Stella Dimoko Press Release - Magu Manufactures “Dummy Charge” Against Innoson For “Media Trial” Purpose


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Wednesday, December 27, 2017

Press Release - Magu Manufactures “Dummy Charge” Against Innoson For “Media Trial” Purpose

Our attention has been drawn to the fraud charges filed against Chief Dr Innocent Chukwuma, OFR, popularly known as Innoson, by the Economic and Financial Crimes Commission, EFCC.

We deem it fit to alert the general public that the alleged fraud charges filed by the EFCC is a ploy orchestrated by the Commission to justify the Gestapo style of arrest used in bundling Dr Chukwuma out of his residence and furthermore the charge is an action taken in bad faith to change the narrative to portray Innoson in bad light and divert the attention of the public who have continued to condemn the illegal action taken by the Commission.

We have some reservations with the publications of the details of the suit in question on some online blogs because the charge which EFCC purports to file has a temporary suit number, vis – temp/3315c/2017. This number is written with red pen at the top most right side of the charge published on EFCC’s page.

By this temporary number it means that the charge is not yet before any court in Lagos state. Also, it means that the charge cannot be acted upon by any court in Lagos state and it cannot be served on any party as well. As it is, the charge has not been filed. So why the media noise by the Commission of filling fraud charges against Innoson? We believe that it is a Volte face.

Furthermore we are alarmed at how low EFCC could descend to be used by GTB to destroy the Nigeria’s foremost entrepreneur. We have it now on good authority that there is a grand conspiracy by an international competitor of Innoson Vehicles who have conspired with a financial institution to pull down Innoson Vehicles at all cost because of the latest increase of patronage of Innoson Vehicles by the Federal Government.

But we are amazed that EFCC, a Federal Government Agency, which is supposed at all times to defend indigenous Nigerian companies who are working hard to make Nigeria great, will allow itself to be used as a tool to kill and destroy these companies.

Particulars of Offence

Nigerians need to ask EFCC if GTB as a bank has any license to import motorcycle spare parts or CKD. A cursory look at the charges filed by EFCC at court is both laughable and constitute national embarrassment. The motorcycles being deemed the property of GTB were ordered by Innoson from its manufacturers and suppliers with a loan from GTB. Under letter of credit transaction, in international trade, bills of landings are consigned to Banks not because the Banks – consignees – are the owners of the goods but rather to ensure that the seller is paid and the buyer receives the goods.

Mere consignment or endorsement of a bill of lading does not confer title in the goods covered by the bill of lading to either the consignee or the endorsee. Where consignment or endorsement of a bill of lading is intended as a security for loan, consignment or endorsement in such circumstance does not transfer title in the goods to the consignee or the endorsee.

All Innoson’s letter of credit transactions, through GTB, where confirmed LCs. In letter of credit transactions (LC), particularly but not exclusively confirmed LC, the term is cash against documents. Shipping documents are not released by the advising/correspondent Bank to the Issuing Bank until the Issuing Bank pays for the goods. At all material times, Innoson paid 25% of every LC value before it was opened.

The media hype of EFCC portrayed Innoson and its promoter as having stolen goods belonging to GTB. We note that attempt of EFCC to get the courts to retry a matter Innoson had already secured judgment on.

Till date, EFCC never told Innoson why he was arrested except to say on pages of newspapers that he was arrested because of his fraud at SEC and forgery of documents to obtain tax waivers.

While we await to be served the court papers, we want to advice the EFCC that if there is any complaint by GTB to EFCC, Innoson should be invited by the commission to clear its name, EFCC will then conducts its investigation before taking matter to court.

Cornel Osigwe is the Head of Corporate Communications, Innoson Group


  1. Gtb should know that the game is up. Meet with this man, agree settlement and move on. I know its hard to agree to pay such high amount awarded against them by Court. But the reality is that they are fighting a lost battle. Let them initiate out of court settlement. Any sensible person that have studied this case knows GTB has lost. Banks are like Churches, Reputational risks are too expensive for them. They are not in the same league with innoson whose only risk at this time is the reliability of his vehicles. Can CBN pls advise GTB to pls take this matter out of court and save investor's funds and even customer's deposits. We have enough issues in Nigeria already. The collapse of another banking giant is the least thing we would want to saddle ourselves with at this CRITICAL TIME.


