The Innoson’s Case: A Big Lesson for Us

The case between Innoson and the EFCC just did not start in a day. It seems to be a fallout of long cases of bad business between Innoson group of companies and the Guarantee Trust Bank.

Though the EFCC alleged some other crimes as the reason for arresting the MD of Innoson Group, we all know it’s an attempt of people from some high quarters to “kill” another of our own like they killed the likes of other enterprises (I don’t really want to mention names now). This is the reason we must fight and campaign against such.

As I learnt, there are several cases between the two (2) parties. But what is most trilling being the involvement of several government agencies (The Nigerian Customs and the EFCC) in this, as well as a bank that is reputed as one of the most respectable institutions in Nigeria, The GTBank. This actually led to a massive campaign for all well-meaning Nigerian to boycott the GTBank. This will eventually lead to the collapse of the bank if care is not taken. In fact, news from several quarters already has it that the bank is folding.

The social media was agog with the campaign from Tuesday 19th December till now following the arrest of Innoson. It was also reported that people tropped en-masse to the bank to withdraw their fund in the bank. It was a massive.

I came across the story of his case with both the Nigerian Customs, GTBank and the EFCC and found the following interesting lessons to share.

Image result for Innoson group

Priceless Lessons For Young And Upcoming Nigerian Entrepreneurs:

  1. Embrace Honesty: make honesty part of your business policy in your dealings with Government, your bank, customers, suppliers and even business partners. It will become your best defense in turbulent times.
  2. Have Faith In Judiciary: the judiciary is the last hope of the common man. If you are standing on the foundation of truth, no matter how hard your opponent fights to defeat you, the truth through judiciary will prevail.
  3. When Right, Don’t Be Afraid To Fight For Your Right: no one, not even the Government should be too big to confront when fighting for your right. That’s why you should never undermine the next lesson.
  4. Have A Sound Solicitor: business is warfare; there’s constant battle in the marketplace for brand visibility and loyalty, and there’s battle off the marketplace when disagreements arises between your company and other parties. This is why always enlisting the services of a sound solicitor that will defend you in court is a business necessity.
  5. Always Demand For Written Documents: the world of business is full of countless promises and failures, so never accept any agreement verbally. Always demand for written documents to back up any claim, agreement, arrangement or contract. They are strong evidences in the court of law that will vindicate you when trouble arises.

These should be lessons to all of us as we keep our hands crossed to see how it ends.

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