Nigeria’s Innoson Vehicle Manufacturing Company Limited, also known as IVM, is sounding the alarm over Governor Hope Uzodinma of Imo State’s failure to pay up on a significant debt.
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The issue revolves around 150 vehicles IVM supplied to the state government, valued at over $7 million at the time of delivery. However, due to fluctuations in exchange rates, if the payment is made today, the amount would be equivalent to $1.5 million, Cornel Osigwe, Head of Corporate Communications and Affairs of Innoson Group, said on Tuesday.
Osigwe took to Facebook to express the company’s worries.
According to Osigwe, the conversation should shift to how Innoson Vehicles has managed to stay afloat despite Nigeria’s challenging economic landscape and the significant debts owed to the company.
He said, “Lest we forget, about 150 vehicles supplied to the Imo State Government under the leadership of Hope Uzodinma valued at over $7,000,000 remained unpaid.
“Based on the devaluation of our Naira, if the money is paid today, it will now be worth $1.5M.
“The conversation should be how have Innoson Vehicles been surviving under our harsh economic conditions and heavy debts being owed to the company.”
Recall in August 2022 reported that the company in a statement issued by Osigwe insisted that the Imo State Government owed it N2.5 billion for the vehicles it supplied to the state government.
The company earlier filed a lawsuit against the state government at a High Court in Anambra State over the unpaid debt.
The company said the lawsuit followed the failure of the state government to pay or service a debt of over N2.5 billion for the purchase of vehicles and their parts.
Meanwhile, the Imo State Government had described the position of the automobile company as distasteful and cheap blackmail.
The government described the company’s claims as half-truths, intended to impugn on its integrity for ulterior motives.
The state government said it bought vehicles worth over N5 billion from Innoson Motors and had so far paid the company N3.5 billion.
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