    1. Educated illiterate , you couldn't even process information ,assimilate and distribute it properly , the case in court is totally different from the fresh charges of forgery and fraud at the port .you should have asked diamond and fidelity to have granted him loan in 2009 when he went to them for it. I blame gtb for granting the ingrate the loan at first . that's why I will never let my house to someone from the east . sorry to the nice and.kind hearted ibos out there. Unapologetically not sorry .

    2. Fidel Casto,you are one of the reasons this country is not progressing.You can never let your house to someone from the east .You will be the one to shout racism or tribalism when same is done to you. I guess some people have Indomie noodles in place of brain.

    3. Your hatred for Igbos will send you to early grave. Worthless rag-head.

    4. I didn't read all but what I don't like is - why is Magu behaving like someone that didn't suck his mother's breasts? They should face Corruption in Aso Rock and leave this man alone or does he (Magu) run a company to reduce unemployment?

      EFCC has failed us and FG should scrap it and form a new one.

    5. Fidel Castro leave your house address on here in 48hours arrangements will be made to buy it with you safely out of the way gestapo style..emphasis on safely

  2. What baffles me is why EFCC feel the need to release selective information to the public. Public trial will only make whichever judge assigned to be extremely strict. Good thing it is in Lagos jurisdiction, so Justice Okon Abang will not preside and rule in favour of EFCC.

    This case is really giving me the courage or should I say gumption to tackle UBA and their silly bank charges. Charging someone for card maintenance 3 times a month. Time will come when I'll go back to using large piggy bank.

  3. Awon yiboeeee pelu victim mentality sha!
    I just can't comprehend how this people always play ethnic and tribal card whenever they are been investigated for criminal offence, I have never seen any tribe in this world as supportive to their own tribal criminals like them.
    Disgusting, irritating , inhumane , you will soon see the educated illiterates on this blog too playing the tribal card too. Awon olooshi

    1. Stop it Fidel Castro!!! So much hate spewing from you. No tribe is perfect.

    2. See dis omo ale jati jati spilling bile all over d place..Ur hate will kill u and we igbos will continue to frustrate u.Ode!

      ***Chy Ozo***

  4. Stella did you know that when gtb and innoson actually agreed to the use of service. it was found out that gtb over charged interest and gtb agreed but said it was not up to that. SDK naija banks wicked especially at branch level just to make profit. They have the kill every Nigeria business spirit. Except you're in business may not understand even SMS alert banks do overcharge, what of ATM card you've not collected money the ATM machine is still telling you insufficient funds yet you've been debited multiple times, The Gtb people just want to use cheap blackmail to spoil his reputation after all if there are discrepancies here and there he could be given consideration etc case won twice in court. Its bcos he is a big name. no be naija people even import without approved form 'm' not to say he has a letter of credit. many times if you have good understanding with your manufacturer you can enjoy good will and trust you've built over the years. there's no forgery he has done. a copy of all original shipping documents will sent via dhl to the buyer and bank in Nigeria many times we get ours earlier bf the bank and commence clearance immediately at the port to avoid demurrage. The copy from the bank will be needed at endpoint of the clearance. I know how they overcharge the company I work with then and my MD is always I'm disagreement with them.
    my personal experience with Diamond bank iwo road have sent me out of business I was given a letter of non indebtedness I didn't run the account any more and had a #20,000 credit balance only for me to want to secure loan from another bank and I am told I have debt of #290,000 at the credit bureau check with Diamond bank. I went to a lawyer who said do I have money to do case? it was so painful. Diamond bank The Defender of the defenseless will arise and fight for me IJN. For me Innoson has guts and I am with him on this.
    let efcc go after these Chinese, Arab and Lebanese companies that are milking our economy bad. which of them pays custom duties?? abi tax ? SDK please post I'm with Innoson on this. Why was he illegally arrested and detailed, allegedly slapped his wife. They should show us a copy of letter that was used to invite him for questioning????



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