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Business News

Reactions trail EFCC’s vow to punish Innoson boss

EFCC to ensure Innoson boss’ arrest

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The media rage and saga between Innoson Motors Nigeria Limited and Guaranty Trust Bank (GTB), may not end anytime soon, as the Economic and Financial Crimes Commission (EFCC) vowed to ensure the arrest of the company’s Chairman, Innocent Chukwuma.

In a statement by EFCC Spokesman, Wilson Uwujaren shortly after Justice Olusola Williams of the Special Offences Court sitting in Ikeja, struck out the case of fraud it instituted against Chukwuma, the anti-graft agency discloses its commitment of ensuring Chukwuma face fraud charges in court.

The court, according to reports, struck out the case after EFCC failed to produce Chukwuma in court for trial.

Following the court’s ruling and EFCC’s vow to prosecute Innoson Motors Nigeria Limited’s Chairman, Nigerians in thousand have taken to Twitter to express their displeasure about the long-term tussle between GTB, Innoson Motors Nigeria Limited, Innocent Chukwuma and EFCC.

@AJTweete tweeted; “EFCC bent on prosecuting Innoson, but upon reading the publication of , I’m sorry but EFCC’s story doesn’t add up. When did GTB started importing bike?”

@Opoyochuks tweeted; “THE SHOULD FOLLOW DUE PROCESS OF LAW IN PROSECUTING INNOSON”

However, Chukwuma and his company, Innoson Motors Nigeria Limited, were to be arraigned on four counts of conspiracy to obtain by false pretences, obtaining by false pretences, stealing and forgery.  The defendants allegedly committed the offences between 2009 and July 2011 in Lagos.

How the saga began

Innoson Motors was involved in a N2.4 billion fraud scandal with GTB, which became public in 2017. The saga gained publicity following the arrest of the Innonson chairman by EFCC.

Following his arrest, Innoson took the battle to social media with campaigns against the bank such as #BewareOfGTBank and #WhatIsWrongWithGTBank. 

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In 2009, GTB granted Innoson several credit facilities and under the loan terms agreed by the transportation company on behalf of Chukwuma, proprietary interest in the imported goods are exclusively that of GTB. The original shipping documents were in the custody of the bank, and have remained in the custody of the bank and ownership could only be transferred to Innoson (or any other third party) by the bank when the condition in the agreement is reached.

It was learnt that Chukwuma approached the bank, on behalf of Innoson for the documents and was declined due to their failure to meet the agreed conditions, but in June 2011, the bank noticed that the imported goods had been procured by Innoson without its consent.

The bank’s endorsement on the bills of lading to the Shipping Line was forged as the original documents were still in the possession of the bank. GTB reported the case to the Nigeria Police and consequently, the police commenced an investigation into the bank’s complaint, including a forensic examination of the disputed signatures, and established that the signatures of the bank’s staff were forged, and the imported goods were fraudulently cleared from the Nigerian Ports Authority.

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EFCC’s involvement

Chukwuma was arrested by EFCC in his residence in Enugu in December, 2017 for interrogations in Lagos over the alleged scandal.

The anti-graft agency also claims Chukwuma was arrested because of an alleged fraud case at Security and Exchange Commission (SEC) and forgery of documents to obtain tax waivers.

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Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Appointments

Standard Bank Group appoints Yinka Sanni as new Chief Executive of Africa Regions

Yinka Sanni has been appointed as Standard Bank Group’s Chief Executive of Africa Regions.

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Stanbic IBTC declares N10.4 billion interim dividend

The Standard Bank Group has announced the appointment of Yinka Sanni as the new Chief Executive of Africa Regions.

This announcement was made by the Group in a post shared via its official LinkedIn account. The bank revealed that Sanni will be replacing Sola David-Borha who is retiring after 31 years of distinguished service to the group.

His appointment will play an integral role in driving the growth of the Standard Bank Group in Africa further in the years ahead.

He is expected to build on the work of David-Borha, a renowned professional who played a key role in growing the Group’s Africa Regions portfolio in terms of capacity, market share and contribution to the group’s headline earnings.

What you should know

  • Yinka Sanni is a Fellow of the Chartered Institute of Stockbrokers of Nigeria.
  • He has served in key positions within the Stanbic Group, as the Chief Executive of Stanbic IBTC Holdings PLC, Chief Executive of Stanbic IBTC Bank PLC, Deputy Chief Executive of the Bank and Executive Director, Corporate & Investment Banking of the Bank.
  • He was also the pioneer Chief Executive, Stanbic IBTC Pension Managers Limited and the pioneer Chief Executive, Stanbic IBTC Asset Management Limited.

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P2P crypto marketplace, Bitzlato (BZ) partners with Lemonade Finance to ease money transfers across Africa

The partnership will enable users on the BZ platform to buy and sell bitcoins and other cryptocurrencies on the marketplace at zero cost.

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Bitzlato (BZ), the latest P2P Crypto Exchange to enter the African market, has added Lemonade.Finance, a borderless payment platform for Africa, as a payment method to its platform.

Lemonade Finance provides 100% digital payment experience for Africans to seamlessly participate in the global economy from anywhere in the world without any hassle or regardless of where they are from.

The partnership will enable users on the BZ platform to buy and sell bitcoins and other cryptocurrencies on the marketplace at zero cost.

Users in Nigeria will now be able to send Nigerian Naira (NGN) to MPESA at 0% transaction fee.

Speaking about this partnership, Ridwan Olarere, CEO, Lemonade Finance, said:

“We are excited to partner with such an innovative company like Bitzlato to connect more Africans through payment. Many Africans living on the continent face many difficulties when making payments as remittance companies charge high fees and are time-consuming. We are now providing our users with a cost-effective way of sending money to Ghana, Kenya, Uk and Europe.”

Commenting on the opportunities this provides to crypto traders on the BZ platform, Mike Lunov, CEO, BZ, said:

“This partnership will provide a much-needed gateway that enables the markets we serve to seamlessly interact with each other in a borderless and open environment. We seek to break the barriers that presently exist for cross border transfers and enable our users to generate value through the opportunities that accrue from cryptocurrencies trading. The innovation exhibited by the Lemonade platform, and the brilliance of its team assures users of top-notch, secure and reliable transfers going forward.”

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According to BZ, during the first month, BZ will refund commissions in manual mode while using Lemonade Finance, but this will be automated at the end of this period.

Following this partnership, BZ is now looking to partner with merchants in the crypto space especially in Nigeria, Ghana, South Africa that have a steady flow of Nigerian Naira (NGN) to increase liquidity on the platform.

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Take advantage of the new Lemonade Finance payment method on BZ, which offers zero transactional fees for money transfers from Nigeria into Kenya. Sign up on BZ and start trading crypto easily today.

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