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How Uzodinma, Imo Govt Reneged On Payment Of Vehicles Supplied By Innoson Motors, Slammed N2.5Bn Lawsuit

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Imo State Governor, Senator Hope Uzodinma and the State Government are currently enmeshed in vehicles purchase scam running into about $6.3 million dollars.

www.bigpenngr.com gathered that the Governor and state government were caught in the alleged fraud cobweb after they requested delivering of various brands of vehicles from Nigeria’s indigenous vehicle manufacturing company, Innoson Vehicles Manufacturing (IVM) in which they reneged in payment.The vehicles which had since been supplied and delivered to the state government amount to N2.5 billion equivalent of the dollar rate of the purchase.

 

Confirming this, Cornel Osigwe Head Corporate Communications and Affairs IVM Innoson Group, said that the lawsuit was filed by Prof Joseph N Mbadugha, SAN, FCPA of McCarthy Mbadugha & Co, on behest of Innoson Vehicles after repeated attempts made by the Chairman of Innoson Vehicles Manufacturing, Chief Dr. Innocent Chukwuma, to the Governor urging him to pay the company on the vehicles sold, and delivered to the State Government.

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He disclosed that Imo State Government under the headship of Senator Hope Uzodinma had overtime failed to pay or service the debt of N2,547,666,435.00 (Two Billion, Five Hundred and Forty-Seven Million, Six Hundred and Sixty-Six Thousand, Four Hundred and Thirty-Five Naira) being the purchase price of the various IVM Vehicles including their parts which IVM manufactured, sold and delivered to the State Government.Imo State Governor or its government has refused and failed to pay same despite repeated demands and appeals, he said.

 

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According to him, sometimes in April 2021, His Excellency, the Executive Governor of Imo State, Senator Hope Uzodinma invited the Chairman/CEO of Innoson Vehicles, Chief Dr. Innocent Chukwuma to the Imo State Government House, Owerri where they discussed and agreed that Innoson Vehicles would sell and supply various specifications of its brand of Vehicles to the State Government.

 

The brand of vehicles requested and suppled were mentioned to 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),  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  and 20 sets of B. Canopy.

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“The above vehicles which were valued at over N2.5B ($6.3M) were supplied in good faith to the Imo State Government based on an understanding with the Governor which arose after a special request that Innoson Vehicles grant the State the favor of paying for the vehicles after deliveries to them and which request was granted and honored.

“The special and privilege request granted to the Governor turned into a nightmare for Innoson Vehicles and Its Chairman after Chief Chukwuma had at various times through several visits, phone calls, messages, and submission of letters requesting payment appealed to the Governor and his conscience to make total payments or set up a payment plan that will offset the debt.

“The inability of the State Government to pay the aforesaid purchase price of the vehicles supplied has resulted in Innoson Vehicles having difficulties in fulfilling its loan repayment obligations to Keystone Bank Limited and Bank of Industry.
“These Banks granted their credit facilities at the rate of 10% interest and other fees therein. More so, it has led to the loss of profit arising therefrom and the accruing interest.
“It is also interesting to note that as of July 27th, 2022, the over N2.5B worth of vehicles supplied to Imo State Government in April 2021 under the leadership of Hope Uzodinma with a dollar value of $6.3M is now worth $3.8M
“Even if the money is paid today, the value of the money has depreciated by over 40%. 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 N2.5B with an interest rate of 10% on the entirety of the sum claimed at the High Court of Anambra State, Nnewi Division”, the statement reads.
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