Shareholders fight Jay Jay Okocha & wife over sports company

A Federal High Court sitting in Lagos has fixed 18 September to decide either to relist or not Jay-Jay Okocha Group West Africa Limited in a petition filed against the former captain of the Super Eagles, Okocha Austin Azuka a.k.a Jay-Jay Okocha and his wife Nkechi Okocha.
Also joined as co-defendant is a limited liability company; Jay-Jay Okocha Group West Africa Limited, jointly formed by the former footballer and six other shareholders namely; Friday Nwankero-Kuja, Ijeoma Kuja, Nwankwo-Kuja, James Chinedu, Nwankwo Kuja Daniel Chukwudi, Nwankwo Kuja Mary Chioma.
Two other companies Africa Shelter Sports Consultant Limited, Friday Nwankwo and Sons Limited are also petitioners in the impending legal hostility.
In an affidavit sworn to by a Director and shareholder of Jay-Jay Okocha Group West Africa Limited, Friday Nwankwo Kuja, and filed before the Court by a Lagos Lawyer, Barrister Caleb Rotimi Oyekola, the petitioners who claimed to be shareholders of the company which was incorporated to arrange, organise, finance  and present sporting events, alleged that Okocha and his wife, Nkechi, who are the Chairman and Managing Directors of the company respectively are conducting the affairs of the company in an illegal and oppressive manner.

Mr. Kuja alleged further that at the formative stage of the company located at 46, Saka Tinubu Street, Victoria Island, he expended a total sum of N63m, while he was performing his duties as the Executive Director in the affairs of the company diligently and productively.
He said he and other shareholders have now been sidelined.
However, when he started clamoring for the auditing of the company’s account in line with the provisions of the Company and Allied Matters Act to ascertain if the company was making profit and to also enable the company to file its annual returns to the Corporate Affairs Commission, the respondents decided to illegally and unlawfully ease him out of his position as a Director contrary to the provision of the Company and Allied Matters Act.
Consequently, the respondents without any valid resolution of the company conspired together to have his properties thrown out of his office without any authorisation from the Board of Directors whereas himself and other petitioners mentioned earlier are the majority shareholders of the company.
Thereafter all efforts to have General Meeting of the company as well as have the account of the company audited and preparation of the general statement of the company were met with strong resistance by Okocha and his wife.
The petitioner alleged further that since the formation and commencement of the operation of the company, no board and general meeting ever held.
It was also alleged that the respondents are at the verge of selling off one of the business company called Club 10.


Source: PM News