The N20 billion Consume Credit Fund initiative, in collaboration with the National Automotive Design and Development Council (NADDC), seeks to support the growth of Nigeria’s automotive industry.

The programme officially kicked off with the signing of agreements with local automobile manufacturers such as Innoson, Nord, CIG (GAC), PAN, Mikano, Jets, NEV (electric), and DAG. 

These partnerships will ensure that eligible Nigerians can access credit to purchase new vehicles, contributing to the growth of the sector.

This initiative is part of CREDICORP’s project, S.C.A.L.E. (Securing Consumer Access for Local Enterprises), which aims to provide credit facilities to one million Nigerians. 

S.C.A.L.E. is designed to boost the local economy by enabling consumers to access goods and services produced by domestic manufacturers. The automotive sector is just one of the five key areas being targeted under this initiative.

In addition to mobility solutions, the S.C.A.L.E. programme is focused on various sectors, including home improvement, where consumers can obtain credit for locally produced furniture and building materials; electronics, promoting digital inclusion through affordable access to smartphones, tablets, and laptops; energy solutions, such as solar panels and generators; and general merchandise, covering sectors like healthcare, food, and apparel.

The recent launch follows a similar initiative, the Credit Access for Light and Mobility (CALM) Fund, introduced by CREDICORP in October. 

This fund focuses on offering consumer credit for compressed natural gas (CNG) conversions and solar home systems, in collaboration with the Ministry of Finance Incorporated and the Presidential Initiative on Compressed Natural Gas (Pi-CNG).

Added to these, CREDICORP has partnered with the National Identity Management Commission (NIMC) to build credit scores for Nigerians, leveraging the National Identification Number (NIN). 

The programme has already attracted participation from 151 financial institutions, including commercial banks, fintech companies, and microfinance banks, with five institutions already signed on.

According to CAICT, foreign smartphone sales in China fell to 6.22 million units in October from 11.15 million a year earlier. 

China is putting in more preference for locally produced devices, pushing out globally reputable brands like Apple, whose performance in the Chinese market has suffered recently.

Apple, the largest foreign smartphone maker in China, launched its iPhone 16 models in September 2024, yet sales have underperformed among other smartphones in the market. 

One reason for this is the delayed rollout of anticipated artificial intelligence features built for Chinese users, which are not expected to be available until next year. 

Again, Apple has yet to secure a local AI partner, further complicating its efforts to compete in a market increasingly favouring homegrown brands.

This decline in foreign smartphone sales reiterates China’s mission to strengthen local production and reduce reliance on imports. 

Over the past decade, the Chinese government has channelled huge investments into industries such as semiconductors, consumer electronics, and biopharmaceuticals. 

This approach has stimulated the growth of domestic tech giants, allowing them to meet rising demand and compete with international players.

For instance, China’s semiconductor sector, led by companies like Semiconductor Manufacturing International Corporation (SMIC), has seen rapid development, enabling the country to reduce its dependence on foreign chipmakers. 

The emphasis on enabling domestic innovation aligns with China’s economic goals to withstand external pressures, such as trade disputes and shifting global supply chains.

While foreign smartphone sales have taken a hit, overall smartphone sales in China increased slightly by 1.8% in October to reach 29.67 million units. This growth is largely attributed to the success of local brands, which have gained favour among Chinese consumers due to competitive pricing, tailored features, and government backing.

A Blueprint for Self-Reliance

China’s pivot to promoting local production is a model for other countries looking to enhance their economic independence. 

In prioritising domestic production, China is reducing its reliance on imports and also changing its market dynamics to favour local innovation.

Nigeria, too, is striving towards this goal, with companies like Innoson and Omatek leading in local phone manufacturing. 

However, the market remains largely dominated by imported brands, particularly those from China. Despite the Nigerian Communications Commission (NCC) approving several local brands, the penetration of these devices is still limited compared to their international counterparts.

China’s continuous advancement of its self-reliance model should definitely push global companies operating in the country to adjust to the evolving priorities.

Ejikeme claimed to be the top scorer of the 2023 Unified Tertiary Matriculation Examination (UTME). Osigwe took to Twitter to express his belief that there is more to the story and that a proper investigation should be conducted to uncover the truth.

Osigwe stated that he had personally met Ejikeme and believed she did not have the capability or intelligence to manipulate her exam results.

He mentioned that Ejikeme was considered one of the brightest students in her school, and her parents could not afford to pay for her other exams, such as the West African Examinations Council (WAEC) and National Examinations Council (NECO).

Osigwe questioned the motive behind her alleged manipulation of the JAMB score, highlighting the importance of allowing the less privileged to have equal opportunities.

The Joint Admissions and Matriculation Board (JAMB) had denounced Ejikeme for falsely presenting herself as the top scorer. According to JAMB, she manually inflated her UTME score from 249 to 362 and used this inflated score to secure a N3 million scholarship from Innoson Motors.

