The Ogun State House of Assembly (OGHA) has intervened in a contentious dispute involving Zama Plastics Industry FZE, a company operating within the Ogun-Guandong Free Trade Zone. The House Committee on Justice, Ethics, and Public Petitions, led by Hon. Barrister Oluseun Adesanya, has directed the management of Zama Plastics to return all share capitals and rights to Ms. Zeng Yan, a Chinese national and aggrieved investor, who accused the company of breaching their partnership agreement and threatening her investment.
The resolution was reached during a tripartite meeting held at the Assembly Complex in Oke-Mosan, Abeokuta, on Tuesday. The meeting was convened to address a formal complaint filed by Ms. Zeng Yan, who alleged “Threat to Investment, Breach of Agreement, and Breach of Peace” by her co-shareholders in Zama Plastics Industry FZE.
According to Ms. Zeng, the defendants, who are her co-shareholders, unlawfully ousted her from her position as chairman, stripped her of her rights, and barred her from entering the company premises. She further claimed that the defendants refused to repay her 38% capital stake in the company, in violation of their partnership agreement. The company is situated on a piece of land she leased from the Ogun-Guandong Free Trade Zone management.
In their defense, the respondents denied the allegations and accused Ms. Zeng of financial misconduct and failing to provide evidence of her land lease agreement with the Free Trade Zone.
The House Committee, comprising Honourables Musefiu Lamidi, Damilola Soneye, Damilare Bello, Lawal Samsideen, Olusegun Odunuga, Babatunde Tella, Lukman Adeleye, Ayodele Wasiu, Lukmon Atobatele, Olakunle Sobukanla, Adegoke Adeyanju, Adeniran Ademola, Dickson Awolaja, and Waliu Owode, emphasized the need for a peaceful resolution within five days.
The Committee has summoned the management of the Ogun-Guandong Free Trade Zone to appear before it on Tuesday, March 4, 2025, for further discussions. A follow-up meeting has also been scheduled for Friday, March 7, 2025, at the Assembly Complex. Hon. Adesanya warned that failure to comply with the directives could result in the closure of the factories involved.
This development underscores the OGHA’s commitment to protecting investors’ rights and ensuring a conducive business environment in Ogun State. Stakeholders await further updates as the matter unfolds.
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