Breaking: Innoson Motors, a
subsidiary of IVM Motors has sued the Imo State Government for failing to pay
for the vehicles they purchased worth 2.5 Billion Naira. The IVM released an
official press message to this effect stating they have filed a 2.5 Billion
Naira lawsuit against the Imo State Government under the leadership of Senator
Hope Uzodinma.
The Imo State Government through Governor Hope Uzodinma purchased some vehicles and its parts from Innoson Motors and has refused to pay irrespective of continuous payment demands and appeals. The vehicles bought were:
70 Units of Innoson 5-seater double cabin pick up (4WD)
10 units of Innosson 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
20 sets of B. canopy
They also highlighted that as of today, the value of the goods supplied has depreciated in fee accrued due to the dollar rate increase and hence, the Imo State Government will pay a corresponding increase of 10%
PRESS RELEASE
— Innoson Vehicles (@innosonvehicles) July 29, 2022
Innoson Vehicles Sues Imo State Government Over N2.5B Debt
Nigeria's indigenous vehicle manufacturing company, Innoson Vehicles Manufacturing (IVM) has filed an over N2.5B lawsuit against the Imo State Government under the headship of Senator Hope Uzodinma over its pic.twitter.com/S9rTqjPFQA
sold and delivered to the State Government but Imo State Governor or its government has refused and failed to pay same despite repeated demands and appeals.
— Innoson Vehicles (@innosonvehicles) July 29, 2022
the company on the vehicles sold, and delivered to the State Government.
— Innoson Vehicles (@innosonvehicles) July 29, 2022
For the avoidance of doubt, 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
1. 70 units of Innoson 5 Seater double cabin pick-up (IVM Carrier) 4WD
— Innoson Vehicles (@innosonvehicles) July 29, 2022
2. 10 units of Innoson 5- Seater double cabin military pick up (IVM G12)
3. 10 units of Innoson 5 seater single cabin military pick-up (IVM G12)
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
— Innoson Vehicles (@innosonvehicles) July 29, 2022
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.
— Innoson Vehicles (@innosonvehicles) July 29, 2022
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.
— Innoson Vehicles (@innosonvehicles) July 29, 2022
Even if the money is paid today, the value of the money has depreciated by over 40%.
— Innoson Vehicles (@innosonvehicles) July 29, 2022
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.
— Innoson Vehicles (@innosonvehicles) July 29, 2022
Cornel Osigwe
Head Corporate Communications and Affairs
IVM Innoson Group.
Tags: IVM, Innoson Motors, Imo State Government