**Demands probe over alleged financial mismanagement
Public shareholders of Okitipupa Oil Palm PLC has vowed to drag the management to court for running the affairs of the company without carrying along the individual interests that form the General Public Shareholders in the form Co2 under the ownership structure.
In a statement issued by their representative, Dr Olumide Philip Ade, and made available to Starnews NG on Wednesday, the Public shareholders lamented several years of neglect and exclusion of their interests in the running and management of the Red Oil Company over the years despite being the highest shareholders with 36.4% of the ownership structure.
“For the record, it may interest the public to know that public shareholders have the largest shares of the ownership structure of Okitipupa Oil Palm PLC.
“The shareholding structure is as follows:
1. GENERAL PUBLIC: 36.4%.
2 ESTAPORT FARMS LTD: 33.8%.
3: ONDO STATE INVESTMENT: 29.8%.
“But sadly, the Ondo State Government and ESTAPORT Company have been running the company over the years without carrying along the individual interests that form the General Public Shareholders which my uncle is one of them.
“We have reached out to other public shareholders and we have contacted the next of kins of those who are deceased among them. I already obtained a power of attorney to take up the issue and drag the management to court for the many years of neglect, exclusion, and financial mismanagement by the past and current management of the company.
“We have been cheated over the years. Dividends were paid (as claimed) annually without considering the Public Interest. Appointment of Directors were made over the years without our involvement, and several AGM were held without anyone inviting the Public interests which we represent.
“The Land owners parading themselves as part of the Directors are not supposed to be part of the Directorship structure because they are not shareholders. All the past monies collected by them shall be refunded as we approach the court to seek redress without any delay”, the statement partly reads.
Meanwhile, Starnews NG reports that the Public Shareholders also urged the anti-graft agencies to probe the management of Okitipupa Oil Palm PLC over alleged corruption and financial mismanagement rocking the company. According to them, “the corruption and financial mismanagement under the current management is alarming and unprecedented”.
“We have knowledge of the on-going financial mismanagement in the company. We have facts and figures. We are also aware of their plan to sell our shares. This, we shall resist. On this note, we are prepared for legal action as we also use this opportunity to call the anti-graft agencies – the EFCC and the ICPC to probe the management of Okitipupa Oil Palm PLC over alarming corruption and unprecedented financial mismanagement rocking the company.
“We are ready to provide necessary information and support for the anti-graft agencies”, the statement added.
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