The duo of Adewale Tinubu and Oba Otudeko are presently at loggerheads over their investments in Airtel Nigeria.
Wale Tinubu is the group chief executive officer of Oando Plc, while Oba Otudeko is the founder and chairman of Honeywell Group as well as the chairman of FBN Holdings Plc.
Otudeko filed a suit against Wale Tinubu at a Federal High Court in Lagos over transfer of shares belonging to him.
Others joined as defendants are O&0 Networks limited, Delta Ministry of Finance Incorporated, Delta State Government, Corporate Affairs Commission, Econet Wireless Limited, Econet Development Corporation, Ecobank Nigeria limited, Ecobank Transnational Incorporated.
The billionaire businessman wants the court to direct Airtel to pay him $28.7 million damages.
He claimed that the Delta State Government purportedly transferred their beneficial ownership in the shares of the O&0 Network Limited to Jubril Adewale Tinubu who subsequently transferred the shares to Oceanic bank Plc as part of a process of securitization and foreclosure arising from loans advanced to him by Oceanic bank.
Oba Otudeko disclosed that sometime in 2005, without any formal or informal notice, they became aware that in 2001 and 2003, Jubril Adewale Tinubu reached secret agreements to transfer all the company’s share O&0 Network Limited in Airtel to Delta State Ministry of Finance incorporated and Delta State Government for a premium.
According to him, the 9,906,250 ordinary shares of the O&0 Network sold, in breach of the plaintiff’s pre-emptive right was valued at $4.50 thereby amounting to $44,578,125.
The plaintiffs claim against the defendants jointly and severally are as follows:
An order mandating the defendants to pay the Plaintiffs the sum of $28,728,125 being the interest /profit accrued on the 9,906,250, ordinary shares sold in breach of the plaintiff’s pre-emptive rights in the Airtel Company.
Interest on same at the rate of 23% per annum from 15th July 2003 till judgment is delivered.
However, Airtel has denied being a privy to the facts that led up to the dispute, as claimed by the plaintiffs in his statement of claim.
In addition, the company revealed that it is not a party to the shareholders’ agreement which forms the crux of this dispute, as the shareholder’s agreement was entered strictly among the shareholders of Airtel.
