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Towards Encouraging Indigenous Manufacturing Companies

Law & Society Magazine
By Law & Society Magazine
105
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Chief Innocent Chukwuma CEO Innoson Group

“Chief Innocent Chukwuma is one Nigerian industrialist who tenaciously believes that local manufacturing is key to urban and economic growth,” says Uche Kalu, a Lagos-based businessman.

His view is shared by Kingsley Uwakwe, an undergraduate of one of the higher institutions of learning in the South-East, who described Chief Chukwuma as an ‘industrial icon,” who is determined to expand the country’s industrial horizon for the greater good of the greatest number of his country men and women.

Unfortunately, it would appear that some individuals and corporate bodies have sworn to undermine the sterling contributions of Innoson Group of Companies to the reduction of the increasing rate of unemployment, and the development of the country’s economy.

A case that readily comes to mind is the lingering dispute between Innoson Group of Companies, and Guaranty Trust Bank (GTB) on one hand, and Nigeria Customs Service (NCS) on the other hand.

Sources close to this magazine revealed that the dispute started during President the Olusegun Obasanjo’s tenure. “When OBJ was in power, Innoson imported some motorcycles and agricultural machines, but they were seized by the Customs despite meeting the import requirements. Customs subsequently auctioned the goods worth billions of naira.

Senate President Bukola Saraki test driving one of the Innoson Vehicles

Senator Iyabo Obasanjo, bought the goods at ridiculously low prices.

“Innoson sued Customs and the court ordered Customs to pay Innoson over N2 billion. GTB (bankers of Customs) appealed the judgment, claiming that Customs had no money, even though evidence showed that Customs had over 10 billion in their account with GTB. The Appeal Court upheld the High Court judgment, but GTB went to the Supreme Court.

“Meanwhile, Innoson had earlier borrowed some money from GTB for business transactions. Innoson noticed that some strange charges were being slammed on the account and told its auditors to audit the account.

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