Lagos court orders arrest innoson motors boss

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Lagos Court Orders Arrest of Innoson Motors Boss

A Lagos High Court has ordered the arrest of Innocent Chukwuma, the Chairman of Innoson Motors, over a N2.4 billion debt owed to Guaranty Trust Bank (GTB).

Justice Raliatu Adebiyi Taiwo of the Lagos High Court, Ikeja, made the order on Monday, February 22, 2021, after considering an application by GTB.

The bank had approached the court seeking an order for the arrest and detention of Chukwuma, who is also a businessman and entrepreneur, over the debt.

According to reports, GTB claimed that Innoson Motors owed the bank N2.4 billion, which the company had failed to repay despite several demands.

The court, in its ruling, ordered the arrest of Chukwuma and directed that he be brought before the court to explain why he should not be committed to prison for contempt.

The judge also ordered that the arrest be carried out by the police or any other authorized agency.

This development comes as a surprise to many, as Innoson Motors is one of the most successful indigenous automobile companies in Nigeria, with a wide range of products and services.

It is not clear at this time what led to the debt owed by Innoson Motors to GTB, but the court's order has sparked a lot of interest and debate in the business community.

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