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Reverse New GMD Appointment, Familusi Tells Akeredolu

Femi Familusi, a lawyer, has urged the Ondo State Governor and the Chairman of the Southwest Governors’ Forum, Rotimi Akeredolu, to reverse the appointment of Adewale Raji as Odu’a Investments Ltd’ Group Managing Director (GMD).

In an open letter to the governor, the Ado-Ekiti-based lawyer is also seeking the constitution of the conglomerate’s Board of Directors.

Familusi, who is counsel to Olatunji Waleola Eniola, in a suit filed against the Board and Raji over the latter’s tenure renewal, described Raji’s reappointment and his empowerment to conduct the affairs of the company pending the constitution of a new board as flagrant disobedience to the extant law.

According to him, Raji’s tenure was yet to be renewed by the board.

“The appointment and tenure of office of Mr Adewale Raji as Group Managing Director of Odua Investment Company Limited had expired since without renewal by the Board,” he said in the letter.

The letter posited that failure to reverse Raji’s appointment by the governors and appoint members of the board in line with the provision of extant statute may amount to an invitation to legally tussle. It described Raji’s appointment as a sole administrator.

The letter, dated April 22, 2020, also read in part: “To appoint the same person as sole administrator cannot be said have properly emanated from a very revered forum whose chairman is a very senior member of the Bar and learned silk, bearing in mind the legal consequences of taking actions over a matter that is subjudice.”

It further described Raji’s appointment as an attempt to wittingly confer a fait accompli on the court.

The letter acknowledged that though the governours reserve the right to replace or remove their representatives and respective nominees on the board of the conglomerate, either of the chairman of the board who was a representative of Osun State or the Governor of the State of Osun was in the best position to dissolve the board without prejudice to the position of Governor Akeredolu.

“It is trite that to dissolve the board of a corporate entity can only be validly carried out within the ambit of the law and extant statute. Especially the provision of section 246 (1) of the Companies & Allied Matters Act,” the statement concluded.

Raji’s tenure ended in June, last year, but he was granted a six-month extension to enable an international management firm KPMG audit and assess his performance to determine his suitability for another term. The firm concluded its work in October and gave Raji a pass mark.

Following the KPMG report, the governors approved his reappointment in December but the board refused to approve same, citing incompetence.

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