Breaking News

Shell retiree asks Admiral Onah’s company to refund N20 million treasury bill

By Jimitota Onoyume

A Shell Petroleum Development Company (SPDC) retiree, Mr Rean Omosu, has dragged First Stock Brokers Limited to the Securities and Exchange Commission (SEC), the Economic and Financial Crimes Commission (EFCC) and the Force Criminal Investigation Department (FCID) over the alleged  failure of the firm to refund his N20million severance package he claimed to have invested there.

Admiral Mike Onah (retired) is alleged to be the Chairman of the company.

Omosu’ lawyer, Gabriel Otuedon Eyide, who claimed to have submitted separate petitions to SEC, the EFCC and FCID, alleged that his client took the action after several entreaties to the firm  to pay the money failed.

Meanwhile, all efforts to get the company or the former navy chief to comment on the allegation failed as Onah was said to be out of the country on vacation.  However, an aide to the retired admiral said his principal was not the chairman of the company at the time of the Omosu transaction.

“I wrote separate petitions against First Stock Brokers Limited where Admiral Mike Onah is Chairman on behalf of our client, Mr Rean Omosu, who   invested his severance package from SPDC, amounting to twenty million naira, in this company for   the purchase of treasury bills”, Eyide said.

He went on: “My client attended a pre-retirement seminar organised by the SPDC Warri. First Stock Brokers Limited was among the companies invited to train the outgoing staff. When he (client) got his severance package, he paid twenty million naira   to the company to acquire treasury bills.

“Over the years, my client has been asking them to refund him his money when he realized that First Stock Brokers Limited was alleged not to be in the position to trade in treasury bills. It was said that stock brokerage firms are not permitted by law to transact business in treasury bills as they are only allowed to trade in shares and equities and all that. Consequently, he asked that the firm liquidates his investment. But the firm has neglected to pay my client his money. I have been to the stock brokerage firm in Lagos and had a meeting with its officials and told them about my client’s mandate.

“I went to SEC, the EFCC and the FCID, with our petitions as well. I attached all the necessary documents to the petitions, Some management staff of the firm were  arrested at a time and granted bail. They did mention they would pay the money”.



Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.