NOSPETCO LIQUIDATION PROCESS ON COURSE - NOSPETCO INVESTORS FORUM CHAIRMAN

Comrade Kenny Rowland

Last week (August 6^th 2013), I had a brief discussion with the Chairman, Nospetco Investor forum, Comrade Badejo Kenny Rowland with an executive trustee of the forum, Mr. George Ushie on the way forward for Nospetco investors, the liquidation process and the journey so far in assisting investors recover their invested funds with NOSPETCO Joint Ventures Services Unit.

According to him the liquidation process is still on course though it suffered so many mishaps mainly due to lack of accountability from the former chairman and legal team of the investor forum, the former chairman (Mr. Emmanuel Olorounibe Matiluko) and the former Lawyer for the forum (Mr Debo Adeleke) are accused of deliberately scuttling the efforts of the other team members by constantly putting barriers in the way of resolving the issues with NOSPETCO, Security and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN).

The chairman who was the former secretary of the Investor's forum also accused his predecessor and the ex legal team of underhand dealings against the interest of investors for selfish purpose, deliberately prolonging the process for their selfish gains and benefiting immensely from the crisis.

He cited a case some years back when the court, after hearing the matter for the third time gave all parties involved in the suit an opportunity to settle the case out of court in order to fast track the process and settle the matter once and for all.

The court got the consent of the parties involved in the suit (SEC, CBN, NOSPETCO and NOSPETCO Investor’s Forum), all the parties were given 3 months to meet, agree and come out with a resolution which the court was expected to pass as judgment to finalize the issue. Fortunately the investor’s forum lawyer was appointed the chairman of that meeting and expected to come up with the resolution after 3 months which he failed to do dashing all hopes for investors. (Those of us who went to PWD some years will remember this period).

On the way forward he is optimistic and confident the issue will be foreclosed before the end of this year as measures have been put in place some of which are the change of the legal team (Debo Adeleke has been debriefed and no longer the lawyer of the investor forum), the appointment of a liquidator and the recent court judgement declaring him the legal chairman of the Investor forum.

The winding up order for the liquidation comes up in court on the 4^th of October this year, the winding up order is what the liquidator needs to access NOSPETCO funds with the banks, the only obstacle before it now placed by NOSPETCO lawyers on issues of court jurisdiction in the Federal High Court, Ikoyi has been withdrawn and the court will pronounce duly on the matter on the 17^th of September (Next month).

Please note that only investors who have submitted their applications to the liquidators are entitled to the liquidation settlement when its approved; the submission process is still on and I will advise if you have not submitted yours to quickly do so as soon as possible. Click here for the process and requirements

He advised members not to pay any money to anybody as the Investor forum has not requested for any funds and warned his former boss to desist from impersonating him. 

The forum will be holding a general meeting soon to brief members fully on how far they have gone and what is left to recovering our funds. The notice of the meeting will also be published here in advance so members can be prepared to attend personally or send representatives.

Comrade Badejo Kenny Rowland can be reached on 08025064226 for more details.