police their areas and the route.

The Commissioner of Police confirmed that the illegal police roadblocks along the route have been condemned by the government, international bodies and interest groups and they must be dismantled without delay,” he said.

The Commissioner, however, noted that other police operatives from other police formations, outside the supervision of the Lagos State Police Command who operate along the route, would be contacted to adjust and do the needful to restore sanity to their operations.

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The CP Odumosu then warned the concerned Area Commanders to desist and take necessary action on full compliance with his order as any defaulter will be sanctioned accordingly.

 

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