Business
Of Datkem Enterprises, corporate lies and due process
Of Datkem Enterprises, corporate lies and due process
By Yemi Festus Oke
IF the ongoing drama over Datkem Plaza, a structure partially demolished in Ijebu Ode, Ogun State, recently, proves anything, it is the fact that many members of Nigeria’s privileged, political class like to mouth such phrases as “rule of law” and “due process” only when it suits their whims and caprices. They love the application of these concepts when they apply to others, not to themselves.
Such people really have no care for the rule of law; all they are after is personal interest. This perfectly explains why, in the aftermath of the expose on the non-existent company whose name was used by the owners of Datkem Plaza to apply for building approval in Ogun State, a certificate bearing the name “Datkem Enterprises” was hurriedly churned out by former Governor Gbenga Daniel to prove that the company is indeed real. That may deceive unsuspecting members of the public, but not anyone familiar with the basic rules guiding businesses and their registration. Pray, just how do you se “Datkem Enterprises” to prove that “Datkem Enterrpises Ltd” does exist? What kind of childish gimmick is that? How does a person of such an exalted status insult public sensibilities in this manner?
For those who care to know, Datkem Enterprises Ltd was the entity used to obtain approval for the building called Datkem Plaza. An enterprise, which is a mare business name, cannot own such a building. Such a building can only be owned by a corporate entity. It seems that from the very beginning, the owners of Datkem Plaza deliberately wanted to manipulate the system. For one, since there is no Datkem Enterprises Ltd, the name presented to obtain building approval from the Ogun State Ministry of Physical Planning and Urban Development, there is no address that can be traced if the building runs into any problem. It is, as such, an entity that only exists in a world that we do not know, cannot see, and cannot touch. Why does it then want to do business with real people?
The fact, till this moment, is that Datkem Enterprises Ltd was never registered with the Corporate Affairs Commission (CAC); what was registered is Datkem Enterprises. This is highly disingenuous, to say the least. Whereas Datkem Enterprises Ltd would be required to have director(s) and shareholder(s), Datkem Enterprise can only be required to have a sole proprietor or partners (proprietors). A company limited by shares can sue and be sued, and own properties and other assets in its corporate name. It is a taxable legal person and pays its taxes to the Federal Inland Revenue Service(FIRS) in its corporate name under the Companies Income Tax Act. It requires a certificate of incorporation and other documents such as Memorandum and Articles of Association upon registration with the CAC; has a maximum of 50 shareholders, and is required to file returns at the CAC and hold annual general meetings.
Datkem Enterprises, being not a limited liability company, would not be required to meet these requirements, among many others. Unlike Datkem Enterprises Ltd, Datkem Enterprises can never be converted to a public limited company. One can go on and on, but it is inconceivable that a former governor and serving senator is ignorant of the differences between an enterprise and a limited liability company and even if he was, he had distinguished legal company around him that would have helped him. In the very remote circumstance that he failed to seek legal advice, ignorance of the law would not help him.
It is striking that when requesting for approval, the distinguished senator presented a fake, unregistered company, namely Datkem Enterprises Ltd. That looks like a deliberate attempt to cheat and deceive the general public. It can therefore be no surprise that what has been built as Datkem Plaza is not what he got approval for. As probably everyone knows, if you get government approval for a three bedroom flat but build a five-bedroom flat, you have violated the law. Somebody who has integrity should not have done that. Besides, is it any wonder that the owners of Datkem Plaza ignored the many contravention notices issued to them since 2022? Even after a stop-work notice was issued, why was work ongoing on the site at night, with deliberate intent to finish the project and make it difficult for the government to demolish without public outcry? By carrying on construction work on the site at night with intent to beat the stop-work notice and appeal to public sentiments if the government takes action against the completed building, the owners of Datkem Plaza played a dirty game. They must not be allowed to get away with it.
They lied, covering up with that lie with many more lies. Just how can somebody of such exalted status be posting a certificate for an enterprise when he applied for approval in the name of a limited liability company? Besides, his supporters should tell him to produce the approval given to him to produce the structure on ground in Ijebu Ode. If he cannot, they should keep quiet. Why use a fake name to process the application for building approval? The ordinary citizen who does this would be punished. Why shouldn’t a big politician who does same? He who comes to equity must come with clean hands. Rule of law and due process should apply to all, not only the underprivileged.
Oke wrote this through [email protected]
…BUA Foods Will Be Nigeria’s Biggest Flour, Pasta Milling Company In 2024 – Abdul Samad Rabiu
Shareholders of BUA Foods Plc (“BUA Foods” or “the Company”), at the 3rd Annual General Meeting (AGM) held at the Transcorp Hilton Hotel, Abuja, on Thursday, 26 September 2024, approved the proposed final dividend payment of ₦5.50k per share.
The indigenous food manufacturing giant announced impressive financial performance as it recorded a revenue of ₦729.4bn, a 74.4% increase compared to the previous year. Profitability remained strong, demonstrating its resilience amidst evolving market dynamics, especially rising input costs. Profit after tax showed an impressive year-on-year growth, up 23%, from N91bn reported in 2022 to ₦112bn in 2023.
Addressing shareholders during the meeting, the Chairman of the Board, Abdul Samad Rabiu, thanked the shareholders for their undaunted commitment to the company’s shared vision. He mentioned that BUA Foods’ strategic focus on capacity expansion, and market penetration coupled with sound governance, yielded significant success.
