Society Happenings gathered that the one-time boardroom guru was jailed in February 18, 2015 by the High Court of Justice Bench Queens Division for contempt of the court.
Sadly, her son, Olutokunbo Afolabi Kuforiji, is also enmeshed in the mess. It was gathered that the court has ordered him remanded at the Her Majesty Prison Pentonbiville.
Consequently, a warrant of arrest was made. While the former minister got one month, her son Olutokunbo bagged four months in prison.
Trouble, according to report, started for the duo when Tidewater Marine International Inc., began a relationship with Phoenix Ocean lines Nigeria Limited, a company belonging to the 78-year-old woman, to form a company called Phoenixtide Offshore Nigeria Limited also owned by her.
Having entered into an agreement, Phoenixtide was expected to provide some local support services, while Tidewater would provide more complex elements such as technical services, the vessels and access to International Oil Companies (IOCs).
Part of the agreement included a marketing commission payable to Phoenixtide on all transactions carried out by the collaboration, while all payments due from the services rendered were to be made to Tidewater, after which the commission due to Phoenixtide would be paid.
It was also agreed that any dispute that might arise between them would be submitted to the High Court in England for determination under English law, especially since both Kuforiji-Olubi and her son, Olutokunbo, the Managing Director of Phoenixtide, are British citizens.
Further findings revealed that between 2008 and 2012, there were attempts to restructure the relationship in an effort to make it more mutually beneficial and in line with Nigerian extant laws.
However, these efforts were unsuccessful as Phoenixtide insisted on getting more from the deal.
This issue, however, severed the business relationship between Tidewater and Phoenixtide in the fall of 2012. But during this period of business breakdown, Tidewater continued to provide full operational services to all of Phoenixtide’s clients for which it expected full remuneration in accordance with the terms of the agreements between the parties with a concurrent responsibility to disburse the agreed marketing fee to Phoenixtide.
A particular IOC from whom payment had become due then requested for a letter from Phoenixtide being the operator of the service contract, authorising payment to Tidewater in line with the agreements. But the company refused to honour its part of the agreement even that the outstanding sum of circa $19 million be paid to it directly.
Rather, Kuforiji-Olubi’s firm then demanded a disengagement package valued at between $80 million and $100 million from Tidewater as a precondition to issuing the letter and facilitating release of the funds held by an IOC.
Tidewater then filed a suit for a breach of contract in a London High Court in line with the agreements between the parties and sought orders compelling Phoenixtide to issue the letter required, amongst other things.
However, since this pronouncement, both mother and son have been playing hide and seek with the court.
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