With the utmost sense of responsibility and concern, I draw your attention to the big fraud that is being perpetrated in Okitipupa Oil Palm Plc in the guise off a Rights Issue approved by the SECURITIES AND EXCHANGE COMMISSION and advertised in the National Newspaper on 27th March 2024, which thereafter opened on 27th March 2024, and scheduled to close on 1st May 2024
The Deceitful Rights Issue: A Web of Intrigue
The Rights Issue as approved by the SECURITIES AND EXCHANGE COMMISSION is approved lis pendens due to the fact that there is currently a suit filed before the Federal High Court Lagos challenging the process adopted by the board of directors of the company in arriving at the Rights Issue, as well as the status of ONDO STATE DEVELOPMENT AND INVESTMENT PROMOTION AGENCY (ONDIPA) who claims to be a shareholder of the company.
The below- mentioned facts have not been disclosed to the shareholders and are material to this matter.
- ESTAPORT FARMS LIMITED vs. Okitipupa Oil Palm PLC: SUIT NO. FHC/LS/CP/1265/2023, filed on 4th July 2023.
This is a suit where ONDIPA was challenged as an impersonator and not the rightful owner of the shares it claims it holds and where the petitioner requests the courts to return the shares to the rightful owner and remove the directors appointed by the impersonator.
The rightful owner of the shares is said to be ONDO STATE INVESTMENT HOLDING COMPANY LIMITED
The accused directors defy the court’s authority and have proceeded with a core investor sale exercise approved at the annual general meeting, but which has failed due to effluxion of time and is being challenged before the court.
They say there is no court injunction to stop them from doing what they please, and will go on to conduct a rights issue approved by shareholders at an annual general meeting, albeit that they were deceitfully brought in as shareholders of the company at the time.
- The Impersonator: ONDO STATE DEVELOPMENT INVESTMENT PROMOTION AGENCY(ONDIPA)
They claim an existing shareholder’s mandate, wielding a phantom shareholding of 29.8%.
They claimed that the shareholder is dead, and by a change of name, they are the new shareholder.
After the petitioners raised the issue of impersonation before the court, ONDIPA hurriedly sold off their “shareholding” to a third party lis pendens, PINK NOMINEES LIMITED, in a transaction queried by their own directors who were not even aware of the hurried and surreptitious sale until they were removed by the impersonator on 8th March 2024.
- The Directors: The 3 directors, Mr. Akinboye Oyewumi, Mr. Jones Ogunmusire, Alhaji Lateef Bakare, appointed to the board of the company by the impersonator, who were removed on 8th March 2024 by a letter from the impersonator to the board of directors of the company are still captured in the advertisement for rights issue that commenced on 27th March 2024 as directors.
They are no longer directors of the company, yet their names are held out to the world in the newspaper advertisement on the rights issue that they still exist as directors.
The three directors of Estaport Farms Limited, (Hon. Chief Mrs. Mobolaji Osomo, Adewale Osomo, Abiola Awote) a significant holder of 35.4% of the shares of the company are not reflected in the advertisement as current directors.
- The Securities and Exchange Commission’s Deception: I believe that the regulatory watchdog appears to have been deceived by the perpetrators of this fraudulent act and therefore granted the approval without full knowledge of all the material facts concerning OKITIPUPA OIL PALM PLC.
- Non-disclosure of Litigation:
The shareholders have not been given the true state of affairs in the company, vis-à-vis the current litigation which is material enough to be disclosed to the shareholders and are being deceived to invest their hard-earned money in a web of deceit.
A closer perusal of the fundamentals will reveal the deceit in the entire transaction which is also one of the grounds of claim in the petition before the court
There is a pending application for injunction in this matter. This makes every action, discussion and decision pertaining to this matter SUB JUDICE.
A Call to VIGILANCE AND REJECTION OF THE FRAUD
By this caveat, I crave your indulgence, stay vigilant, question authority, and safeguard our legacy. BEWARE of this fraud of the RIGHTS ISSUE.
The courts are seised of this matter. Let the courts weigh truth against deceit, and I urge you to steer clear of the offer until the end of the matter in court. May Okitipupa Oil Palm Plc emerge unscathed from this tempest.
Yours faithfully,
Adewale Osomo Esq.
A shareholder and director of OKITIPUPA OIL PALM PLC.
