Posted by By KUNLE OWOLABI on
He woke up one morning in September 2004 and discovered that a company in which he owed a substantial investment had ceased operation. His investment of about three decades worth millions of naira had suddenly vanished or so it seemed to him.
•Moving story of septuagenarian whose multi-million investment is trapped in a liquidated firm
He woke up one morning in September 2004 and discovered that a company in which he owed a substantial investment had ceased operation. His investment of about three decades worth millions of naira had suddenly vanished or so it seemed to him.
An advertorial in a national daily carried the sad message.
Pa Meshack Emiola Ibidapo, 79, wiped sleep off his face and spread the paper on the table to digest the full detail of the advertorial. What he read appeared to him as a joke carried too far. But minutes later, it dawned on him that what he read was real. How could a company which he attended its annual general meeting the previous year could have gone under a year after.
What actually went wrong? He had no answers to these questions than what the advert in the newpaper told him. The adverts are two, placed side by side on page 50 of the paper.
The quarter page advertorial in the Punch Newspaper of Wednesday, September 22, 2004, entitled "UMARCO (Nigeria) plc. (In voluntary Liquidation), read in part: "This is to inform the general public that URMACO (NIGERIA) Plc has gone on voluntary liquidation with effect from 8th July, 2004, and that Mr. Joseph L. Itie, JP, FCA, of Akintola Williams Elloitte (Chartered Accountants) has been appointed as the liquidator of the company, following the special resolution passed for the voluntary liquidation of the company and the power of Attorney given the Board of Directors to appoint a liquidator at the annual general meeting of the company held on 8th July 2004."
By the time Pa Ibidapo finished reading sweat ran down his face. He then turned to the second aspect of the advertorial with the same title. He read: " Notice is hereby given that I, Mr. Joseph L. Itie, JP, FCA of Akintola Willaims Delloitte (Chartered Accountants), 235, Ikorodu Road, P. O. Box 965, Lagos, have been appointed as liquidator of UMARCO (Nigeria) Plc, in compliance with the Power of Attorney given the Borad of Directors to appoint a liquidator for the voluntary liquidation of the company at the last annual general meeting of the company held on 8th July, 2004.
"All creditors of the company are hereby requested to forward their claims to the liquidator at the address given above with 30 days of this publication. Similarly, all debtors of the company are advised to pay up the amounts owed to the aboved-named company within the same period."
The first advert was signed by one Mrs. R. A. Akindele, the second by the liquidator, Joseph Itie. The last part of the advert caught the attention of the old man. He had thought of old age by investing his resources wisely. The first share he bought in Umarco totalled 77, 500 (Seventy-seven thousand five hundred) units with the share certificate No 1031A issued on June 4, 1979.
Perhaps, seeing that the company was doing well, he decided to acquire more. He therefore bought another 38, 750 (Thirty-eight thousand seven hundred and fifty) units with share certificate No 1203A dated 9 november 1988. So, when he saw the notice, he hurried to the address given in the paper.
This was the response he got: "I was told that the liquidator had not done anything. They even told me that they knew me as a substantial share- holder in Umarco. But I was also told that the person to attend to me was not in the office. So, I left that day. Some days later, I phoned to know the situation of things. Mr. Itie told me that they were still waiting for the other parties. He said that as soon as those other parties agreed, he would let me know. That was three years ago. Till now I have not heard anything from the man of the Akintola Williams Deloitte.
"The total number of my shares with the company is about 107, 250 (One hundred and seven thousand two hundred and fifty) units. I cannot just forget it like that. I think the liquidator or his company needs to get the shareholders informed about the goings-on over the matter. Anyway I am speaking for myself, I do not know of others. I have not received any letter or phone call over this matter. I have my fear over this issue."
The old man's fear stemmed from the fact that he did not receive notice of the annual general meeting in 2004 as he used to. He told Sunday Sun that he had gone to the company's all but one annual general meeting. It was at the 2004 meeting, to which he was not invited, that the decision to voluntarily liquidate the company was apparently taken. Who and who were present at the meeting? Pa Ibidapo did not know. His second fear is that it has taken too long (since 2004) to liquidate the company.
He said: "I Have not received anything. I want to know if Akintola Williams has completed its job. What I am particular about is that I want my own shares back in monetary value. The liquidator should tell me what is delaying the execution of the share to the owners. If the liquidation process that started in 2004 has not been completed by now when will they finish? I am an old man. I do not know anything about accounting. But as a layman, I know that the whole thing is taking too long to complete. They should not keep the shareholders in the dark for too long. My concern for now is that let them tell me how much is due to me and if I am not entitled to anything, let me know so that I can put the whole thing out of my mind.
"I have the fear that some people might be collecting their shares underground or the whole thing has been swept underground. Let them do something for me when I am alive. They have not listened to me now, if I am dead they won't listen to my children."
When Sunday Sun visited Akintola Williams Deloitte to see the liquidator, the lady at the reception, after some telephone calls to certain offices, informed our correspondent that Mr. Itie no longer worked for the company to book an appointment.
The correspondent asked to be linked to the spokesperson of the company's Legal Adviser. He was however, asked to call one Mr. Henry Manafa or the communication officer of the company. But repeated calls to Mr. Manafa's mobile phone were not answered while the communication officer could not be reached as at press time.