Ex-Bayelsa military administrator, directors reach out-of-court settlement in shares dispute

The directors and shareholders of Dream World Leisures Limited have agreed to settle the lingering dispute regarding the shares of the company out-of-court.

Paul Obi, a former military administrator of Bayelsa state, is one of the directors of the company.

The settlement reached by the directors and shareholders was entered as a consent judgment on February 13, 2023 in suit number FHC/L/CS/29/2021.

The applicants in the suit are Obi, Wale Mesioye, Felix Oyakhomoh, Raymond Wilcox and five others, while the respondents are UFC, Wemtab, and Jude Atoh.

The parties agreed to resolve all differences as co-investors in Dream World Leisures Ltd.

The parties also agreed to withdraw the petitions before the Economic and Financial Crimes Commission (EFCC) regarding the shares of the company.

The company’s directors and shareholders are now working amicably to wind down the business.

In April 2022, Wale Mesioye, the board chairman of the company, petitioned the EFCC to investigate allegations of shares manipulation and financial infractions levelled against the firm’s management.