NEWS
HappeningNow: Innoson sues Imo Govt over N2.5bn debt
Nigeria’s indigenous vehicle manufacturing company, Innoson Vehicles Manufacturing (IVM) has filed a lawsuit against the Imo State Government over its failure 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).
The N2. 5 billion was for the purchase price of the various IVM Vehicles including their parts which IVM manufactured, sold and delivered to the State Government but its government had refused and failed to pay same despite repeated demands and appeals.
In a statement issued by the company’s Corporate Communications Head, Cornel Osigwe, it stated that, “The lawsuit which was filed by Prof Joseph N Mbadugha, SAN, FCPA of McCarthy Mbadugha & Co, the counsel to Innoson Vehicles coming against repeated attempts made by the Chairman of Innoson Vehicles Manufacturing, Dr. Innocent Chukwuma, to the Governor urging him to pay the company on the vehicles sold, and delivered to the State Government.
“For the avoidance of doubt, sometimes in April 2021, the 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 which includes, inter alia;
- 70 units of Innoson 5 Seater double cabin pick-up (IVM Carrier) 4WD
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10 units of Innoson 5- Seater double cabin military pick up (IVM G12)
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10 units of Innoson 5 seater single cabin military pick-up (IVM G12)
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100 units of a complete siren with public addressing system, revolving light, and street police light;
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2 Units of IVM Ambulance Vehicles
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20 Units of IVM G12 MS11
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20 sets of B. Canopy
“The above vehicles which were valued at over N2.5 billion ($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.
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“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 N2.5 billion worth of vehicles supplied to Imo State Government in April 2021 which is valued at $6.3M is now worth $3.8M. Even if the money is paid today, the value of the money has depreciated by over 40 percent.
“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.”
NEWS
Senator Ifeanyi Ubah Laid To Rest In Nnewi Amidst Tight Security
On Friday, November 22, 2024, the late Senator Ifeanyi Ubah was laid to rest in his hometown of Nnewi, Anambra State.
The funeral, held at his residence in Umuanuka, Otolo Nnewi, was attended by a multitude of mourners, including political figures, business associates, and community members, all paying their final respects to the esteemed businessman and politician.
The burial proceedings commenced with a funeral mass at 10:00 a.m., followed by condolence visits and other funeral activities. The ceremonies are scheduled to continue through the weekend, culminating in a Thanksgiving Mass and Outing Service on Sunday, November 24, at St. Peter Claver Catholic Church in Otolo Nnewi.
READ MORE: JUST IN: Anambra Senator, Ubah, Dies In London
In light of security concerns, Anambra State Governor, Prof. Chukwuma Soludo, ordered the closure of schools in Nnewi for a week. This decision followed threats from separatist elements who vowed to attack those attending the burial. A circular from the state Ministry of Education directed school principals to inform parents and ensure students remained at home during this period.
The Anambra State Police Command addressed an incident that occurred on Wednesday night, clarifying that it was not related to the burial. According to the Command’s Public Relations Officer, SP Tochukwu Ikenga, the incident involved security operatives mistakenly engaging police personnel, leading to an exchange of gunfire. The situation has since been brought under control.
Senator Ifeanyi Ubah, who represented Anambra South Senatorial District, passed away in London in July 2024 at the age of 52. His death was met with an outpouring of grief from across the nation, with many acknowledging his significant contributions to the development of Anambra State and Nigeria.
As the community of Nnewi and the nation at large bid farewell to Senator Ubah, his legacy as a philanthropist, businessman, and public servant continues to resonate, leaving an indelible mark on those he served and inspired.
NEWS
Simon Ekpa’s Arrest Will Restore Peace In South East, Says Enugu Gov’t
The Enugu State Government has commended the Republic of Finland for the arrest of Simon Ekpa, a Finland-based leader of the proscribed separatist group, Autopilots.
Ekpa has been accused of orchestrating violence and chaos in Nigeria’s South East region.
