Orba Market Crisis: Association accuses Enugu govt of falsifying holding company’s share holdings
By Ogbu Nweke, Nsukka
The Orba Modern Market Traders’ Association (OMATTA), has accused the Enugu State government of falsifying the shareholdings of the market development company set to manage the famous international market reconstructed with the assistance of the World Bank and UNDP during the administration of ex-Governor Okwesilieze Nwodo MD, without due recourse to the Association.
OMATTA categorically stated that the administration of former Governor Sullivan Chime “fraudulently and secretly” altered the shareholdings of the Orba Market Development Company Ltd, the private/public equity company set up to manage the market, at the Corporate Affairs Commission, (CAC), Abuja, by stripping the traders of their shares without their knowledge or approval.
According to OMATTA, the original share-holdings of the market, as supervised by the World Bank and UNDP, stood at traders – 40%; Enugu State government – 20%; old Isi- Uzo Local Government, now Udenu Local Government- 20% and Orba community – 20%, bringing the total equity holdings to 100%.
However, under the Chime administration, the Enugu State government allegedly falsified the shareholdings by “fraudulently” awarding 50% of the shares to itself, 30% to Udenu Local Government, 20% to Orba community and nothing at all to the traders.
Addressing newsmen at the Orba during the week, the elected Chairman of the Traders’ Association, Mr. Brendan Ugwu, said the traders had petitioned both the Speaker of the Enugu State House of Assembly and the Attorney General and Commissioner for Justice over the matter, to no avail.
In the petition entitled, “Re: Blatant Rape of the Constitutional Rights Of The Members of Orba Modern Market Traders Association (OMATTA), sent separately to the Speaker and Commissioner for Justice, the traders also accused the Enugu State government of “blatantly” meddling in the affairs of their association by sacking their elected leaders and imposing on them a ‘Caretaker Committee’, which is unknown to their constitution, “in flagrant disobedience” of several rulings of courts of competent jurisdictions in the State.
“Our association is a part owner/shareholder of the Orba Modern Market Development Company Ltd, a holding company floated by the Enugu State government, Udenu Local Government, Orba Community and Orba Market Modern Market Traders Association, to manage the SME Centre which was a project executed by the World Bank and UNDP in partnership with Enugu State government, Udenu Local Government, Orba community and our association,” the traders wrote.
“The company, according to the Articles of Association, ought to be managed by 10 directors to be appointed by stakeholders with a general manager, who is to act as the Company Secretary and Chief Accounting Officer of the company. Regrettably, since after the first tenure of Barrister Sullivan Chime’s administration, the board has remained dissolved to date.
“The non-constitution of the board has led to anomalous situation in the management of the company… leading to actions by the Udenu Local Government which if left unchecked will lead to a serious breach of peace and disturbance of public order in the market and environs…”
However, the former Chairman of Isi- Uzo Local Government, Chief James Ugwu, who was one of the signatories to the Memorandum and Articles of Association of Orba Market Development Company on March 4, 1996, alongside the then state Commissioner for Commerce and Industry, Architect Chris Offor and Igwe J. Nwangwu, denied ever mutilating the articles of the association as recently noticed.
Ugwu, popularly known as Igwurube and a frontline campaigner for Adada State, said: “Well, am not aware of any change in the document. It was signed on 3rd June 1996 without those mutilations. So, those who got the Certified True Copy (CTC), and those who gave them should be held responsible for the mutilations.”
