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vThe shareholders of Nahco Aviance have opposed the nomination of Eyinna Okpara for the position of a Non- Executive Director in the company.
The shareholders argued that Okpara who has since 2016, been under the probe of the Economic and Financial Crime Commission(EFCC) for alleged fraudulent and corrupt practices, lacks moral right to the position until he is cleared of all allegations against him.
Interestingly, the management of the aviation handling company has kept mum on the issue which may disrupt proceedings at the 40th Annual General Meeting (AGM) of the company that is scheduled for Friday 30th July.
Nacho Aviance in a notice of its 40th Annual General Meeting (AGM) signed by Bello Abdullahi, its Company Secretary, announced the nomination of Eyinna Okpara for the position of a Non-Executive Director in the company.
Opara, born 27th March 1960 and with an intimidating credential, left the Nigerian military as an Army Captain in 1999. He is no, the Dean of College of Social and Management Sciences, Wellspring University, Benin City. He was previously the Accounts/Logistics Manager in Dangote Group and an experienced auditor and tax consultant who had worked at Akintola Williams Deloitte, a prominent audit firm.
The credential, it is expected would have assisted Okpara to further add value to the organisation.
Some shareholders who spoke on anonymity queried the nomination of Eyinna Okpara for such a position that bothers on integrity which they alleged the EFCC probe has denied the nominee.
They complained that the company has not told them that Okpara, who is an associate member of the Institute of Chartered Accountants of Nigeria(ICAN) has been discharged and cleared of any wrongdoing by the Nigerian anti-corruption agency.
The shareholders argued that it is a moral burden on the board of Nahco Aviance to nominate Okpara for such a position as they demanded for the evidence that the EFCC has adjudged him innocent of the charges against him.
Enquiry to Bello Abdullahi, the Company Secretary of Nahco Aviance has not been attended to since Sunday 25 July that it was lodged despite the promise to do so by Monday 26 July.
Abdullahi who acknowledged the enquiry on Sunday 25 July with a promise to revert to the Online newspaper on Monday 26 July did not do so up till the time the story was filed for publication on Tuesday 27 July.
“I am in a meeting and will revert to you today immediately the meeting ends”, Abdullahi said in a telephone conversation with InsideBusinessNG at exactly 13.55 pm on Monday 26 July.
Abdullahi never did.
Companies and Allied Matters Act (CAMA) 2020 is clear on the conditions under which a nominee for the position of a director could be stopped.
Section 280 (1) restrains a person who is convicted by a High Court of any offence in connection with the promotion, formation or management of a company, or (b) in the course of winding-up a company, if that person is found guilty of any offence for which he is liable (whether he has been convicted or not) under sections 668-670 of the Act.
The Act that is guiding companies’ operations provide further that, in a case where a nominee is found guilty of any offence involving fraud, the court shall make an order that that person shall not be a director of or in any way, whether directly or indirectly, be concerned or take part in the management of a company for a specified period not exceeding 10 years.
The issue has elicited divergent views from the legal circle.
Mack Ogbamosa, a lawyer from Peace Chambers, Lagos supported the position of CAMA 2020 and faulted the arguments of the shareholders.
Ogbamosa noted that the company is right to nominate Okpara for the position since he had not been convicted of the allegations.
“Yes, he can be nominated for election. A person is presumed innocent until the case is over and he is found guilty. As far as the law is concerned, the person is not yet convicted of a crime”.
Olugbenga Falade, a lawyer and an insurance broker who argued on moral grounds wondered what will happen if the accused is declared guilty after becoming the Non-Executive Director
“I don’t think that the nomination is morally right He is under probe and you don’t know how it’s going to end. Remember that even if he was already serving, he has to step aside while the investigation and trial are on-going”.
Wahab Shittu of W.K Shittu & Co who is conversant with the workings of the anti-corruption agency said an ongoing investigation by the EFCC cannot preclude the nomination of Okpara for election as a Non-ED at the company.
He however said Nahco can step down the nomination if it is protective of its image and the future.
“Legally speaking, Nahco Aviance can nominate Okpara who also has every rights to stand for election and possibly become the Non-ED despite an ongoing EFCC probe”.
” But any company that wants dignity and want to keep its integrity intact should be bothered about such nomination because it could affects its image”.
He explained that Nahco can on moral grounds, step down such nomination until the dark cloud clears to protect its public image.
Documentations from the EFCC showed that Eyinna Okpara, together with Brigadier-General Umar Mohammed had since 2016 been under the probe of the agency for allegations bordering on frauds and corrupt practices.
The EFCC probe according to the documents covered stockbroking firms, Registrars, banks, CAC, Securities and Exchange Commission(SEC), Code of Conduct Bureau amongst others
In the letter referenced CR:3000/EFCC/ABJ/CMIF/TA/VOL.2/43 and dated 24th October 2026, the anti-graft commission notified the managing director of Nahco Aviance, with attention to the Company secretary of its investigation of Awhua Resources Ltd, Umaru Mallam Mohammed and Eyinna Okpara.
The letter signed by Adesola Amusan, the Head, CMIF as of then stated that “The commission is currently investigating a case in which the three shareholders of your company featured prominently”.
The commission, which based its action on the provision of section 38 its 2004 Act, hence requested the Company secretary for the trio’s investment in Nahco Aviance, with detailed information on how the investments were paid for, in addition to other useful information for its investigation.
The Commission in the three-page letter accused Brigadier-General Umaru Mohammed who was then a serving military personnel but retired now, of covering his identity and shareholding in Awhua Resource Ltd in which Okpara is alleged to be part owner. The EFCC accused Umar Mohammed of trying to falsify his records at the Corporate Affairs Commission (CAC).
The commission stated further that “Umaru Mohammed made his wealth illegally through selling of government properties at lower market price, usually 30 per cent of the value, while the remaining percentage paid to his company, Awhua Resources which is later laundered through the capital market”.
It stated further that ” Brigadier-General Umaru Mohammed and Captain Eyinna Okpara are both signatories to Awhua Resources Ltd and Umeu Nigeria Ltd while the duo and Mohammed’s son are the shareholders”.
The commission which noted that the total emoluments and allowances of Umaru Mohammed from the date of purchase of the shares and 2016 that the letter was written was N60 million, alleged that the duo fraudulently purchased N2 billion worth of shares of publicly quoted companies between 2015 and 2016.
“That from inception to 2016, a total inflow of N2,613,488,174.92 and $1,750,452.62 was observed in the duo and companies’ account”. Culled
Insidebusiness
