Posted by By Akin Kuponiyi on
A landmark suit of N100 billion has been slammed on the former president, Chief Olusegun Obasanjo, by the former Managing Director of Nigerian Salt and Allied Chemical Industry Limited, Engineer Kolawole Koiki, for himself and on behalf of the Estate of three of his friends, Dr. Oluremi Ogunlesi, Engineer Christopher Eniola Adenegan and Engineer Ayo Solanke, who are all deceased.
A landmark suit of N100 billion has been slammed on the former president, Chief Olusegun Obasanjo, by the former Managing Director of Nigerian Salt and Allied Chemical Industry Limited, Engineer Kolawole Koiki, for himself and on behalf of the Estate of three of his friends, Dr. Oluremi Ogunlesi, Engineer Christopher Eniola Adenegan and Engineer Ayo Solanke, who are all deceased.
According to the claim of the plaintiffs, the suit was filed as a result of a decree promulgated by Chief Obasanjo when he was the military head of state to forcefully and illegally take over and acquire the shares of Nigerian Salt and Allied Chemical Industry Ltd. and precluded them from asserting their right in any court of law in Nigeria.
Also joined as co-defendants are Federal Government of Nigeria, Attorney-General of the Federation, Federal Ministry of Commerce and Industry and New Nigeria Salt Company Plc.
Engineer Koiki averred that he and his late friends and colleagues in 1968 established an engineering company known as OAK Engineering Ltd., pulled their resources together to establish Nigeria Salt and Allied Chemical Industry Limited (NSACI) located at Oghareki near Sapele now in Delta State, the first salt refinery in Nigeria to produce edible salt.
Joint venture agreement was signed with the Federal Government on 19 March, 1973 with Federal Government holding 55% while the plaintiffs were allotted 45% as technical partner. By virtue of the joint agreement, a new company known as the New Nigeria Salt Company Ltd. was also formed. The agreement was for a period of five years.
However, the plaintiffs alleged that by a letter dated 11 May, 1977, written by Dr. D.O.G Aihe on behalf of the Federal Government on the approval of Chief Olusegun Obasanjo, the joint agreement which was due for about four months to complete and commission the project was unilaterally terminated. The plaintiffs stated that they had been funding the project.
Thereafter, protest and all other processes were set in motion, in a bid to get Federal Government rescind the decision. However, the Federal Government promulgated the New Nigeria Salt Company Ltd. Decree of 1978 on 20 September, 1978 that prevented the plaintiffs from going to court to enforce their right. It also forcefully acquired and took over their shares in the company without compensation.
Following this development, all entreaties made to the government to rescind the decision proved abortive since 1977 to date. The plaintiffs averred that they have been living in abject poverty and misery while three of them died as a result of shame and ridicule they suffered.
The project on completion in 1978 was estimated to cost N13,299 million while N11,310,876.46 represents the amount of their investment in the said project. In view of this alleged forceful take over of their shares in the company by the Federal Government under the leadership of Chief Olusegun Obasanjo, the plaintiffs are demanding for N100 billion as compensation and general damages. No date has been fixed for hearing of the suit.