Revealed: Loan agreement letter between GTBank and Innoson Motors

The claim by Chief Innocent Chukwuma, the owner of Innoson Nigeria Limited, that the sum of N559,374,072.09 was withdrawn from his account by GTB has undergone an in-depth investigation.

And it is appearing to be a far exaggeration of the truth as documents emerging from the court and law enforcement agents is proving otherwise.

loan agreement letter GTBank sent Innocent Chukwuma Innoson lailasnews

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 Innoson’s account but in the real sense, the N559m represents 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 N559m 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:

“Dear Sir,

INDEBTEDNESS OF INNOSON NIGERIA LIMITED

We refer to the indebtedness of Innoson Nigeria Limited (“the Customer”) to Guaranty Trust Bank plc (“the Bank”), secured by your Personal Guarantee which by our records was 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) as at December 31, 2011. In addition, we refer to the reconciliation that has been conducted between representatives of the Customer and the Bank, further to which the sum of N1,095,107,822.95 (one billion, ninety-five million, one hundred and seven thousand, eight hundred and twenty-two Naira, ninety-five Kobo only) was agreed as the reconciled indebtedness of the Customer to the Bank, having deducted alleged excess charges.

As you are aware, the above sum of N1,095,107,822.95 (one billion, ninety-five million, one hundred and seven thousand, eight hundred and twenty-two Naira, ninety-five Kobo only) is the reconciled indebtedness of the Customer to the Bank as at December 31, 2011, and the Bank is entitled to charge interest in accordance with terms indicated in the underlying facility agreements from January 2012 to date.

However, the Bank has decided, in the spirit of amicable resolution, to accept from the Customer, or from you in pursuance of your Personal Guarantee, the said sum of N1,095,107,822.95 (one billion, ninety-five million, one hundred and seven thousand, eight hundred and twenty-two Naira, ninety-five Kobo only) in full and final payment of the Customer’s indebtedness to the Bank, provided that same shall be fully paid not later than thirty (30) days from the date of this letter.

Please note that in the event of failure by the Customer and you, in pursuance of your Personal Guarantee, to fully pay as herein advised, the Bank will be constrained, to reverse the concession herein granted, and charge interest appropriately on the said conceded indebtedness of N1,095,107,822.95 (one billion, ninety-five million, one hundred and seven thousand, eight hundred and twenty-two Naira, ninety-five Kobo only) from January 2012, until same is fully paid. The Bank shall thereafter be constrained to commence recovery steps against you as Guarantor, to ensure the recovery of the said indebtedness without further recourse to you”.

Advertisements

6 Comments

  1. I hope our Senators who left their Constructional duties of law making to suddenly turn themselves into advocates of commercial debtors of individual persons would read a copy of this letter and therefore hands off to face their jobs instead of being busybodies.

    The Senate’s interference in the matter shows how our politics have degenerated and also polarised along ethnic division.

    Just like their question on what concerns EFCC in the matter?; the same question is now directed to them: what concerns senate in a civil/commercial matter that is not addressed to them if not because they don’t have jobs occupying their time?

    In a decent and civilised clime, they would have simply advised Mr. Innocent to go to Court if he knows he is wrongly treated and aggrieved for being handled in his personal capacity as a guarantor of such a huge debts; forgetting that GTBank is a publicly quoted company that also employs hundred of thousands of people.

    Our politicians should learn how to play politics without necessarily scoundering our resources on unnecessary Committee setting and sitting please.

    • The PDP Pschophant looters and writers should carry their heads in shame with the revelation surrounding the EFFC and Chief Innoson. Nigeria and Nigerians will never again fall as victims of the unrepentant PDP looters of Nigeria Commonwealth.

    • Indeed sentiments (ethnic and political) unless killed will not allow Nigeria to move forward. All the above comments are so because none of the commenters bothered first about the likelihood of twisted letter such as the one published above. And it can only be because the man at the receiving end is perceived to come both from unfavoured tribe and party. If you have been following the saga of Innoson vs gtb in appellate, high and supreme courts in Enugu, Lagos, Ibadan and Abuja, innoson won virtually all cases against GTB. the original excess deductions from innoson by GTb was slashed from seven hundred and sth millions of naira to the 559 million above that innoson accepted for an amicable resolution. This amount was reached after gtb’s revaluation of the original amount. So where are your facts? Have we not all been witnesses to spurious deductions from our accounts ranging from SMS alerts to others? Why should all that now cease to matter because anti-ibo and anti-pdp people are throwing stones. Shame upon us Nigerians when we all fail to engage our thinking gears in every issue that crops up!

  2. What a shame to our busy body senators who do not see anything good in Efcc. They’re here and there poke nosing on civil matters that doesn’t concern them. Many of you are still hiding behind a finger , for in a short while the searchlight of the Efcc will soon bring your various attrocities to book. We are watching and waiting.

  3. If the position presented here is correct, how come Innoson kept on winning the cases upon cases against GTB in the court of law???

    I have some doubts!

Leave a Reply

Your email address will not be published.


*


This site uses Akismet to reduce spam. Learn how your comment data is processed.