The Facts:
- GTBank (in 2009) granted Innoson several credit facilities (i.e loans) totalling N2,400,000,000,00 (two billion, four hundred million Naira only), to part finance working capital requirements, import new motorcycles and motorcycle spare parts, agricultural spare parts and plastic manufacturing equipment (“Imported Goods”).
2.
Under the loan terms agreed by Dr. Innocent
Chukwuma on behalf of Innoson, proprietary interest in the Imported Goods was
consigned exclusively in favour of the Bank. This means that the Bank was the
exclusive owner of the Imported Goods. Accordingly, the original shipping
documents (i.e. the Bills of Lading) were in the custody of the Bank, and have
remained in the custody of the Bank at all times.
3.
Because GTBank was the exclusive owner of the
imported goods, ownership of the goods could only be transferred to Innoson (or
any other third party) by the Bank. The condition in the agreement between the
Bank and Innoson, for the release of the Imported Goods by the Bank to Innoson,
was the payment of 25% of the value of each Letter of Credit transaction by
Innoson.
More Facts:
- Innocent Chukwuma approached the Bank, on behalf of Innoson, requesting the release of the shipping documents without payment of the agreed+ 25% equity. The Bank declined his request as a result of Innoson’s failure to meet the agreed conditions.
2.
It came to the Bank’s knowledge sometime in
June, 2011 that the Imported Goods for which the Bank declined to release
shipping documents to Innoson in view of its failure to meet the agreed
conditions, had been fraudulently procured by Innoson.
3.
The Bank discovered that Innoson, under the
control of Dr. Innocent Chukwuma, had forged the Bank’s endorsement on the
bills of lading to the Shipping Line and fraudulently cleared the Imported
Goods which were in the name of the Bank. The Imported Goods, being property of
the Bank should not have been cleared from the Port without the original
shipping documents being endorsed by the Bank in favour of Innoson, or any
third party.
4.
The signatures of 4 (four) staff of the Bank, to
wit, Taofeek Olalere, Dan Attah, Bunmi Adeyemi and Amazu Amalachukwu, as well
as the Bank’s stamp were forged on all the shipping documents used by Innoson
to fraudulently clear goods at the port. The Bank did not at any time endorse
or transfer the shipping documents to Innoson, as the originals of each of the
relevant Bill of Lading remain in the Bank’s custody to this very day.
5.
When the Bank reported the matter to the Nigeria
Police, Dr. Innocent Chukwuma claimed the Bank released the shipping documents
to him. Consequently, the Police commenced 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 by
Dr. Innocent Chukwuma and his accomplices.
The Police Angle:
- Police investigations confirmed that Innoson and Dr. Innocent Chukwuma deliberately set out to defraud, steal from the Bank and convert the Imported Goods belonging to the Bank by deceptive means and through forgery and misrepresentation. The unlawful takeover of the Imported Goods, which served as the Bank’s collateral, left an indebtedness in excess of the sum 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) as at September 26, 2012.
2.
Chief Innocent Chukwuma was arrested and
interrogated by operatives of the EFCC, following which he agreed to make
monthly payments into Innoson’s account until the full liquidation of Innoson’s
indebtedness to the Bank. However, Innoson defaulted in making the agreed
payments. Investigations by the Nigeria Police following a petition by the Bank
in September 2013 also found Innoson and Chief Innocent Chukwuma culpable of
the criminal allegations levied against them by the Bank, and Chief Innocent
Chukwuma was accordingly charged to court by the Police.
3.
The Police filed Charge No.
FHC/L/565C/2015-Inspector General Of Police And Innoson Nigeria Limited;
Innocent Chukwuma;Charles Chukwuma;Maximian Chukwura; Mitsui Osk Lines;
Annajekwu Sunny for fraudulent clearance of goods, forgery, conversion,
stealing and conspiracy presently pending before Faji J, at the Federal High
Court, Ikoyi and adjourned to November 21, 2017 for arraignment/or hearing of
motion for issuance of Bench Warrant.
Innoson’s Angle:
- Innoson approached the Bank for a reconciliation of his account and pleaded for a debt forgiveness. A reconciliation was carried out on the account – which had a debit balance of N1,654,481,895.04 as at December 31, 2011. In the spirit of amicable resolution and EFCC intervention, the Bank said it agreed to forego the sum of N559,374,072.09 which represented default charges that has accrued on the account and debited in line with the loan agreement between the customer and the Bank.
2.
Based on this, the Bank decided to accept from
the customer, the sum of N1,095,107,822.95 as full and final payment of the
customer’s indebtedness to the Bank, provided that same shall be fully paid not
later than (30) days from the date of the letter written to him
3.
Surprisingly, Innoson commenced suit no:
FHC/AWK/CS/2012 against the Bank at the Federal High Court, Awka stating the
bank had debited its account with excess charges totalling N559,374,072.09 and
obtained judgement in excess of N4.7Billion against the Bank. Again, choosing
to dishonour an agreement that was amicable reached between him and the Bank
for a full and final settlement of N1,095,107,822.95 wherein the Bank
graciously forgave him the sum of N559,374,072.09 which accrued on his account
during the period which he abandoned his account.
4.
To further stall the criminal proceedings
against him, Chief Innocent Chukwuma and his company instituted suits at the
Federal High Court, Abuja, as well as the Federal High Court, Awka in January
2014 against The Inspector General of Police, The Nigeria Police Force and
Investigating Officer(s), seeking declaratory and injunctive reliefs, including
orders restraining the Police from commencing criminal proceedings against
Innoson and Chief Innocent Chukwuma. Furthermore, in a bid to stall the Bank’s
recovery steps, and distract the Bank from focusing on the criminal action, as
well as civil actions filed for recovery of the debt, Chief Innocent Chukwuma
and his company Innoson have continued to institute various spurious suits
before various courts, claiming frivolous and outrageous sums against the Bank.
Court Proceeding:
- In responding to Innoson’s motion for a stay of criminal proceedings at the Court of Appeal, the Honourable Justice J.S Ikyegh on September 17, 2017 dismissed the motion for being unmeritorious and ordered that proceeding in the criminal case against Innoson should proceed.
2.
On October 12, 2017, the Police through its
Charge No. FHC/L/565C/2015- filed an application for the issuance of bench
warrant against Innocent Chukwuma; Charles Chukwuma and Annajekwu Sunny for
fraudulent clearance of goods, forgery, conversion, stealing and conspiracy
presently pending before Faji J, at the Federal High Court, Ikoyi and adjourned
to December 8, 2017 for arraignment/or hearing of motion.
Summation:
The facts having been established, a man who obtains a loan
should be ready to pay back. If he brings a proposal, he should be ready to
follow the terms and condition to the later. In this case, the bank is NOT the
villain.
Lukmon Akintola writes from Lagos state
0 Comments