Business

Green Africa Airways Embattled As Co-Founder Alleges Fraud, Demands N625m Damages, Wants Taiwo Afolabi Kicked Out

Published

4 years ago

August 24, 2021

Green Africa Airways Embattled As Co-Founder Alleges Fraud, Demands N625m Damages, Wants Taiwo Afolabi Kicked Out

A Nigerian based in the United States, Kenny Awosika, has asked a Federal High Court sitting in Lagos to declare him as a promoter/co-founder of Green Africa Airways Limited, entitled to 55 percent of its authorized share capital.

Infoexpert24 reports that the sole plaintiff in the suit also prayed the court to compel the first defendant, Babawande Afolabi, to pay him N625million as general, exemplary, and aggravated damages for breach of the agreement.

Other defendants in the suit are Green Africa Airways Ltd, Taiwo Afolabi, Kuramo Africa Opportunity II (Mauritius) LLC, Corporate Affairs Commission (CAC), and the Nigerian Civil Aviation Authority (NCAA).

Alternatively, he is asking the court to order the defendants to pay him the sum of $30.25 million, being the monetary value of 55 percent of Green Africa Airways as of the last valuation in 2019.

Awosika, in his statement of claim, identified himself as co-founder and a Director of Green Africa Airways Ltd (registered in Nigeria in 2015) and that he equally functions as the Director of Information Technology and Innovation of the 2nd defendant.

He added that he is also the founder and co-owner of Green White Group LLC (GWG Maryland), a limited liability company registered in Germantown, Maryland, USA.

The plaintiff claimed that on 26 September 2013, he and Afolabi registered GWG, Maryland, with a 55 – 45 percent ownership ratio in his favor and that he took on most of the responsibilities of GWG Maryland by opening bank accounts and filing mandatory tax returns on behalf of the company, provided the financial and technical support for the formation and incorporation of Green Africa Airways.

He said that it was agreed that he should stay back in the US, where he was earning a salary as a US government contractor so that he could financially support the incorporation of the Nigerian entity, while Afolabi would return to Nigeria to arrange for registering GWG Maryland’s airline business.

Awosika further disclosed that he eventually resigned from his job, as part of the agreement between parties, exited his private businesses in the US, gave up his security clearance with the US government, and returned to Nigeria to partake in running the business.

He stated that he had, with Awosika’s financial and technical support, returned to Nigeria years earlier and registered the airline with the CAC with an N500million initial share capital.

He added that unknown to him, “and contrary to the arrangement between the parties, the 1st defendant listed himself and his brother Taiwo Afolabi (the 3rd defendant) as the only subscribers and/or shareholders and directors of the 2nd Defendant at incorporation.”

Infoexpert24 understands that the defendants are yet to file a response and that no date has been fixed for the hearing of the litigation.

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