0du'a Investment, Board, Owner States Face Court Action Over Reappointment Of GMD.

Odu’a Investment Company Ltd [OICL], its Chairman of the Board of Directors, Directors and owner states-Oyo, Ogun, Ondo, Osun, Ekiti and Lagos have been dragged to court over the alleged re-appointment of Mr. Adewale Raji as the Group Managing Director [GMD] of the company [OICL].

In the Suit NO. FHC\IB\CS\137]19 filed at the Federal High Court, Ibadan by Otunba Martin A. Ogunleye, ChMC and A. A. Odunmorayo Esq. on behalf of Mrs. Oluwatosin Ademiju, the claimant is asking the court for an order of interlocutory injunction to restrain the Board Chairman, Engr, Olusola Akinwumi, his members and the governors of the owner states from re-appointing Mr. Adewale Raji as the GMD of OICL or from further extending his tenure under any guise pending the hearing and determination of the Motion for Interlocutory Injunction.

Also, the applicant is seeking for an order of the court to restrain the governors of the owner states, Dr. Kayode Fayemi [Ekiti], Mr. Babajide Sanwo-Olu [Lagos], Mr. Dapo Abiodun [Ogun], Arakunrin Oluwarotimi Akeredolu, SAN [Ondo], Alhaji Gboyega Oyetola [Osun] and Engr. Seyi Makinde [Oyo] from  usurping the functions, duties or powers of the Board of Directors’ Chairman and the Directors in the running of the affairs of the OICL pending the determination of the Motion for Interlocutory Injunction.

Mr Adewale Raji, GMD ODUA INVESTMENT COMPANY LIMITED

In the Motion supported with 21 paragraph affidavit, the applicant averred that Mr. Raji was employed as the OICL GMD on 3^rd June, 2014 for a term of five years, which is renewable, but, only upon satisfactory performance by him and that upon taking up the appointment, the GMD also covenanted at his inaugural Annual General Meeting to turn around the fortunes of OICL by increasing annual revenue from N4.5bn to N20bn in five years.

It was however discovered that at the end of five year term, according to the affidavit in support of the Motion, rather than turning around the OICL fortunes positively, Mr. Raji turned it around negatively as the OICL revenues and performance are at an all time low with the cash base of the company wqs plundered from N289m in 2014 to a paltry N57m in 2018.

The affidavit further disclosed that the tenure of Mr. Raji ended in May, 2019 but was extended for six months till the end of November, 2019 to await a Performance Audit Report on him, a job being undertaken by KPMG.

Alleging that Mr. Raji’s tenure was fraught with financial recklessness and outright mismanagement, the applicant noted that this led to the call by critical stakeholders that the GMD be investigated for impropriety, citing newspaper publication and petition written against him to the ICPC to buttress his claim.

Recalling that two meetings of the Board of Directors scheduled to hold in November last year, where a position on the future of Mr. Raji with OICL could have been taken could not be held, the applicant said Mr. Raji nevertheless ‘’has begun to parade himself that the governors of the owners states had renewed his appointment for another term.

‘’The governors of the owner states do not have the powers to take decisions as related to the appointment and\or removal of the GMD, but may only act through the Chairman of the Board of Directors and the Directors’’, the claimant added.

 Arguing on the balance of convenience, the claimant posited that more damage would be done by a refusal to grant the orders sought than would occur if the reliefs are granted, adding, ‘’this point is underscored by the commissioning of a Performance Audit in respect of Mr. Raji’s tenure as GMD. We submit that the balance of convenience is in the applicant’s favour’’.

All the relevant and quoted documents are attached as Exhibits ‘A, B, C and C 1’ in the Suit, the hearing of which has been slated to commence on the 4^th of February, 2020 at the Adeoyo State Hospital Road, Off MKO Abiola Way, [former Ring Road] Ibadan.