Intrigues as Vee Networks shops for new board
By Sonny Aragba-Akpore,
Asst. Communications Editor
AMAJOR boardroom crisis is brewing in Vee Networks as several parties now jostle for the company's chairmanship and board membership positions following the purported removal of Mr. Oba Otudeko as chairman.
Meanwhile, Otudeko's sympathisers still allege that the action was unjust.
Otudeko's purported removal as chairman was reported as ratified by the 12-man board on August 10, 2004 which named Lagos State Commissioner for Finance, Dr. Rasaq Adewusi, as acting chairman; the board also nominated renowned industrialist, Mr. Gamaliel Onosode, to the board.
But two weeks after the reported removal of Otudeko, some officials on the board and the governments of Akwa Ibom, Delta, and Lagos board states are said to be pushing for a new chairman who may be named soon.
Reports however, claim that some officials of these states who are believed to be the masterminds of the removal of Otudeko may be on the Economic and Financial Crimes Commission's (EFCC) list for possible investigations into their business dealings, especially on how the shares in the GSM firm were purchased.
The Guardian learnt that principal players in the boardroom, including some state governors, their representatives and one of the early promoters of what was then known as Econet Wireless Nigeria (EWN), Mr. Henry Imasekha, are on the side of the camp determined to change the leadership of the company.
But in what can be described as a curious twist of fate, the Otudeko camp has started shouting foul, alleging that the removal of the chairman was premeditated and calculated to embarrass him.
The Guardian learnt that Otudeko's removal may not be unconnected with his stance during the period leading to the boardroom altercations between former founder and technical partner, Mr. Strive Masiyiwa of Econet Wireless International (EWI) and other Nigerian members of the board.
Otudeko was alleged to be in sympathy with Masiyiwa, advising that the matter be handled with caution as that was the only way to ensure stability. But other board members believed that Otudeko may have compromised his position to the Zimbabweans thereby jeopardising the Nigerian interests.
In line with this thinking, some board members thought that it was wise to have a clean sweep of the past.
But Otudeko is saying that his alleged removal was borne out of malice and not because he did anything to undermine the operations of the network which he founded and chaired from the beginning, three years ago. Otherwise, he reportedly said, if his board failed, why would the entire membership not be removed.
Curiously too, the major shareholders including Akwa Ibom (18 per cent); Delta (10 per cent); Lagos (10 per cent); Akupo (15 per cent); Broad Communications (13 per cent) and O & O Networks (9.9 per cent) voted that a new chairman be appointed.
Otudeko's own share holding and First Bank's 20 per cent therefore could not save the situation for the boardroom tactician.
Following the nomination of Onosode to the board by Delta State government on August 3, 2004, in a letter signed by Secretary to the State Government, Dr. Emmanuel Uduaghan, Otudeko advised Vee Network's company secretary, Mr. Godfrey Efeurhuobo to seek clarification on Onosode's nomination in the light of the fact that Delta State already had the state Commissioner for Finance, David Edevbie, on the board.
On August 9, the eve of the board meeting, Efeurhuobo wrote to Uduaghan, saying "the chairman has directed me to seek your urgent clarification on this mater as your letter did not state clearly that the appointment of Mr. Onosode is in substitution of your existing nominee - Mr. David Edevbie".
The letter further read: "If the above is the case, we would require a letter of consent from Mr. Onosode of his willingness to act as a director of Vee Networks Limited (VNL) and a resignation letter from Mr. Edevbie to enable us file proper return at the Corporate Affairs Commission (CAC), Abuja after his formal appointment at the board of directors' meeting due for tomorrow (August 10)".
The Guardian learnt that the board never got any response before the meeting.
But sensing that something was in the offing, Otudeko on August 9 wrote to Onosode saying he had caused a letter to be written to the Delta State government "seeking some clarifications including a request for your consent to act in this capacity".
Otudeko wrote in the letter that his request was to serve a number of purposes - Christian, moral, corporate and legal.
"Were you privy to the proposed arrangement I believe that you have invited me for discussions knowing my relationship with this company and especially because of the very cordial relationship between us and my respect which you have earned in many years of our interaction," his letter read.
Otudeko alleged that "there is an unhealthy manoeuvre for the soul of Vee Networks which commenced since 2001 soon after its inception."
He listed, among other problems, the various law suits in Nigeria and elsewhere to buttress his allegations.
"Indeed, some reckless steps are currently being taken legal and financial that may further worsen the fortunes of the company when its stability should be consolidated. It appears that you may be dragged into an unnecessary struggle when you should be enjoying your well earned rest," he said.
Otudeko sent copies of the letter to a former Commonwealth Secretary-General, Dr. Emeka Anyaoku "who I am aware shares a very long friendship with you."
Sources close to Otudeko said that he told the board in no uncertain terms that if he had to go, the entire board should go too and any attempt to remove just him will be interpreted as an unjust action capable of derailing the company.
It is not yet clear if Onosode or anybody else would assume the company's substantive chairmanship position.
