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Tuesday, 7 January 2020

M.K.O Abiola’s Children In Legal Battle Over Administration Of Company

M.K.O Abiola’s Children In Legal Battle Over Administration Of Company

The crisis rocking the management of Radio Communication Nigeria Limited, RCN, one of the companies owned by the acclaimed winner of June 12, 1993 election, late M.K.O Abiola has snowballed into legal hostilities.

Two administrators and personal representatives to the Estate of the deceased business mogul, Boma Alabi,Timothy Hugh Daniel, alongside two children of M. k. O. Abiola-Olamilekan Abiola, Aliu Abiola and Radio Communication Nigeria Limited Company have dragged three other children, Kolalwole Olatokunbo Abiola, Agboola Si-nurudeen Abiola, Adedeji Shamusedeen Abiola and corporate Affairs Commission before a Federal high court sitting in Lagos, Southwest Nigeria.

Olamilekan Abiola and Aliu Abiola are suing along side other plaintiffs for themselves and on behalf of other children and beneficiaries to the Estate of late MKO Abiola, while Agboola Si-Nurudeen Abiola, Adedeji Shamusedeen Abiola are sued jointly and as individual as purported Directors of Radio communications Nigeria Limited.

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In an affidavit sworn to by a legal practitioner, Boma Alabi and filed before the court by a Lagos lawyer, Ifedayo Adedipe SAN, Boma averred that pursuant to the High Court of Chancery order of 7 July, 2010, herself and the second Plaintiff, Timothy Hugh Daniel were appointed professional administrators and personal representatives to the estate of Chief M.K.O Abiola

He said M.K.O Abiola was the founder and largest shareholder of Radio Communication Nigeria Limited, in his lifetime and that the radio RC(.10354) was duly registered as a company under Part A of the Companies and Allied Matters Act 2004 in 1972 with Registered Office address at No. 38, Concord Way Muritala Muhammed Way, International Airport, Ikeja, Lagos State.

He said the company was incorporated with two Directors; Chief MKO Abiola (deceased) and his wife, Late Simbiat Abiola with 99% of the shares allocated to himself and 1% to his said late wife.

Boma said the Share Capital value of the company at incorporation was five million shares (5,000,000), with a total of 4,999,999 ordinary shares at N1 per unit allotted to the late Chief M.K.O Abiola and one share was allotted to late Alhaja Simbiat Atinuke Abiola.

“Chief M.K.O Abiola and Alhaja Simbiat Atinuke Abiola continued to act as Directors of the company until their demise. The first director, Chief M.K.O Abiola died on 7th July, 1998, however the second director and subscriber predeceased the first director following her death earlier in time.

“The company Radio Communications Limited RCN thereafter became inactive and moribund following the demise of its two principal officers as subsequent directors have not been appointed by the authorized representatives of the company by virtue of her three decades of legal practice experience, she is aware that deceased directors of a company can only act through its personal representatives upon order of a court to substitute or amend the register of directors at the corporate affairs commission.

“The shareholding interest of a deceased director reverts to the estate administrators as long as it is not specifically assigned to a beneficiary as they have exclusive authority to deal with the shares on behalf of the beneficiaries.

Following the demise of all the directors, the directorship of the company reverted to the estate of its personal representatives and Administrators.

“By his last will and Testament of 25th day of October, 1989, he appointed National Westminister Bank Plc of England as his Executor and Trustee of his Will. The majority shares of RCN were not specifically assigned to any of the beneficiaries under the last will and testament of Chief M.K.O Abiola.

Late Chief M.K.O Abiola also by the said Will desired, and so appointed Rodney Timore Timpson of the Round House 34a, High Street. Petersfield Hampshire, GU32 3JL as his Solicitor.

“Late Chief M.K.O Abiola in the Will empowered the Trustees/ Executor to appoint such other administrators to the Estate to administer the estate where properties or companies. are outside the United Kingdom, upon such terms and generally in such manner as his trustees shall from time to time in their absolute discretion think fit and to delegate to any such Attorney Administrator all or any powers conferred upon his trustees by Law of his Will.

“The National Westminster. Bank Plc of England in the exercise of its power under the Will of 25th day of October, 1989 appointed Administrators to the Estate of Late Chief M.K.O Abiola.

On the 6th day of October, 2004 the Probate Registrar of the High Court of Justice, Winchester granted and issued probate letters to (1) Timothy Hugh Daniel of 43. Fetter Lane. London, EC4a IJU, (2) Adam Broke International Press Centre, 76 Shoe Lane. London, EC4A 3JB and: (3) Kolawole Olatokunbo Abiola of No.5. Farombi Ajike Street, Maryland, Lagos.

“However, by the Order of the High Court of Justice, Chancery Division of the Master Moncaster, England dated 7th July 2010. F. Boma A. Alabi OON, (Formerly known as Boma Ozobia) was appointed as a personal Representative of the late Chief M.K.O Abiola Estate to take over the Estate Administration from Adam Broke who could no longer continue to act by reason of his retirement.

She then applied on behalf of the Administrators to the High Court of Lagos State in Suit No: ID/1046M12010 for re-sealing of the Probate grant to enable the administration of the deceased estate in Nigeria,” he explained.

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