Alleged n1 4b forgery efcc releases innoson bail

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The Economic and Financial Crimes Commission (EFCC) has released Innoson Motors Limited's founder, Innocent Chukwuma, on bail. This comes after the EFCC alleged that Innoson had forged a N1.4 billion bank guarantee.

According to reports, the EFCC had arrested Chukwuma and his company, Innoson Motors Limited, over allegations of forgery and money laundering. The commission claimed that Innoson had forged a N1.4 billion bank guarantee to secure a loan from Guaranty Trust Bank (GTB).

However, Innoson has denied the allegations, stating that the bank guarantee was genuine and that the loan was used to finance the company's business activities.

The EFCC's decision to release Chukwuma on bail suggests that the commission may have found insufficient evidence to prove the allegations of forgery and money laundering. It's worth noting that the case is still ongoing, and Innoson may still face trial if the allegations are proven.

It's also important to note that Innoson has been involved in a long-standing dispute with GTB over a loan facility, and the company has accused the bank of attempting to sabotage its business. The dispute has led to several court cases and counter-claims between the two parties.

Overall, the release of Chukwuma on bail is a significant development in the case, and it remains to be seen how the matter will be resolved in the coming weeks and months.