Uzodinma speaks on Innoson Motors, says ‘we don’t throw money away’

Governor Hope Uzodinma of Imo State has spoken on the disagreement between the state authorities and Innoson Automobile Manufacturing Firm (IVM) over a N2.5 billion debt.

The corporate, final week, mentioned it has sued the state authorities for a 2021 deal, wherein it obtained some autos and their components, on credit score.

It mentioned the value of the debt with a greenback worth of $3.8 million, has now risen to about $6.3 million, declaring that the worth of the cash depreciated by over 40 per cent.

The Commissioner for Info within the state, Declan Emelumba, would later fault the declare, saying that the corporate was masking some details and making an attempt to blackmail the state authorities.

He accused the corporate of deliberately refusing to confess that the federal government had made some funds and that the quantity being claimed by the corporate was only a stability of the full value of the autos bought by the federal government.

“The reality is that the full worth of the contract we had with them got here to over N5 billion out of which we’ve got paid N3.5 billion. So, they’re speaking concerning the stability,” Mr Emelumba had mentioned.

Of their response on Monday, Cornel Osigwe, the corporate’s spokesperson, insisted that the state authorities was but to pay the N2.5 billion debt for the acquisition of its autos and their components.

He accused the federal government of making an attempt to “water down the details and substance” of the allegation, saying the present debt is being owed after the corporate provided one other set of autos in 2021, one yr after the primary transaction.

Mr Osigwe additionally denied that there was an settlement with the state authorities that the corporate would arrange a service centre within the state.

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The spokesperson defined that though the corporate was servicing and sustaining the autos provided to the state earlier than, they determined to withdraw the companies because of the state authorities’s failure to pay for “servicing components used, which have risen to above N7 million.”

However talking on the allegation, Mr Uzodinma, in a Fb put up on Friday, insisted that there was an settlement that the corporate would arrange a cell technical workshop for servicing the provided autos.


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The governor mentioned the autos have been bought for the aim of combating rising insecurity within the state and that the federal government determined to patronise Innoson Motors to advertise native merchandise.

He mentioned the state authorities had remitted over N3 billion to the corporate and waited for the corporate to adjust to the settlement of establishing a servicing centre for the autos, however they failed.

“Fairly than fulfilling its obligations to the Imo State Authorities and complying with the situations of the mentioned settlement, the administration of IVM launched into an unlucky public outcry to whip up sentiments to mislead unsuspecting Nigerians and rip off the taxpayers of Imo State,” Mr Uzodinma mentioned.

The governor mentioned over 70 per cent of the provided autos have damaged down and that others are in numerous phases of disrepair attributable to failure of the corporate to arrange a service centre for the autos.

“I’m saying, as promised, come and do the (servicing) workshop in order that we are able to restore the autos and not less than regain cash from them earlier than we are able to pay more cash,” the governor mentioned in a video clip which accompanied his Fb put up.

“I additionally got here from the personal sector. We don’t throw away cash. We’ve to get worth for cash,” he added.

He, nonetheless, expressed optimism that the problem could be “resolved amicably.”

Mr Uzodinma, who mentioned he was awaiting the courtroom motion, added that the federal government was additionally open for out-of-court settlement with the corporate.


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