By Kingsley Adegboye

A telecommunications infrastructure company, Pan African Towers Limited, has instituted a suit against its former Managing Director and Chief Executive Officer, Mr. Azeez Amida, at the Federal High Court in Lagos, over allegations of financial irregularities and breach of fiduciary obligations.

According to court documents filed before the court, the company is seeking the recovery of funds it claims were expended without proper authorisation during Amida’s tenure as chief executive.

The company is also seeking general and special damages, the cost of the action, and an order disqualifying the defendant from serving as a director of any Nigerian company for a specified period.

In the suit, Pan African Towers alleged that the former CEO approved and incurred certain expenditures which it contends were outside approved company policies and his compensation package.

The company further alleged that some of the expenditures were for personal purposes and not related to its operations.

According to the court filings, the allegations stem from an internal review and investigation reportedly initiated after concerns were raised regarding certain transactions and expenses.

The company claimed that its investigation examined payment records, invoices, electronic correspondence and other documents relating to the expenditures.

Among the issues raised in the suit are allegations relating to payments for domestic staff, security arrangements, travel expenses, hospitality costs, health insurance coverage, information technology equipment and the use of company assets.

The plaintiff also alleged that some company resources and office facilities were utilised for activities unrelated to its core business.

In addition, the company accused the former chief executive of acting in a manner inconsistent with his obligations to the organisation and prioritising personal interests over those of the company.

The court documents further stated that the company’s board commenced a review of the allegations following a whistleblower report received in July 2024.

According to the filings, the review was conducted by the board’s audit committee, which subsequently made recommendations to management.

The company stated that the employment of the former CEO was terminated on November 1, 2024, following the outcome of its internal processes.

Pan African Towers is asking the court to determine whether the expenditures and actions complained of were authorised and whether the defendant should be held liable for any losses allegedly suffered by the company.

As of the time of filing this report, the defendant had not filed a response to the claims before the court.