4 Lessons To Learn From Arrest Of Innoson's Boss And Legal Issues
The Chief Executive Officer (CEO) of Innoson Nigeria Limited, Dr. Innocent Chukwuma, seems to have gotten his love with the Federal Government back. He may just be writing his own movie on “How Innoson Got Its Groove Back”.
But that is not a talk for today.
The love between the government and Mr Chukwuma sparked when the government pronounced it wanted Nigerians to ‘Buy Nigeria’.
You see, Innoson is the only thriving car manufacturing company in Nigeria at the moment and the government had liked it.
But that love was a little tampered in the crisis that no one knows its true reason, except that Dr Chukwuma had accused Guaranty Trust Bank of making him suffer because he raised issues with the charges the bank had been billing his account.
GTBank on its part has maintained that it would continue to report any untoward and criminal activity to law enforcement agencies.
So who do we believe?
There is blame game going on, but it also seems everything is coming to light now.
On Tuesday, January 2, the Nigerian Army said it had entered into a partnership with Innoson Motors, an indigenous vehicle manufacturing company, for the manufacturing of locally made military equipment and vehicles for the army.
Read more about it: After EFCC Detention: Innoson Motors Partners Nigerian Army.
This partnership seems to have rekindled the love between the vehicle manufacturing company and the government which the military is a part of. It is a sort of reassurance that the government is in support of his business.
But two legal suits have been instituted, one by the Economic and Financial Crimes Commission (EFCC) and the other by the CEO of Innoson Motors.
While the EFCC is accusing the man of fraud bordering on waivers, Dr. Chukwuma is claiming that his arrest was illegal.
The legal tussle has started but there are lessons that these suits will leave for Nigerians.
1. Genuineness Of Ongoing Reforms In Judiciary
Judicial reforms have been instituted and the third arm of government has continued to tell Nigerians that it is serious with the reforms.
An opportunity has come for Nigerians to see these reforms. Will the cases be dispensed in the shortest possible time to ensure justice is served? President Muhammadu Buhari had requested that the judiciary dispense cases as quickly as possible to reduce the number of persons awaiting trial in jails and also the raise confidence in the system.
2. Impact on manufacturing sector
The Nigerian government has been promoting made in Nigeria goods and Innoson is one of the companies that the government had asked its ministries, departments and agencies to consider when it comes to vehicle purchases.
Could the government be patronising a company that had been short-changing it? We think not. The patronage has even continued with the military entering into partnership with the company on Tuesday.
3. Need for a technology driven process.
The issue that the EFCC raised around waiver for Dr. Chukwuma's company further highlights the need for a technology-driven system that is hard to beat. This will help ensure that the process is synchronised with each agency that verifies documents having access to the data.
If the process was technology driven, there would be no need going to court. A fake document cannot beat a well-structured technological process. It will show it is fake. This is why fake money shows under mercury light.
4. Investors confidence now lies in the hands of the court and EFCC
Nigeria has continued to woo foreign investors and majority of Nigerians who like ‘Tokunbo’ Japanese cars, which are more affordable when compared to Innoson’s vehicles, are hoping that one day, these other vehicle manufacturing companies would come and establish factories in Nigeria.
The EFCC will be able to prove to foreign investors that doing business in Nigeria requires that you stay clean when it can provide the court enough evidence to defend the arrest of Dr. Chukwuma. Till then, it will be business as usual.
Several cases lost by the EFCC have been dismissed for lack of tangible evidence.
Nigerians are watching to see how long this case will take and who is actually at fault.