Obi Asika & Olisa Adibua
Word is reaching us here that Olisa Adibua, top radio personality with 99 The Beat FM and also one of the co-founders of Storm 360, is parting ways with label co-owner Obi Asika. At least according to one side of the story. It is our understanding that there is some sort of underlying ‘storm’ brewing underneath the inner workings of the labels as both Obi Asika & Olisa Adibua have released different statements with varying declarations.
The statement from Obi Asika as ripped from TheNetNG reads:
Storm 360 confirms that Mr Olisa Adibua is no longer a director of the company. This decision was reached at a properly constituted company EGM. Mr Adibua was a non-executive director of Storm 360 and has never been involved in the management and operations of Storm 360. The company will not engage in public discussions about its internal business operations. Storm is facing forward and continues to build upon its position as a leading light in Nigeria’s entertainment industry and community.
Thank you, Board and Management of Storm 360 – Obi Asika.
A statement from Olisa Adibua was issued shortly afterwards making the claim that he is still very much a part of Storm360 and pretty much spills the beans as to what has been happening in the label and there are claims of mismanagement of funds.
Read below:
As a director and founding shareholder of storm 360 Ltd, my attention has been drawn to certain unfounded statements in the media about my alleged removal as director of the company
There is therefore need to clear the air and put right the mis-stated facts leading to the said publication.
Sometime in 2011 my attention as a director of the company was drawn to certain huge and unauthorized withdrawals running on the company’s Naira and Dollar accounts. Not having been supplied any explanation and having noted the fact that the debits were to the benefit of unauthorized persons, the matter was reported to d police for investigation.
All efforts to get the other members of the board to assist in the investigations proved futile and while the investigations were on-going, a meeting of the company was hastily called in which no notice was served on me and in which the deliberations was conducted in the most clandestine manner.
For failing to comply with legal requirements for such meeting, my solicitors have commenced the necessary legal process to contest the glaringly invalid removal and set same aside.
The investigations into the fraudulent misappropriation of the company’s funds are still on and upon conclusion will reveal all the perpetrators of the fraud against the company which I and the other well-meaning members of the company have striven to build.
The public is advised to ignore such unabashed campaign of calumny as both criminal investigations and judicial proceedings are on-going which will eventually set the records straight. For the avoidance if doubt, I still remain a member of the board of the company and any claims to the contrary are completely false.
From the looks of it there is clearly some misunderstanding and miscommunication in the Storm360 camp, and if we can say so, drama yet to unfold. Time will tell how this will all play out.
[...] Article from http://www.jaguda.com/2012/08/25/olisa-adibua-no-longer-part-of-storm-360/ Posted on August 26, 2012 by africanstar in [...]
[...] Source Article from http://www.jaguda.com/2012/08/25/olisa-adibua-no-longer-part-of-storm-360/ [...]
Storm 360 never merged with IBST. IBST was and is an independent company that ‘invited’ Obi Asika to attend a meeting is South
Africa with Endemol, when the Managing Director of IBST could not attend the meeting. Records and emails are available to support tthis ‘fact’. This was after IBST had produced ‘Doctors Quarters’ for MNET. The initial Co-production deal with Endemol to Produce Big Brother was with IBST. Again initial contracts are available and emails to support this. It was based on the magnanimity of the
Managing Director of IBST, Remi Ogunpitan, that he invited Obi Asika to form Storm Vision which was meant to be a partnership
between Storm Productions (not Storm 360), and IBST. When Storm Productions were kicked out of their offices in Ikoyi, Obi and his sster relocated to IBST’s offices in Ogudu. It is important to note that the relationship between Obi Asika and Remi Ogunpitan was strained based on the fact that it was the knowledge, relationships and experience of Aderemi Ogunpitan that carried Storm Vision, and the previous investments of equipment made by IBST. Again due to financial issues, mainly IBST carrying the main brunt of financing almost everything, and impeccable financial record keeping of IBST which clearly showed that IBST was carrying even Storm Music, which was clearly not the deal. Asika abandoned IBST, walked out of the offices with rent unpaid and even after Ogunpitan invited him to meetings to discuss the financial situation, Asika refused to acknowledge the issues raised. Olisa at this stage was going around saying terrible things about Ogunpitan. Ogunpitan kept quiet, and I can say today that this story is just a case of the chicken coming home to roost. They should both go and examine themselves. Ask Ogunpitan about Asika’s financial imprudency and what happened to him on a deal they did with NEPAD when Asika’s mother was the head of the institution. Really, they both should keep quiet.