Nigeria’s Innoson Vehicle Manufacturing Company Limited (IVM) has raised concerns regarding Governor Hope Uzodinma of Imo State’s failure to settle a substantial debt.
The issue pertains to 150 vehicles supplied to the state government, originally valued at over $7 million. Due to currency fluctuations, the current payment equivalent would be approximately $1.5 million, according to Cornel Osigwe, Head of Corporate Communications and Affairs at Innoson Group.
In a Facebook post, Osigwe emphasized the need to discuss how IVM has managed to remain operational amidst Nigeria’s challenging economic conditions and the significant debts owed to it.
He stated, “Let’s not forget, about 150 vehicles supplied to the Imo State Government under Governor Hope Uzodinma, valued at over $7 million, remain unpaid. Given the devaluation of the Naira, if paid today, it would now be worth $1.5 million.”
He pointed out that the real conversation should focus on the company’s resilience in the face of economic adversity and unpaid debts.

In August 2022, SaharaReporters reported that IVM stated the Imo State Government owed it N2.5 billion for the vehicles supplied. Following the state’s failure to make payments, the company filed a lawsuit against the government in a High Court in Anambra State over the outstanding debt.
In response, the Imo State Government labeled IVM’s claims as distasteful and an attempt at blackmail, asserting that the company’s statements are misleading and aimed at undermining its integrity.
The government maintains that it purchased vehicles worth over N5 billion from Innoson Motors, having already paid N3.5 billion.