The crisis rocking the management of Radio Communication Nigeria Limited, RCN, one of the companies owned by late M.K.O Abiola has snowballed into legal hostilities.
Two administrators and personal representatives to the Estate of the deceased business mogul, Boma Alabi,Timothy Hugh Daniel, alongside two children of M. k. O. Abiola-Olamilekan Abiola, Aliu Abiola and Radio Communication Nigeria Limited Company have dragged three other children, Kolalwole Olatokunbo Abiola, Agboola Si-nurudeen Abiola, Adedeji Shamusedeen Abiola and corporate Affairs Commission before a Federal high court sitting in Lagos.
Olamilekan Abiola and Aliu Abiola are suing along side other plaintiffs for themselves and on behalf of other children and beneficiaries to the Estate of late MKO Abiola, while Agboola Si-Nurudeen Abiola, Adedeji Shamusedeen Abiola are sued jointly and as individual as purported Directors of Radio communications Nigeria Limited.
In an affidavit sworn to by a legal practitioner, Boma Alabi and filed before the court by a Lagos lawyer, Ifedayo Adedipe SAN, Boma averred that pursuant to the High Court of Chancery order of 7 July, 2010, herself and the second Plaintiff, Timothy Hugh Daniel were appointed professional administrators and personal representatives to the estate of Chief M.K.O Abiola
He said M.K.O Abiola was the founder and largest shareholder of Radio Communication Nigeria Limited, in his lifetime and that the radio RC(.10354) was duly registered as a company under Part A of the Companies and Allied Matters Act 2004 in 1972 with Registered Office address at No. 38, Concord Way Muritala Muhammed Way, International Airport, Ikeja, Lagos State.
He said the company was incorporated with two Directors; Chief MKO Abiola (deceased) and his wife, Late Simbiat Abiola with 99% of the shares allocated to himself and 1% to his said late wife.
Boma said the Share Capital value of the company at incorporation was five million shares (5,000,000), with a total of 4,999,999 ordinary shares at N1 per unit allotted to the late Chief M.K.O Abiola and one share was allotted to late Alhaja Simbiat Atinuke Abiola.
“Chief M.K.O Abiola and Alhaja Simbiat Atinuke Abiola continued to act as Directors of the company until their demise. The first director, Chief M.K.O Abiola died on 7th July, 1998, however the second director and subscriber predeceased the first director following her death earlier in time.
“The company Radio Communications Limited RCN thereafter became inactive and moribund following the demise of its two principal officers as subsequent directors have not been appointed by the authorized representatives of the company by virtue of her three decades of legal practice experience, she is aware that deceased directors of a company can only act through its personal representatives upon order of a court to substitute or amend the register of directors at the corporate affairs commission.
“The shareholding interest of a deceased director reverts to the estate administrators as long as it is not specifically assigned to a beneficiary as they have exclusive authority to deal with the shares on behalf of the beneficiaries. Following the demise of all the directors, the directorship of the company reverted to the estate of its personal representatives and Administrators.
“By his last will and Testament of 25th day of October, 1989, he appointed National Westminister Bank Plc of England as his Executor and Trustee of his Will. The majority shares of RCN were not specifically assigned to any of the beneficiaries under the last will and testament of Chief M.K.O Abiola. Late Chief M.K.O Abiola also by the said Will desired, and so appointed Rodney Timore Timpson of the Round House 34a, High Street. Petersfield Hampshire, GU32 3JL as his Solicitor.
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