REVEALED! LETTER OF LOAN AGREEMENT BETWEEN GTB/INNOSON.......THE STORY OF N559 EXCESS CHARGES

PUBLIC RECORDS:REVEALED! LETTER OF LOAN AGREEMENT BETWEEN GTB/INNOSON.......THE STORY OF N559 EXCESS CHARGES

In-depth investigation into the claim by Chief Innocent Chukwuma, the owner of Innoson Nigeria Limited, that the sum of N559,374,072.09 was withdrawn from his account by GTB is appearing to be a far exagerattion of the truth as documents emerging from the court and  law enforcement agents is proving otherwise

It would be recalled that Chief Innocent Chukwuma had claimed that GTB withdrew from his account the sum of N559,374,072.09 in excess charges. It was on the basis of this  claim that Innoson acquired  judgment to the tune of N4.7bn from the Federal High Court Awka. At first glance, one could assume the bank debited funds in Innosons account but in the real sense, the N559m represent the interest portion of the N2.4bn loan that he took from the Bank. 

Below is the actual fact of the matter:

The History of the N559 Million Excessive Charge Claim by Innoson

In December 31, 2011, Innoson’s account with the bank was in debit of N1,654,481,895.04 (one billion, six hundred and fifty-four million, four hundred and eighty-one thousand, eight hundred and ninety-five Naira, four Kobo only). This means that rather than having money in his account, Innoson was owing the bank this amount as debt for loan which he had collected. However, the EFCC tried to broker a settlement between the Innoson and GTB, which would involve the settlement of Innoson’s indebtedness to the Bank, in view of the fact that Innoson had fraudulently acquired Imported Goods bought solely in the bank’s name.

During the criminal investigation, EFCC got an independent party to reconcile the accounts of Innoson with the Bank. Upon conclusion of the reconciliation, the independent third party’s view was that the indebtedness of Innoson was N1.09billion and that the sum of … were default interest accrued on the loan. However, in the spirit of resolving the issues amicably, the Bank agreed to forgive Innoson of the default accrued interest, so long as Innoson paid, within 30 days, the sum of N1,095,107,822.95 as full and final payment of his indebtedness to the Bank. Innoson agreed and requested for a letter to that effect. Here is the letter GTB sent to Mr Innocent Chukwuma, owner of Innoson, in September 2012: