TheCable

Innocent Chukwuma, chief executive officer (CEO) of Innoson Group, has reportedly rejected his release from the custody of the Economic and Financial Crimes Commission (EFCC).

He was arrested by the commission on Tuesday after the EFCC said he had refused to honour its invitation, an accusation the company denied.

The anti-graft agency had earlier announced his release on the condition of bail.

But Chukwuma’s company said the billionaire businessman rejected the bail on the grounds that he had not been made to know the reason for his arrest.

Innoson Group tweeted that its CEO asked the agency to explain why he was arrested.

“Innoson has refused his release because he is demanding to know the reason for his arrest,” it wrote.

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Innoson has refused his release because he is demanding to know the reason for his arrest.

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— Innoson Vehicles (@innosonmotors) December 20, 2017

While announcing his bail earlier, the EFCC had alleged that Chukwuma and his brother committed fraud and forgery.

“Chief Chukwuma and his brother, Charles Chukwuma (who is still at large), are being investigated by the Insurance and Capital Market Fraud Section of the Commission’s office in Lagos over matters bordering on N1, 478, 366, 859.66 fraud and forgery,” the commission had said in a statement.

“The industrialist, among other infractions, allegedly used forged documents to secure tax waivers.”

Chukwuma is yet to react to the allegations made by the EFCC.