He said: “Last year we successfully expanded and commercialised additional capacity in flour, pasta, and rice divisions, resulting in impressive volume growth across these divisions and overall strong business performance. With recent strategic agreements and new facilities planned for completion next year, we will become the country’s biggest pasta and flour milling company.
“Our performance is a testament to the resilience of our business strategies, underpinned by a culture of strong corporate governance. We are also focused on the optimisation of our internal processes to maintain excellence in a fast-changing world. With the dedication of our Management and staff, we will continue to deliver exceptional value to all stakeholders.”
Speaking further on growth ambitions, Rabiu said, “In 2024, we remain focused on accelerating efforts towards the completion of our Backward Integration Project in line with the extended Federal Government’s Sugar Master Plan 2.0, aimed at attaining self-sufficiency in the sugar sector.
“Additionally, we seek to further address key challenges in Nigeria’s rice production industry by enhancing local production, empowering farmers, and promoting sustainable practices. This project will contribute to food security, economic development, and environmental sustainability.”
Also commenting, the Managing Director BUA Foods, Engr. Ayodele Abioye (PhD), said, “Despite the challenging macroeconomic environment, we made good progress across key strategic pillars of expanding capacity, markets, products, and package offerings as well as expanding business capabilities with a focus on operational excellence, innovation, and sustainable growth.
“We will continue to leverage technology, innovation, and operational efficiencies to drive value creation and maintain a solid growth trajectory. We are committed to reinforcing our leadership as a home-grown food business with purpose.”
Speaking on the dividend pay-out, a shareholder, Mrs. Bisi Bakare, expressed her delight at the exceptional performance of the company.
She remarked, “We shareholders are very pleased today to receive a final dividend of N5.50 kobo from BUA Foods.
“I appreciate the board for putting smiles on our faces in this hard time. Declaring a N5.50k dividend despite the economic climate is very commendable and this has encouraged us to want to invest more.”
Another shareholder of BUA Foods, Farouq Muktar, commended the management for the year-on-year growth of the indigenous food manufacturing company.
He said, “I am very happy because of your commitment and the positive results we keep recording. This performance is highly commendable.
“We appreciate your strategic thinking which is one thing Nigerians need at this time. I commend BUA Foods management for always making us happy and not letting Nigerians down.”
In 2023, BUA Foods won several awards from reputable organizations. Among the awards won are Food Company of the Year, Innovative Indigenous FMCG Company of the Year Award, and Fastest Growing Food Manufacturing Company of the Year.
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Idera Pathfinder Foundation Boosts Education Sector In Ogun*
…Donates Block of Classrooms, Educational Materials To Schools
Ogun State Commissioner for Finance and Economic Adviser, who is also the Co-founder of Idera Pathfinder Foundation, Mr. Dapo Okubadejo, has been commended for donating blocks of classrooms and furniture to his alma mater.
Commending the donor during the commissioning and handing over of the facilities to Moslem Primary Schools I and II, Isoku, Ijebu-Ode, Commissioner for Education, Science and Technology, Prof. Abayomi Arigbabu, informed that the donations which include, reconstruction of one block of four classrooms, fully equipped with 80 pairs of furniture and four teaching boards in School I, was an expression of passion for learners’ success.
Prof. Arigbabu added that one block of three classrooms, was also reconstructed and fully equipped with 60 pairs of furniture and three teaching boards in school II, to enhance conducive learning environment and promote quality teaching.
According to the Commissioner, the foundation also provided school bags and writing materials to all pupils in the two schools, commending the donor for supporting the ‘Adopt a School’ mantra of the present administration in the state.
“It is not common nowadays to see people giving back to their old primary schools; that is why I’m commending Mr. Okubadejo for this laudable gesture. The gesture will linger on in the minds of the pupils because it is engraved in their hearts already”, he said.
Prof. Arigbabu, while congratulating the management, staff and entire pupils of Moslem Schools I and II, charged them to put the facilities into good use, saying, “maintenance of projects encourages donors to do more”.
Earlier, Mr. Okubadejo, represented by his wife, who is also the co-founder, Mrs. Olufunke Okubadejo, noted that Idera Pathfinders Foundation is a non-political, non-religious and non-governmental organization established by Hon Oladapo and Mrs Funke Okubadejo to support the socio-economic and human capital development through targeted intervention in education and healthcare with a focus on the indigent, vulnerable communities and micro and small enterprises.
Mrs Okubadejo added that the foundation which has supported several people in the past is a movement dedicated to transforming lives, one step at a time seeking to bring peace, comfort and posterity to the society.
The Finance Commissioner, who was the Head Boy of the school in 1979, said the gesture was in memory of his mother, who was teacher in School I and later became a Head-teacher in School II, as well as expand the capacity of the schools for more enrolment drive, thereby raising future generations of educated and responsible people.
Appreciating the donor on behalf of other students, the Head Girl of the School II, Ibidapo Kafilat, expressed gratitude to the donors, promising to make judicious use of the facilities and writing materials.
Present at the commissioning exercise include The Onimoru of Imoru-Ijebu, Ogun State, Oba Munirudeen Adeposi, Commissioner for Education, Science and Technology, Prof Abayomi Arigbabu, Permanent Secretary in the ministry, Mrs Oluwatosin Oloko, Chief Olu Okuboyejo, a former Permanent Secretary in the state and Chairman, Ogun State Governor’s Elders Advisory Council, CDC/CDA and other notable dignitaries.
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