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Innoson is one industrialist that exemplifies the think-home

philosophy that Ndi-igbo need badly. Innoson has all his factories
in Nnewi. When he wanted to set up the biggest plastics company
in Nigeria, he did not go to Lagos or PH or Abuja or Kano: he went
to Enugu and established it over a large expanse of land,
employing thousands of people.
There has been a running battle between Innoson and GTBank. I
have followed the battle closely and with my knowledge of banking
and legal experience in credit coupled with the manner he has
been bursting GTB in court, I have come to the conclusion that
someone wants to wreck Innoson using GTB and Nigerian
Customs.
I am not happy with the roadblocks Nigerian Customs and GTBank
are placing on the way of Innoson. I always believe that such
indigenous companies should be protected vigorously. More so,
when it is an Igbo company and the pride of Nigeria and Ndi-Igbo.
More so, when it is one man who has decided to GO HOME like we
are always told to do.
Why is it that whenever an igbo man decides to GO HOME, he
starts facing unnecessary challenges and imaginary hiccups set
by Nigerian successive Governments? The other time, during
Obasanjo’s regime, traders in Lagos Decided to stop using Lagos
wharf and shifted to Calabar, Obasanjo decreased the tariff in
Lagos and increased the one of Calabar by almost 50 percent.
Ibeto wanted to go into cement, Obasanjo dealt with him for daring
to compete with Dangote. That was how the idea died! Are we still
in a Free Market Economy?
I have read much on the case and have also heard underground
stories about what caused the legal tussle.
When OBJ was in power, Innoson imported some motorcycle and
agricultural machines but they were seized by the Customs despite
meeting the requirements. Customs subsequently auctioned the
goods worth billions of naira. Senator Iyabo Obasanjo bought the
goods at ridiculously low prices. Innoson sued Customs and the
court ordered Customs to pay Innoson over N2 billion. GTB
(bankers of the Customs) appealed the judgement, claiming that
Customs had no money, even though evidence showed that
Customs had over 10 billion in their account with GTB. The Appeal
Court upheld the High Court judgement. GTB went to the Supreme
Court.


Meanwhile Innoson had earlier borrowed some money from GTB
for business. Innoson noticed that some strange charges were
being slammed on the account and told its auditors to audit the
account. It found out that GTBank had charged it some strange
700 million. Innoson sued GTB and the court ruled in favour of
Innoson, asking GTBank to pay Innoson some N560 million with
some CBN-sanctioned interest on it, which made the penalty to
continue to mount against GTB. GTB appealed. The judgement
was upheld. GTB went to the Supreme Court.
Meanwhile last year, GTB got an ex parte motion to freeze all
Innoson accounts in all banks in Nigeria. Imagine that. This lasted
for 9 months until a court quashed the motion last month. Innoson
then slammed a N30 billion suit on GTBank for damages it
suffered during that freezing of its accounts and crippling of its
businesses.
Currently Innoson has about N10 billion judgement against GTB
with the interest mounting every day. Unless the Supreme Court
rules against INNOSON in the 2 cases as well the new N30 billion
case in the High Court.
But GTB is creating a bad impression about Innoson being a bad
customer that took a loan and refused to pay, which is far from the
truth from all the reports from the cases including the judgements
by the judges.
I am happy that Innoson has a good case, which is why he is
defeating these demons in a law court. However, I think it is a
worthy cause for us to lend our voices to, especially to correct any
such twisting of facts and to let the world know that people are
watching while these Devils plot to ruin the business of a hard
worker.
I am aware that Many Nigerians have had their banks deduct funny
amounts from their accounts without any reversal or
compensation. Customs also easily auction people’s goods
themselves, their cronies and VIPs for one flimsy excuse. But shall
we continue like that and watch them cripple such a man who rose
to the top through hard labour?

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