Court orders arrest of Innoson Chairman, Chukwuma

The legal battle between Innocent Chukwuma Chairman/Chief Executive Officer Innoson Group and the Economic and Financial Crimes Commission (EFCC) has taken a new twist with the order of a federal High Court sitting in Lagos that he should be arrested.

Justice Mojisola Dada, in the order, mandated that the entrepreneur, known by his company name Innoson, be brought the court on the 1^st of March.

Recall that the EFCC in December last year, arrested Chukwuma at his Enugu home. The anti-graft agency had accused him of refusing to honour invitations after jumping an administrative bail granted.

In his response, Innoson denied jumping bail and stated that the last invitation he got was in 2012. In addition, he was also accused of mobilizing thugs to resist arrest.

The move attracted the attention of the National Assembly which condemned the action. The Senate subsequently mandated its committee on Anti-Corruption and Financial Crimes to investigate the matter.

At the commencement of the hearing this week, Senators chided the EFCC for the manner it arrested Chukwuma.

The EFCC’s actions stem from a petition allegedly submitted by Guaranty Trust Bank (GTB). While GTB has declined to address the issue directly since it is in court, the bank had hinged its action on the need to exercise its right to recover delinquent loans.

Innoson, in 2012, had allegedly discovered that his current account with GTB had been wrongly debited by over ₦700 million. Subsequently, the company took the bank to court and was awarded judgment in the sum of ₦4.7 billion with 22% interest on the judgment debt.

A  Court of Appeal of Ibadan division affirmed the decision of the federal high court and ordered GTB to pay ₦2.4 billion to Innoson. The bank appealed the ruling at the Supreme Court but lost the case.