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Squabble in Alpha-beta over stakes

The shareholders of Alpha-beta, a consulting firm handling the computation, tracking and reconciliation of Internally Generated Revenue (IGR) in Lagos State in return for a commission, are set for a tough fight over irreconcilable shareholding issue and company assets diversion.

The four shareholders; Infiniti Systems Enterprises, Mono Consulting, Ebo Consult, and Intergrev Services have been taken to court on the issue, which have so far bred bitterness and distrust in the thriving consultancy business.

Dapo Apara, a Nigerian chartered accountant, and owner of Infiniti Systems Enterprises, who claimed that sometime in 2000, he solely conceived, prepared and presented a proposal to the Lagos State government on providing consultancy services using his firm, has accused Bola Tinubu, former governor of the state, for fuelling the crisis.

In writ of summons deposed to at a Lagos high court, Apara, claimed that Tinubu and Alpha-beta reneged on certain agreements reached in the past about the management and control of the consulting firm.

Apara, who claims to own 30 percent stake in the company, alleged that Tinubu “has directed and dictated the affairs” of the company by diverting assets to himself at the detriment of the claimant.

Apara claimed that apart from owning 30 percent stake in the company, other stakeholders are Michael Ogunmola, trading under the name and style Mono Consulting (40%); Tunde Badejo, trading under the name and style Ebo Consult (15%), and Tunde Badejo, trading under the name and style Intergrev Services (15%), who seem to represent the former governors interest in the company.

He also claimed that the company was being used for “massive corruption purposes including tax evasion, bribery of government officials, diversion of funds” and money laundering by the former governor of Lagos State and Akin Doherty, a former commissioner for finance in the state, between 2005 and 2007.

In the 40-page writ of summons issued by Tade Ipadeola, Apara’s lawyer, which was made available to the media, there were details of the claims including an order compelling an account of all sums due to Apara from 2010 till date; an order tracing all funds and assets due to him from the inception of the company to date and an order of specific performance of certain clauses of the partnership agreement that created the company by extant partners.

Other detail include; an order for payment to the claimants by the defendants, all sums adjudged to be due to him on the submission of the accounts; and payment of 10 percent interest on the sums adjudged to be due to him.

The first, second and third defendants, according to the writ, include Alpha-beta Consulting, Tinubu and Doherty, respectively.

Apara claimed that sometime in 2000, he solely conceived, prepared and presented a proposal to the state government on providing consultancy services using his firm, Infiniti Systems Enterprises, with respect to using computerisation to track and reconcile the Internally Generated Revenue (IGR) of the state.

Following the presentation of his proposal to the state government, Apara claimed that Tinubu, who was at the time the governor, demanded that 70 percent equity interest in the project be assigned to a certain Olumide Ogunmola before he would approve the project.

The aggrieved shareholder said he later met the said Ogunmola and it was agreed that a limited liability company be incorporated in which Apara will hold 30 percent shares while Ogunmola and his partners will hold 70 per cent of the shares of the company.

Following that agreement, Apara said Alpha Beta Consulting Limited was incorporated in 2002 with the shareholding ratio that shows that 30 per cent was allocated to him (Apara), 40 per cent for Ogunmola, and 30 per cent for Adegboyega Oyetola.

For, it is unclear if the said Oyetola is the incumbent governor of Osun State, a supposedly close ally of Tinubu.

He revealed further that upon the commencement of business operations, Tinubu directed that the 30 per cent shareholding of Oyetola be transferred to one Tunde Badejo and this was done. He added that although he was a signatory to all the bank accounts of the company, payments from the bank accounts required only two signatories, which was mostly handled between the other two partners, Messrs Ogunmola and Badejo.

According to PREMIUM TIMES, efforts to get the company’s side of the story were unsuccessful, as a phone number listed on the company’s website failed to connect.

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