Battle For The Soul Of Vono


These are not the best of times for Vono Product Plc. On one hand, Bank PHB is  presently pursuing a wind-up petition against it over its N54million indebtedness.  On the other, Vitafoam has concluded the purchase of Vono’s majority shares.

The question begging for an answer is who really is now in control of Vono Product  Pls, one of Nigerians prestigious company.

Bank PHB, in a bid to consolidate its hold on the company, has commenced committal  to prison proceeding against Vital Foam Nigeria Plc and the newly appointed Managing  Director of Vono Products Plc, Mrs. Titilola Bakare, for allegedly flouting the  order made by the Federal High Court in Lagos.

The court in an order made on 29 October, 2010, ordered that the purported  appointment of Mrs. Titilola Bakare as the Managing Director of Vono Products should  be suspended while the acquisition of shares or interest in Vono should also be  suspended pending the determination of winding-up petition filed before the court  against the company by Bank PHB Plc.

However, in an affidavit sworn to by a legal practitioner, Mr. Friday Okike, in   support of notice to show cause why order of committal to prison should not be made   against both Vitafoam and Mrs. Titilola Bakare, the deponent averred that on 1  November, 2010, the petitioner issued a notice of consequences of disobedience to   court’s order against the Managing Director of Vitafoam Nigeria Plc, Oba Akran   Avenue, Ikeja, Lagos.

When the bailiff went to serve Vitafoam, the service was turned down by the  management of the company after perusing the said notice  (Form 48).

Consequently, Vitafoam Nigeria Plc had continued with its purported management of   the Vono, despite the existence of the order of the court made in the suit and the   pendency of the petition, while it had only filed an application for the discharge  of the said order.

Vitafoam Nigeria Plc has continued to flaunt the order of the court and Mrs.  Titilola Bakare is still the Managing Director. The management of Vitafoam has also  continued to deal with Mrs. Bakare as the  Managing Director of the company.

Consequently, Mr. Okike averred that disobedience of the order is contemptuous to   the integrity of the court, thereby undermining due administration of justice.

He averred further that it was in the interest of justice and in  accordance with  the law that an order for committal to prison of the Managing Director of Vitafoam  and the Managing Director of Vono Products be made by the  court.

Early this year, Bank PHB had filed a winding up petition against Vono Products Plc   on the ground that the company is insolvent and unable to pay its debt of N54   million and therefore prayed the court that Vono Products with registration number   2346, be wound up by the order of the court in accordance with the provision of   Sections 409 (1) and 410 (1) of Companies and Allied Matters Act.

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