He was arrested for reportedly jumping bail in connection to a case he has with GTB.
According to a report by Premium Times, Innoson spokesperson, Cornel Osigwe, said Chukwuma was arrested for reportedly jumping bail in connection to a case he has with Guaranty Trust Bank (GTB).
Osigwe protested that the anti-graft agency had failed to send an initial invitation to warrant the indiscriminate arrest, accusing GTB of using undue influence to intimidate the company.
He said, "He was never invited by the EFCC, we challenge them to come forward with any evidence showing that he jumped bail.
"This is GTBank using federal authorities to persecute an illustrious citizen who has done a lot to improve the economic development of this country."
The EFCC is yet to confirm the arrest or comment on it, but a spokesperson for GTB, Meksley Nwagboh, denied the bank's involvement in the arrest.
GTB has racked up a N8.5 billion debt to Innoson Group after the auto manufacturing company won in a series of court judgements after it accused the financial institution of illegal service deductions in its accounts.
In its defence, the bank claimed that Chukwuma manipulated bank and shipping documents to obtain tax waivers from the Nigerian government.
While an initial fraud case brought against him was withdrawn earlier this year, the Attorney-General of the Federation, Abubakar Malami, revived the case at the Federal High Court in Abuja.