Governor Uzodinma Still Owes Over $7 Million for 150 Vehicles Supplied to Imo Govt Since 2021; Current Value Plummets to $1.5 Million – Innoson Group

Governor Uzodinma Still Owes Over $7 Million for 150 Vehicles Supplied to Imo Govt Since 2021; Current Value Plummets to $1.5 Million – Innoson Group Written By Oshiobugie John Innoson Vehicle Manufacturing Company Limited (IVM) has raised concerns over Governor Hope Uzodinma of Imo State’s failure to settle an outstanding debt of over $7 million for 150 vehicles supplied to the state government since 2021. According to Cornel Osigwe, Innoson’s Head of Corporate Communications and Affairs, due to the devaluation of the Naira, the value of the debt has drastically decreased, and if paid today, the amount would only be worth $1.5 million. Osigwe expressed his frustration on Facebook, urging attention toward the financial challenges IVM faces in surviving Nigeria’s difficult economic conditions.

Osigwe emphasized that while the debt remains unpaid, the company has managed to stay operational despite these heavy losses. He noted, “About 150 vehicles supplied to the Imo State Government under the leadership of Hope Uzodinma, valued at over $7 million, remain unpaid. If the money is paid today, it will now be worth just $1.5 million due to currency devaluation.”

Innoson had previously filed a lawsuit against the Imo State Government, seeking payment for the vehicles. In response, the Imo State Government denied the claims, calling them “distasteful” and a form of “cheap blackmail.” The state asserted that it had already paid N3.5 billion out of the N5 billion owed to Innoson, but the company continues to insist that N2.5 billion remains outstanding.