The 8-year-old daughter of GTbank Founder is suing the bank over alleged
manipulation of her late father’s shares. Why would anyone want to do
such to a good man’s family?
A Federal High Court in Lagos has adjourned till March 24, 2017, for
hearing in the suit filed by Miss Oluwatise Aderinokun, the
eight-year-old and last child of the late founder and former MD of
Guaranty Trust Bank Plc (GTB), Olutayo Aderinokun, against the bank and
six others over alleged manipulation of her late father’s shares.
Other respondents in the legal battle are GTBank’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, the seventh defendant, Investment One Financial
Services Limited, used by late Aderinokun, to acquire shares in GTBank,
informed the court that it had filed an affidavit of facts to assist the
court in the judicious determination of the plaintiff’s suit.
In the particulars of the affidavit of facts deposed to by one Mike
Okoh, he averred that contrary to the averment of the sixth defendant,
Mr. Babatunwa Aderinokun, the third to fifth defendants’ companies,
namely: Kanali Investment Limited, Day Waterman Company Limited and
Cariboo Investment Limited were incorporated as asset holding companies
and vehicles through which late Aderinokun acquired invested and held
his asset while planning his Estates during his lifetime.
The deponent averred further that other shareholders and board of
directors of the above mentioned companies constituting the first wife
of the deceased, Mrs. Olufunlola Aderinokun, and the children of late
Olutayo Aderinokun were fully aware of the deceased 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 issues regarding the distribution of his GTBank’s shares have been
the subject of various discussions between the executors of his estates.
However, Olumide Aju, 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.
In the ensuing legal battle, Oluwatise Aderinokun who is suing GTBank
and other respondents through her mother, Mrs. Salamotu Aderinokun, in a
suit marked FHC/L/CS/1723/2015, is urging the court to declare that the
recognition of three limited liability companies Kanali Investments
Limited, Day Waterman Company Limited and Cariboo Investment Limited
(the proxies), as being entitled to the rights accruing to the shares
issued by GTBank, held in the proxies’ names and in the name of her late
father, Olutayo Aderinokun, is wrong and breach of the implied contract
between the defendants and her late father.
The plaintiff is also urging the court for an enquiry into what volume
of her late father’s shares issued by GTBank were held in his name and
the names of the three companies, Kanali Investments Limited, Day
Waterman Company Limited and Cariboo Investment Limited (being
shares/Properties held in trust of the beneficiaries of her late
father’s estate), as at the time of his death on June 14, 2011.
The plaintiff is also seeking a court declaration that the recognition
of the proxies by the defendants, as being beneficially entitled to the
rights of her late father’s shares (issued by GTBank), held in the names
of the proxies, was done in dishonest assistance of the breach of trust
of her late father’s Will by the said proxy companies.
She also want the court to make an Order of Specific Performance of the
implied contract between her late father, Olutayo Aderinokun, and
GTBank, and Datamax Registrar Limited, whereby the said defendants are
to accord late Olutayo Aderinokun all the rights and, or beneficial
interest in the shares purchased by her late father, and issues by
GTBank in the name of his corporate vehicles used as the proxies.
She wants an order of perpetual injunction restraining GTBank and other
defendants in the suit from acknowledging/recognising the proxies as
being the beneficial owners of the rights accruing to the shares held in
their names in GTBank, and paying any sum declared as dividends
accruing to her late father’s shares held in his name, and the names of
the said proxy companies on the instructions of the directors on record.
The plaintiff, in her statement of claim filed before the court by her
lawyer, Osaro Eghobamien (SAN) of Perchstone and Graeys, averred that
upon the death of her father, he gave legacies and directive to his two
wives and four children and her late father also appointed GTBank Asset
Management Limited (now Investment One Financial Services Limited), and
Mr. Babatunwa Aderinokun as joint Executors and Trustees, both whom were
granted Probate on February 16, 2012.
She also averred that during the lifetime of her father, he had a
peculiar manner of acquiring his assets, using the Proxies, among other
corporate structures, rather than holding these assets directly in his
own name, and that payments that were made for asset acquisition, or
funds received in respect of the Proxy companies, were either paid from
or into his personal accounts.