Billionaires Blue-chip Coy’s Squabbles: Ayeni Sold His Shares To Me For N2b – Okunbo

Idahosa Okunbo, a business mogul, says Tunde Ayeni, former chairman of the board of directors, Skye Bank Plc, sold his shares in Ocean Marines Solutions Ltd (OMS), a company they founded, for N2 billion.

Ayeni had petitioned the Economic and Financial Crimes Commission (EFCC) over an alleged forceful takeover of the company by Okunbo, his partner since 2003 whom he claimed had deceived him.

The former bank chairman asked the commission to investigate Okunbo for “gross mismanagement and criminal diversion of company funds”.

However, according to some documents released by Okunbo, Ayeni sold his shares at OMS — including shares held by Prime Union Investment Ltd, owned by Ayeni — to Wells Property Development Company, owned by Okunbo.

A special resolution document purportedly signed by shareholders of OMS, including Ayeni, Okunbo and one Garth Dooley, on August 2018, indicates that Ayeni agreed to sell his 5,000,000 ordinary shares on N1 each in OMS to Wells Property Development Company.

“That Prime Union Investment Limited has agreed to sell its 30,000,000 Ordinary shares of N1 each in Ocean Marine Solutions Limited to Wells Property Development Company Limited,” the document read.

“That Wells Property Development Company Limited has agreed to purchase the 35,000,000 Ordinary shares from both Dr. Olatunde john Ayeni and Prime Union Investment Limited including the shares held by Dr. Olatunde John Ayeni in other associated companies which consists of 37,200,000 Ordinary Shares held in PPPFM, 175,000,000 Ordinary Shares in GYRO (including the 50,000,000 Ordinary shares held by Mrs. Ayeni ) for the total sum of N2,000,000,000 (Two Billion Naira) only.

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“That following the full and final payment by Wells Property Development Company Limited for the shares, that both Dr. Olatunde John Ayeni and Prime Union Investment Limited hereby transfer the total 35,000,000 Ordinary shares to Wells Property Development Company Limited devoid of any encumbrance.

“That the Company hereby approves the transfer of 5,000,000 Ordinary Shares held by Dr. Olatunde John Ayeni to Wells Property Development Company Limited. That the Company hereby approves the transfer of 30,000,000 Ordinary Shares held by Prime Union Investment Limited to Wells Property Development Company Limited.”

In a memo dated September 5, 2018, Okunbo informed Kunle Oyelakun, managing director of OMS, that the allowances and benefits attached to the shares sold off by Ayeni should subsequently be paid to his company, Wells Property.

“I write to inform you that Dr. Olatunde John Ayeni has sold all his shares (including shares held by Prime Union Investment Ltd) in OMS and Associated Companies to my company, Wells Property Development Company Limited for N2Billion (N2,000,000,000.00). Consequently, the allowances and benefits attached to the said shares previously enjoyed and paid to Tunde should now be paid to Wells Property Development Company Limited,” Okunbo said.

“However, in line with my agreement and understanding with Tunde, I would pay him the initial sum of N1Billion (N1,000,000,000.00) as first instalment. The balance of N1Billion (N1,000,000,000.00) would be paid in subsequent instalments for a period of two (2) years to effect the balance payment and provide additional support to Tunde.

“You are hereby directed that all allowances now due to Wells Property Development Company Limited following its acquisition of all Tunde’s shares in OMS and its associated companies, be paid to Tunde for a period of two years commencing from September, 2018 and terminating in September, 2020. Tunde shall furnish you with the designated bank account details where these allowances would be paid for the period.”

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OMS: AYENI NO LONGER OUR DIRECTOR

In response to Ayeni’s petition to the EFCC, the management of OMS issued a statement on December 17 that the former Skye Bank boss is no longer a director and shareholder in the company.

The company stated that its board has passed a vote of confidence on Okunbo, describing Ayeni as a “meddlesome interloper”.

OMS added that its funds are intact and in good order while dispelling allegations of misappropriation.

“That Dr. Olatunde John Ayeni is no longer a Director of OMS and any of its Associated Companies having resigned from OMS since August 2018. That Dr. Olatunde John Ayeni is no longer a shareholder of OMS and its Associated Companies having sold and transferred all his shares and interests to Wells Property Development Company Limited for valuable consideration since 2018,” the company said.

“That Dr. Olatunde John Ayeni has not been involved and connected in the management of OMS since 2018 when he resigned from the Board and sold his shares. That Dr. Olatunde John Ayeni became aware in September, 2020 that the Chairman of OMS Capt. [Dr.] Idahosa Wells Okunbo had health Issues and was undergoing treatment in London and has since that time started making false claims that he is still a part of OMS.

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“That the Board of OMS has implicit and unshaken confidence in all the steps taken by Capt. [Or.] Idahosa Wells Okunbo in managing the affairs of the Company and the lofty heights to which he has taken the Company. The Company states unequivocally that it accounts are in good and correct order and its funds are intact and not missing, misappropriated or otherwise mismanaged,

“The Board has passed a vote of confidence on Capt. [Dr.] Idahosa Wells Okunbo. Dr. Olatunde John Ayeni is a meddlesome interloper who is seeking to blackmail Capt. (Dr.) Idahosa Wells Okunbo at this time of his ill-health for financial benefit.”

This story, except headline contains information from TheCable