Shareholder Association Palaver: Okomu Oil Shareholders Onitsha Zone At Loggerheads

Deprecated: mb_convert_encoding(): Handling HTML entities via mbstring is deprecated; use htmlspecialchars, htmlentities, or mb_encode_numericentity/mb_decode_numericentity instead in /var/www/nairametrics/wp-content/themes/nairametrics/functions.php on line 104

I always said shareholder associations are just another way for some people to remain relevant and as such obtain favours from the management of companies. Its a bit like the Congress who by exerting their oversight functions sometimes carry out activities in favour of organisations in exchange for some gratifications. Why else will the so called shareholders of Okomu Oil Plc Onitsha branch be in court over who is the chairman and who is not. According to a Thisday report two factions of the Shareholders association are in court to determine who is the Chairman of the Onitsha Zone which comprises of Edo, Delta, Anambra, Bayelsa and Rivers states. According to the report

an order of the Federal High Court obtained in Benin City, capital of Edo State by Charles Adogah (SAN), solicitor to Mr. Solomon Eghobamien, had restrained the chairman of the Onitsha Zone Shareholders Association, Bishop Goodluck Akpore, from parading himself as the chairman of the body  in suit No: FHC /B/CS/136/11.

Reason for the Court Order

trouble began between Okomu Oil Plc and Onitsha Zone Shareholders when the federal government set up a committee to investigate Okomu Oil and came out with findings that Sofinco, a managing agent of Okomu did not register with the Corporate Affairs Commission, (CAC).