Property Dispute: Court Orders Substituted Service on Billionaire, Olu Okeowo
Justice Akintayo Aluko of the Lagos Division of the Federal High Court has granted a firm, Manna Real Estate Company Limited, and two of its shareholders leave to serve a Lagos-based billionaire and property developer, Oluwatumininu Okeowo, court processes by substituted means over a dispute on their late father’s company.
The other plaintiffs in the suit marked FHC/L/CS/2615/2023 are Tolulola Babarinde (nee Okeowo) and Temitope Solabi (nee Okeowo). Oluwatumininu Clement Okeowo, Gibraltar Construction Limited, Joshua Okeowo, Tolulope Okeowo, and Corporate Affairs Commission (CAC) were listed as defendants.
Among others, the judge held that “having heard S.B. Olarinde, Esq., for the plaintiffs who moved in terms praying it to grant the reliefs sought as endorsed on the motion paper. That leave is granted to the Plaintiffs/Applicants to serve the writ of summons, statement of claim, witness statement on oath and all other processes or forms in this matter on the first respondent to wit by pasting same at the first respondent’s last known place of abode being at Palacio de Okeowo, 35 Olusegun Aina Street, Parkview Estate, Ikoyi, Lagos.”
The judge added, “That leave is granted to the plaintiffs/applicants to serve the writ of summons, Statement of claim, witness statement on oath and all other processes or forms in this matter on the first respondent to wit: by publishing same in newspaper or tabloid circulating nationwide that the plaintiff shall adopt the two modes to ensure due service of the process on the first respondent.
Justice Aluko, after that, adjourned the case until June 11 for a report of service.
In a witness statement on oath deposed to by Tolulola Babarinde (second plaintiff), she stated that the first plaintiff is a real estate company incorporated in October 1969 under the Company Decree of 1968 by Sir Taiwo Okeowo who was the majority shareholder of the company and the managing director until his death on November 8, 2003.
The deponent averred that the company’s share capital is N2,000,000 divided into 2,000,000 ordinary shares of N1:00 each.
She stated, “The shareholding structure is as follows: Sir Taiwo Okeowo 1,500,000 shares, Grace Adesola Okeowo 250,000 shares, Tolulola Tadewa Okeowo 100,000 shares, and Temitope Onajonwa Okeowo 150,000 shares. Upon the death intestate of Sir Taiwo Okeowo, the second and third plaintiffs, alongside Grace Adesola Okeowo (their mother), became the only surviving shareholders and directors of the first plaintiff with powers to act on behalf and in the interest of the company.”
The plaintiffs averred that before the death of Sir Taiwo Okeowo (the father of the second and third to fourth plaintiffs as well as the first, third and fourth defendants), the only named Directors and shareholders of the first plaintiff were Sir Taiwo Okeowo, Grace Adesola Okeowo, Tolulola Tadewa Okeowo, Temitope Okeowo, adding that the first to third and fourth defendants were never and are not directors or shareholders of the company.
She further alleged that upon the death intestate of Sir. Taiwo Okeowo on November 8, 2003, and without the knowledge or consent of the surviving shareholders and directors of the first plaintiff, the first defendant who is not a shareholder or director of the first plaintiff and with no letters of administration over the estate of Sir. Taiwo Okeowo began dealing with the company’s assets without any authorisation.
One of the first plaintiff’s property upon which the first defendant allegedly carried out his unlawful acts is the property known as Plot 15a & 15b, Bayo Kuku Road (formerly 15 Waring Road) Ikoyi, Lagos, covered by a Federal Certificate of Occupancy with title number L09312.
She averred that the first defendant unlawfully began demolishing the property at Bayo Kuku Road, a built block of 6 Flats and 2 Houses, without the knowledge and authorisation of the first plaintiff’s surviving shareholders and directors.
The deponent averred that the 1st defendant has surreptitiously applied to obtain building permits from the Lagos government to build on the Property and is allegedly selling units to unsuspecting members of the public under the name of Gibraltar Construction Ltd.
Consequently, the plaintiffs seek a declaration that the second and third plaintiffs and Grace Adesola Okeowo are the only surviving shareholders and directors of Manna Real Estate Company Limited and a declaration that the first, third and fourth defendants are not duly allotted and appointed shareholders and directors respectively of Manna Real Estate Company Limited, therefore cannot act on behalf of and deal with or manage the affairs and assets of Manna Real Estate Company Limited.
They are also seeking an order mandating and directing the fifth defendant to rectify the data in its custody to only reflect the names of the surviving shareholders and directors of Manna Real Estate Company Limited, being the names of Grace Adesola Okeowo, Tolulola Babarinde (nee Okeowo) (second plaintiff) and Temitope Solabi (Nee Okeowo) (third plaintiff).
In addition, they want the court to declare an order of perpetual injunction restraining the first, third and fourth defendants from representing themselves or acting as shareholders or directors of Manna Real Estate Company Limited.
The plaintiffs are also claiming N100 million as damages against the first and second defendants for the injury occasioned by their alleged unlawful actions against the Plaintiffs and the 1st plaintiff’s assets.
