Innoson Motors, IM, has dragged Imo state government to court over a debt of N2.5 billion which if not paid may force the car manufacturer to default on bank loans.
This latest news is coming barley a few days after the state governor, Hope Uzodinma, was spotted wearing a Jacob & Co. Astronomia Sky White Diamond 18-piece Limited watch, valued at $350, 000 (N146 million).
As learnt, the management of Innoson Vehicles slammed the suit against the government of Imo State over a debt of 2.5 billion naira worth of vehicles they supplied to them last year April.
The agreement was that Imo State government would pay for the vehicles with the spare parts included after they have been produced and supplied to them.
After Innoson Vehicles did their part,Imo State government has refused to pay and it’s affecting Innoson vehicle in repayment of loans they took from Bank of Industry and Keystone bank.
Innoson Vehicles is demanding that Imo State Government pay their debt with an interest of 10 percent .