Towards Encouraging Indigenous Manufacturing Companies

“It was found out that GTBank had charged it some strange N700 million. Innoson sued GTBank and the court ruled in favour of Innoson, asking GTBank to pay Innoson some N560 million, with some CBN-sanctioned interest on it, which made the penalty to continue to mount against GTB. GTB appealed the judgment, but the Appeal Court upheld the ruling of the lower court, forcing GTB to approach the Supreme Court.

“Meanwhile, GTBank got an ex parte motion last year to freeze Innoson’s accounts in all banks in Nigeria, and this lasted for 9 months until a court quashed the motion last month. Innoson then slammed a N30 billion suit on GTBank for damages it suffered during that freezing of its accounts and crippling of its businesses. Today, Innoson has about N10 billion judgment against GTB with the interest mounting every day,” said the source.

“GTB has created a bad impression about Innoson being a bad customer that took a loan, and refused to pay, which is far from the truth given the various court judgments.

“I am aware that many Nigerians have had their banks deduct funny amounts from their accounts without any reversal or compensation. Customs also easily auction people’s goods themselves, their cronies and VIPs for one flimsy excuse. But shall we continue like that and watch them cripple such a man who rose to the top by dint of hard work?” queries Chukwuemeka Okorie, an Abuja-based public affairs commentator.

Not a few Nigerians have expressed dissatisfaction over the attitude of GTBank and Customs towards the Innoson Group. They agree that such behavior negates private enterprise and the quest by successive governments to protect local manufactures.

“I am not happy with the roadblocks being put by the Customs and GTBank on the way of Innoson. I always believe that such indigenous companies should be protected vigorously,” posits Celestine Chijioke, an industrialist.

It is nonetheless gratifying that Vice President Yemi Osinbajo during his November 2016 visit to Anambra State applauded the outstanding accomplishments of Innoson and other manufacturing outfits in the state.

“Federal Government has adopted a policy of buying locally manufactured goods and it is doing this by patronising vehicles manufactured by Innoson Vehicle Motors (IVM), Nnewi, and the Federal Executive Council (FEC) approved the purchase of specialised vehicles for Federal Road Safety Commission (FRSC) from the Nnewi -based company.”

“A lot of what we see in Nnewi is the result of private enterprise… I have heard and seen many of the goods produced by Chicason Group just as the Innoson Motors in Abuja as well as many other goods produced in companies in Nnewi, like Tummy Tummy Noodles company which has thousands of workers in its employ. I commend the CEO of Tummy Tummy company, Chief Chika Emenike.

I am highly impressed. I have been to Onitsha before coming to Nnewi and I must state that I am overwhelmed by the level of ingenuity, creativity and productivity of the manufacturers here. The vehicles produced in IVM are top quality and I have equally seen the large number of young men and women employed by these concerns. The Federal Government will encourage them so that they can continue to employ our people.”

Coming from the Vice President, Federal Republic of Nigeria, this is cheery news. Notwithstanding, the federal government should not allow individuals or corporate bodies to erect roadblocks capable of stunting the growth of local manufacturing companies. L&S

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