GTB vs. Aderinokun: Court Fixes March 24 for Hearing

Ladipo Sanusi|

Legal fireworks between Guaranty Trust Bank (GTB) and the 8-year-old daughter of its co-founder, the late Olutayo Aderinokun, will continue on March 24 as fixed by a Federal High Court in Lagos today.

Aderinokun’s daughter, Oluwatise sued Guaranty Trust Bank Plc and six others, over alleged manipulation of her late father’s shares.

Other respondents in the suit are GTB’s Registrar, Datamax Registrar Limited, Kanali Investments Limited, Day Waterman Company Limited, Caribod Investment Limited, Mr. Babatunwa Aderinokun, and Investment One Financial Services Limited.

At the resumed hearing of the suit today, the seventh defendant, Investment One Financial Services Limited, one of the vehicles used by the late Aderinokun to acquire shares in GTB, informed the court that it has filed an affidavit of facts before to assist the court in the judicious determination of the plaintiff’s suit.

In the particulars of affidavit of facts, deposed to by one Mike Okoh, it is stated that contrary to the averment of the sixth defendant, Mr. Babatunwa Aderinokun, the third to fifth defendants companies (Kanali Investment Limited, Day Waterman Company Limited and Cariboo Investment Limited) were incorporated as asset holding companies and vehicles through which the late Aderinokun acquired, invested, and held his asset while planning his estates during his lifetime.

The deponent added that other shareholders and board of directors of the listed companies constituting the first wife of the deceased, Mrs. Olufunlola Aderinokun, and the children of late Olutayo Aderinokun were fully aware of the deceased’s assets protecting strategy via corporate vehicles. He further stated that none of them paid for the shares neither did they participate in the management of the companies during his lifetime.

The deponent also stated that the incomes from the assets of the companies were enjoyed by late Aderinokun mixed with his personal incomes, as he used his personal incomes to purchase assets in the various companies, as his assets were intertwined with the corporate assets of the companies during his lifetime.

“He acquired his assets and GTB Plc’s shares in the name of the three companies, which by his Will indicated that his GTB Plc’s shares held in the names of three companies be distributed equally by his children,” he stated.

He noted that the issues, regarding distribution of his GTB Plc’s shares, have been the subject of various discussions between the Executors of his estates and are yet to be resolved.

However, Mr. Olumide Aju, the lawyer representing Babatunwa Aderinokun, urged the court to strike out the affidavit of fact as it cannot be placed within the realm of any law.

There is another suit pending before a Lagos State High Court on the same subject matter, filed by 10 claimants against GTB Assets Management Limited and Babatunwa Aderinokun.

The claimants in the said suit are: Kanali Investment Limited, Cariboo Investment Limited, Brayswood Investment Limited, Lonalinda Investment Limited, Day Waterman Company Limited, Day Waterman College Limited, Barawill Company Limited, Exuma Ventures Limited, Haseman Resources Limited, and FMT-Parkview Estate Limited.

Read details of the case in this earlier publication by Newsmakersng: http://www.newsmakersng.com/2017/02/26/gtb-aderinokuns-child-in-legal-tussle/

 

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