Green Africa Airways: Co-Founder Sues for 55 Percent Equity, N625m Damages,

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A United States-based Nigerian, Mr Kenny Awosika, has asked a Federal High Court sitting in Lagos to declare him as a promoter/co-founder of Green Africa Airways Limited, entitled to 55 per cent of its authorised share capital.

Awosika, the sole plaintiff, also wants the court to compel the first defendant, Babawande Afolabi, to pay him N625million as general, exemplary and aggravated damages for breach of the agreement.

The second to sixth defendants in the suit are Green Africa Airways Ltd, Taiwo Afolabi, Kuramo Africa Opportunity II (Mauritius) LLC, Corporate Affairs Commission, CAC and the Nigerian Civil Aviation Authority, NCAA.

He is in the alternative, asking  the court to order the defendants to pay him the sum of $30.25 million, being the monetary value of 55 per cent of Green Africa Airways as at the last valuation in 2019.

Awosika, in his statement of claim, stated that he is co-founder and a Director of Green Africa Airways Ltd (registered in Nigeria in 2015) and equally functions as its Director of Information Technology and Innovation of the 2nd defendant.

He added that is also the founder and co-owner of Green White Group LLC (GWG Maryland), a limited liability company registered in Germantown, Maryland, USA.

The plaintiff said that on 26 September 2013, he and Afolabi registered GWG, Maryland, with a 55 – 45 per cent ownership ratio in his favour and that he took on most of the responsibilities of GWG Maryland by opening bank accounts and filing mandatory tax returns on behalf of the company, provided the financial and technical support for the formation and incorporation of Green Africa Airways.

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He said that it was agreed that he should stay back in the US, where he was earning a salary as a US government contractor, so that he could financially support the incorporation of the Nigerian entity, while Afolabi would return to Nigeria to arrange for registering GWG Maryland’s airline business.

Awosika noted that he eventually resigned his job, as part of the agreement between parties, exited his private businesses in the US, gave up his security clearance with the US government and returned to Nigeria to partake in running the business.

He stated that had, with Awosika’s financial and technical support, returned to Nigeria years earlier and registered the airline with the CAC with a N500million initial share capital.

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