Innoson Vehicles Set To Recover Debt Worth N2.5bn From Imo State Govt

CEO of Innoson Vehicle Motors, Chief Dr. Innocent Chukwuma, has slammed a lawsuit against the government of Imo state over debt worth N2.5 billion.

The law suit is to help the company regain its money from the government of Imo state, in a deal worth over N2.5 billion .

Head of Corporate Affairs, IVM Innoson Group, Cornel Osigwe, in a statement disclosed, that “the Executive Governor of Imo State, Sen. Hope Uzodinma had invited the Chairman of Innoson Vehicles, Chief Dr. Innocent Chukwuma to the Imo State Government House, Owerri, sometimes in April 2021, where they discussed and agreed that Innoson Vehicles would supply various specifications of its brand of vehicles to the State Government.

Innoson Vehicles Set To Recover Debt Worth N2.5bn From Imo State Govt
Sen. Hope Uzodinma

The vehicles includes:

• 70 units of Innoson 5 Seater double cabin pick-up (IVM Carrier) 4WD

• 10 units of Innoson 5- Seater double cabin military pick up (IVM G12)

• 10 units of Innoson 5 seater single cabin military pick-up (IVM G12)

4. 100 units of a complete siren with public addressing system, revolving light, and street police light;

• 2 Units of IVM Ambulance Vehicles

• 20 Units of IVM G12 MS11

• 20 sets of B. Canopy

Osigwe stated, that “based on understanding between parties that payment will be made after supply, the vehicles were supplied in good faith. These vehicles, as at the time of delivery April 2021, were valued at over N2.5B ($6.3M)”.

Decrying the state of things in the company, Osigwe further disclosed that as of July 27th, 2022, the over N2.5 billion worth of vehicles supplied to Imo State Government in April 2021, with a dollar value of $6.3M is now worth $3.8 million. “ Even if the money is paid today, the value of the money has depreciated,” said Osigwe.

Innoson Vehicles Set To Recover Debt Worth N2.5bn From Imo State Govt
Innoson Vehicles

The Head of Corporate Communications  explained that the request granted as a “special privilege has turned to nightmare” when he claimed that the Chairman of the Group at various times since 2021 gave several visits, phone calls, messages, submitted letter to the Governor to set up a payment plan or make the total payment to clear his debt.

Legal counsel to IVM, Prof Joseph N. Mbadugha (SAN), filed the suit against the Government of Imo State, over repeated failed attempts made by the CEO of the company, Chief Dr. Innocent Chukwuma to obtain his money from the Governor.

“It is therefore based on this premise that Innoson Vehicle Manufacturing Company Ltd has begun the process of recovering its debts against the Imo State Government by slamming a lawsuit of over N2.5 billion with an interest rate of 10% on the entirety of the sum claimed at the High Court of Anambra State, Nnewi Division,” concluded Cornel Osigwe.

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