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Innoson Vehicle Manufacturing has pushed back against reports suggesting that its chairman and chief executive officer intends to move the company's operations, investments and properties to Ghana, describing the claims as "false and misleading" in a statement posted on its official X account.
"Innoson Vehicle Manufacturing remains proudly Nigerian-founded, built, and sustained with a clear vision of contributing meaningfully to the industrial and economic advancement of Nigeria," the company said. "Nigeria is home. Beyond sentiment, it remains a land of immense opportunity that IVM continues to believe in and actively invest in."
The denial arrives at a sensitive moment for investor sentiment in Nigeria, where currency volatility, infrastructure constraints and a difficult operating environment have prompted several businesses to reassess their footprints across the continent. The suggestion that Chukwuma might relocate IVM carried symbolic weight given the company's status as Nigeria's first indigenous automobile manufacturer.
IVM said the reports do not reflect Chukwuma's position or intentions, and went further to outline an active expansion agenda. The company said it is advancing projects in compressed natural gas and electric vehicle production, including a major facility in Nnewi, Anambra State, designed to support cleaner and more cost-effective transportation solutions across the country. "Rather than divesting, IVM is deepening its roots, expanding its operations, and positioning itself as a key player in Africa's automotive future, starting from Nigeria," the statement said.
Founded in 2007 and headquartered in Nnewi, IVM has spent nearly two decades building Nigeria's most visible domestic vehicle manufacturing operation, producing a range of passenger cars, buses and trucks at a time when the country has struggled to develop a sustainable indigenous automotive industry. Chukwuma has been a consistent advocate for local manufacturing and import substitution, frequently calling on government policy to prioritize locally assembled vehicles over imports.
The company urged the public and media to rely only on official communications and disregard unverified reports.
