…As King (Dr.) Suanu Timothy Yormaadam Baridam Emerges New Chairman
The Ogoni Royal Resources & Energy Limited (OGRRE Ltd) is engulfed in a serious corporate crisis following allegations of financial mismanagement and exclusion levied by its majority shareholders against the current management team.
A legal firm representing key stakeholders — King (Dr.) Suanu Timothy Yormaadam Baridam, Dr. Terry Mission Bagia, Esq., and Collins Lebeteh Kenneth — has formally accused the company’s Managing Director and associates of reckless mismanagement, administrative opacity, and unlawful exclusion of majority shareholders from crucial decision-making processes.
The firm’s letter, addressed to the Managing Director of OGRRE Ltd, detailed serious concerns including non-disclosure of company finances, violations of the Companies and Allied Matters Act (CAMA) 2020 and the Public Procurement Act, as well as conduct that allegedly turns the company into a near “sole proprietorship,” sidelining shareholders’ rights and the company’s foundational governance principles.
Among the demands, the shareholders insist on immediate and comprehensive disclosure of all financial transactions, procurement processes, tax records, annual returns from incorporation in 2022 through 2024, and regulatory compliance certificates.
They also seek explanations for unauthorized recruitment of management personnel, appointment of new directors, and dealings with a prospective corporate partner — all conducted without the approval or knowledge of majority shareholders.
Perhaps most telling is their insistence on halting any update to the company’s shareholders and directors registration with the Corporate Affairs Commission (CAC) until these grave concerns are fully addressed.
In a decisive move, a majority shareholders’ resolution dated July 2, 2025, has effectively removed both the company’s Chairman and Managing Director from their posts.
Consequently, King (Dr.) Suanu Timothy Yormaadam Baridam was appointed the new Chairman, while Collins Lebeteh Kenneth was designated Executive Director (Corporate Affairs & Logistics).
The outgoing executives were ordered to surrender all company documents and assets within 48 hours, with legal action vowed if this directive is ignored.
Copies of the correspondence have been sent to the Registrar-General of the CAC, the Executive Chairman of Geoplex Drillteq Group, and the Managing Director of NNPC Exploration & Production Limited, underscoring the seriousness with which the majority shareholders are approaching the situation. The shareholder representatives have demanded a written commitment from the current management ensuring compliance within seven days. Failure to meet these demands, they warn, will result in immediate legal proceedings.