In a statement issued on Friday by the Secretary to the State Government, Prof. Chidiebere Onyia, the government described Ekpa as a “common criminal, con man, and terrorist” who has exploited the Igbo people while claiming to represent their interests.
RELATED NEWS: Finnish Police Arrest Simon Ekpa Over Terror-Related Allegations
“The Enugu State Government welcomes the arrest of the Finland-based terrorist, Simon Ekpa,” the statement read.
“His arrest and trial will no doubt go a long way in strengthening peace, security, and stability in all parts of the South East.”
The state government accused Ekpa of sponsoring violent activities that have resulted in the loss of lives, destruction of property, and disruption of the region’s economic activities.
It stated that Ekpa’s actions were driven by personal greed and not genuine concern for the Igbo people.
Onyia said, “Ekpa is a murderer and fraudster who delights in killing his people and living large off their misery.
“He thrives on manipulating, exploiting, and extorting the people on the pretext of fighting for their interest and for the restoration of Biafra.”
The government emphasized its readiness to provide evidence of Ekpa’s alleged crimes to support his prosecution, whether in Finland or Nigeria.
“This arrest is in line with the demand of the Governor Peter Mbah Administration, which has repeatedly made it known that Ekpa is a megalomaniac, common criminal, murderer, and fraudster who takes joy in feeding fat on the manipulated emotions of Ndigbo and inflicting misery on the South East region,” the statement added.
The government further criticized Ekpa for fostering a climate of fear and insecurity that has harmed the entrepreneurial spirit and economic growth of the Igbo people.
“Ekpa has for long, and unfortunately from Finland, made a living by creating a siege climate and mentality in the South East, destroying lives, property, and the Igbo trademark of entrepreneurship and hard work,” Onyia said.
The Enugu State Government expressed optimism that Ekpa’s arrest would mark a turning point in the quest for peace and stability in the South East, urging residents to remain vigilant and supportive of ongoing efforts to restore normalcy in the region.
NEWS
JUST IN: COP29 Proposes $250bn Annual Climate Finance Target For Developing Nations
The COP29 presidency has unveiled an ambitious climate finance plan, calling on developed nations to provide $250 billion annually to developing countries by 2035.
The proposal, part of a broader initiative to mobilize $1.3 trillion from public and private sources each year, seeks to address the mounting challenges posed by climate change.
The five-page draft text, released on Friday, emphasizes the need for developed nations to lead the charge in financing climate action.
RELATED NEWS: COP29: Climate Summit Faces Deadlock Over Vague Funding Proposals For Vulnerable Nations
According to the document, this financial commitment is seen as a critical step toward combating the climate crisis and fostering sustainable development globally.
“In this context, it is decided to set a goal in extension of the goal referred to in paragraph 53 of decision 1/CP.21, with developed country Parties taking the lead, to USD 250 billion per year by 2035 for developing country Parties for climate action,” the draft states.
The announcement follows the release of an earlier 10-page draft on Thursday, which drew significant criticism from Global South delegations.
Many expressed frustration that the document lacked clear financial commitments from wealthier nations, falling short of expectations to support adaptation and mitigation efforts.
“There is a clear need to address the principle of common but differentiated responsibilities, especially given the diverse circumstances shaping national priorities,” a negotiator from a developing country delegation remarked.
The updated proposal aims to address some of these concerns by outlining more specific targets. However, skepticism remains among some negotiators, who feel the revisions still fail to adequately address their demands.
Meanwhile, developed countries have raised their own reservations about the proposed plan.
A European negotiator, speaking to Reuters, described the $250 billion annual target as unrealistic and criticized the lack of measures to expand the pool of contributing countries.
“No one is comfortable with the number because it’s high, and there’s almost nothing on broadening the contributor base,” the negotiator said.
The mixed reactions underscore the persistent divide between developed and developing nations in climate negotiations.
While the draft text aims to reconcile these differences, the gap between expectations and commitments remains a significant hurdle.