She was also set to receive an award from the Anambra State Government before her deception was exposed. JAMB further stated that Ejikeme would face prosecution, and her original result would be withdrawn by the board.

The call for an investigation by Innoson Group’s Head of Corporate Communications indicates a desire to uncover the truth behind the allegations of certificate forgery and gain a deeper understanding of the situation

The vehicles manufactured by Innoson include trucks, mini-buses, ambulances, long buses, and SUVs, among others. Dr. Innocent Chukwuma, the Chief Executive Officer of IVM, emphasized the safety of CNG vehicles and the availability of various car models to meet the demands of customers.

According to Dr. Chukwuma, the production of CNG vehicles is a response to the diverse needs of the market. He also highlighted the company’s flexibility in manufacturing different types of vehicles, including electric cars, biogas-powered vehicles, and solar-powered vehicles.

The government of Anambra State, represented by Mr. Christian Udechukwu, the Commissioner for Industry, expressed the state’s commitment to providing solutions to the challenges faced by Nigerians due to the removal of fuel subsidies.

Mr. Udechukwu recognized Innoson’s renewable technologies, such as CNG, LNG, and solar power, as potential contributors to Nigeria’s mass transport system.

Mr. Cornel Osigwe, the Head of Corporate Communications at IVM, highlighted the advantages of natural gas vehicles and emphasized the importance of supporting local manufacturers. He explained that natural gas has a higher combustion rate than fuel, making it more environmentally friendly.

Osigwe emphasized the significance of transportation in economic development and the need for better transportation options in Nigeria.

Innoson Vehicle Manufacturing’s introduction of CNG-powered vehicles provides Nigerians with an alternative to petrol and diesel vehicles. This move aligns with the demand for sustainable transportation options and supports the country’s economic development

The indigenous automobile manufacturer made this statement on Monday, through Cornel Osigwe, Head, Corporate Communications and Affairs. However, revealed that modalities are currently being marshaled out to have brand ambassadors.

The statement reads: “Innoson Vehicles aka IVM doesn’t have any Brand Ambassador and has never had one before. Please don’t fall to scammers pretending to be IVM Brand Ambassador(s).

“We are working on modalities to have one soon and it will be publicly unveiled to the general public. Please be advised.”

The Body of Benchers is the highest legal body in the Nigerian Legal Profession, made of the Supreme Court Judges, presiding Justices of the Court of Appeal, and Chief Judges of the State High Court.

According to a statement from, Cornel Osigwe, Head of Corporate Communications, IVM Innoson Group, in a motion on notice filed in the court by the Counsel to Innoson, Prof J.N. Mbadugha SAN of McCarthy Mbadugha & Co praying for an order of the Honorable Court to disqualify Chief Olanipekun, SAN in his capacity as a legal practitioner or counsel from signing, filing, instituting or prosecuting Appeal No. CA/E/288/2013 between Guaranty Trust Bank PLC vs Innoson Nigeria Limited.

“More so the counsel to Innoson further sought the prayers of the court for an order setting aside all processes signed and filled by chief Wole Olanipekun SAN as Counsel/Legal Practitioner of or to GTB Plc on the same appeal on the grounds that the processes are incompetent.

“Lastly, an order striking out GTB Motion on Notice, dated 26 October 2018 prepared by Chief Wole Planipekun, SAN for want of competence, he also signed an amended notice of appeal.

The grounds upon which the motion is brought are:

1. Wole Olanipekun & Co in its email published that:
a. its “Chief Wole Olanipekun, SAN is currently the Chairman of the Body of Benchers, which is the highest ruling body in the Nigerian Legal Profession made up of the Supreme Court Judges, presiding Justices of the Court of Appeal and Chief Judges of the State High Court. In other words, Chief Wole Olanipekun, SAN OFR, is the head of the entire legal profession in Nigeria”;
b. Presence of Chief Wole Olanipekun, SAN in the matter will significantly switch things in favor of the party that engaged him in the matter.

2. Appearance or continued appearances of Chief Wole Olanipekun, SAN in this matter will jeopardize or imperil the integrity of this Honorable Court.

3. The appearance or continued appearance of Chief Wole Olanipekun, SAN in this matter will compromise the integrity of the court or give the impression that the court is compromised and that no justice will be done by the court.

4. The involvement of Chief Wole Olanipekun, SAN in this Appeal for GTB will create an appearance of impropriety or such a fashion that will imperil the Court’s- Court of Appeal- status of legitimacy to enable the legitimacy of the court- court of Appeal- need to be maintained.

Recall that GTBank stole the sum of N560 Million from Innoson’s account. This resulted in Innoson commencing suit No. FHC/AWK/139/2012 against GTBank at the Federal High Court, Awka.

