LAGOS — VEE Networks Nigeria, trading as Vmobile, the second biggest GSM company in Nigeria may be in for another boardroom crisis following speculations that Dr. Gamaliel Onosode, 71, may assume chairmanship of the board of the company.
Dr. Onosode, with Mr. David Edevbie, Delta Finance Commissioner represent the interests of Delta State Ministry of Finance Incorporated in the company. A recent nominee of the Delta State Government in Vee Networks Nigeria, Dr. Onosode will be expected to replace Dr. Bayo Adewusi, representing Lagos, who became interim chairman of the board following the shoving off of Oba Otudeko as chairman. Onosode requires majority support of other directors whose equity is about 60 per cent of Vee Networks Nigeria to assume leadership of the company.
But the proposed boardroom changes has already split the board into two factions with the Otudeko/First Bank of Nigeria Plc group which holds about 40 per cent equity in the business kicking quite hard.
Their grouse, according to industry sources, was that the shoving aside of Oba Otudeko was the final onsalught of “an unhealthy manoeuvre for the soul of Vee Networks Limited since 2001 soon after its inception,” leading to a cocktail of law suits against the company, and that some reckless steps are currently being taken — legal, financial, etc that may further worsen the fortunes of the company when its stability should be considered.
Authoritative sources in the faction insist that they are not very likely to leave their valuable investments in the hands of people who have acted unfairly towards them, though they are wary of taking precipitate steps which may endanger their investments.
Delta State Government House sources last night said that as investors, they nominated Dr. Gamaliel Onosode to the board because of his integrity but are unaware of any boardroom squabble or any move to make him board chairman. They added that who becomes the chairman of a company is the prerogative of the board.
Industry sources warned last night that another boardroom squabble at Vee Networks Nigeria may scare off the present management, jeopardise injection of the needed capital and probably threaten the entire GSM business.
