Tunde Ayeni sold his shares in OMS to me for N2bn – Okunbo

Tunde Ayeni sold his shares in OMS to me for N2bn – 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 Solutio

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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.

“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.”