The court rendered judgment in favor of Innoson on 16th May 2013 in the sum of N4.7 billion with a 22% interest rate until it is fully paid.

GTBank appealed against the judgment in Appeal No: CA/E/288/2013 at the Court of Appeal Enugu Division.

On 9th December 2014, the Court of Appeal made an order that GTBank pays the judgment debt which then stood at about N6Billion to the Deputy Registrar of the Court for onward payment into an interest-yielding account.

Chief Wole Olanipekun is the Counsel to GTB in this appeal at the Court of Appeal.

Interestingly, in an email sent on 20th June 2022 to SAIPEM SPA by Wole Olanipekun & Co, the author of the email stated that “It will also reveal that the presence of our lead partner, Chief Olanipekun SAN, OFR, in the matter will significantly switch things in favor of SAIPEM. Chief Olanipekun SAN, OFR is currently the Chairman of the Body of Benchers which is the highest legal body in the Nigerian Legal Profession, made of the Supreme Court Judges, presiding Justices of the Court of Appeal, and Chief Judges of the State High Courts, including the Rivers State High Court.

In order words, Chief Olanipekun SAN OFR is the head of the entire legal profession in Nigeria.

Wole Olanipekun & Co. has also helped other multinationals, such as in the famous cases of MTN tax dispute, Shell Petroleum, Equinor (former Statoil) dispute, etc., avoid huge payouts in more complexes, sensitive and highly-political matters”.

The statement added that the boastful claim made to SAIPEM SPA by Wole Olanipekun & Co has generated a huge outcry and condemnation and made headlines in several media and this has propelled the Chairman/CEO of Innoson Vehicles to approach the Court to pray for an order of the Honorable Court to disqualify Chief Olanipekun, SAN in his capacity as a legal practitioner or counsel to GTB.

According to Nigeria’s indigenous vehicle manufacturing company, the N2.5 billion was for the purchase price of the various IVM Vehicles including their parts which IVM manufactured, sold, and delivered to the State Government but its government had allegedly refused and failed to pay the same, despite repeated demands and appeals.

In a statement issued by the company’s Corporate Communications Head, Cornel Osigwe stated that “The lawsuit which was filed by Prof Joseph N Mbadugha, SAN, FCPA of McCarthy Mbadugha & Co, the counsel to Innoson Vehicles coming against repeated attempts made by the Chairman of Innoson Vehicles Manufacturing, Dr. Innocent Chukwuma, to the Governor urging him to pay the company on the vehicles sold, and delivered to the State Government.

“For the avoidance of doubt, sometimes in April 2021, the Governor of Imo State, Senator Hope Uzodinma invited the Chairman/CEO of Innoson Vehicles, Chief Dr. Innocent Chukwuma to the Imo State Government House, Owerri where they discussed and agreed that Innoson Vehicles would sell and supply various specifications of its brand of Vehicles to the State Government which includes, inter alia;

1. 70 units of Innoson 5 Seater double cabin pick-up (IVM Carrier) 4WD
2. 10 units of Innoson 5- Seater double cabin military pick up (IVM G12)
3. 10 units of Innoson 5 seater single cabin military pick-up (IVM G12)
4. 100 units of a complete siren with public addressing system, revolving light, and street police light;
5. 2 Units of IVM Ambulance Vehicles
6. 20 Units of IVM G12 MS11
7. 20 sets of B. Canopy

“The above vehicles which were valued at over N2.5 billion ($6.3M) were supplied in good faith to the Imo State Government based on an understanding with the Governor which arose after a special request that Innoson Vehicles grant the State the favor of paying for the vehicles after deliveries to them and which request was granted and honored.

“The special and privilege request granted to the Governor turned into a nightmare for Innoson Vehicles and Its Chairman after Chief Chukwuma had at various times through several visits, phone calls, messages, and submission of letters requesting payment appealed to the Governor and his conscience to make total payments or set up a payment plan that will offset the debt.

“The inability of the State Government to pay the aforesaid purchase price of the vehicles supplied has resulted in Innoson Vehicles having difficulties in fulfilling its loan repayment obligations to Keystone Bank Limited and Bank of Industry. These Banks granted their credit facilities at the rate of 10% interest and other fees therein. More so, it has led to the loss of profit arising therefrom and the accruing interest.

“It is also interesting to note that as of July 27th, 2022, the over N2.5 billion worth of vehicles supplied to Imo State Government in April 2021 which is valued at $6.3M is now worth $3.8M. Even if the money is paid today, the value of the money has depreciated by over 40 percent.

“It is therefore based on this premise that Innoson Vehicle Manufacturing Company Ltd has begun the process of recovering its debts against the Imo State Government by slamming a lawsuit of over N2.5 billion with an interest rate of 10% on the entirety of the sum claimed at the High Court of Anambra State, Nnewi Division.”