20170401

Mike Adenuga Owes 80 Ex-Staff Over N300million In Final Entitlement Settlements

It is no longer news that most Nigerian businessmen are in the habit of short changing employees especially at the point of disengagement from the company by deliberately leaving them out in the cold to suffer after putting in so many years of meritorious service to their organizations.

The most recent of them is Mike Adenuga (The 2nd Richest Man in Nigeria according to Forbes) who cumulatively owes over N300million to about 80 employees who have voluntarily resigned their appointments with the company from 2013 to date. 

The ex staff have put in between 5 to 15 years of service to his company Conoil Plc (Formerly National Oil), we all know how the company was fraudulently bought over through the back door via gross under valuation by the powers that be. A cursory look at the head office of the company located at 39, Marina Lagos, makes one wonder what kind of a man Adenuga is. The building has since become a shadow of itself as it is a disaster waiting to happen anytime if nothing is quickly done to salvage what is left of the once beautiful edifice.

Recently one of the former staff who resigned as Acting MD, dragged Mike Adenuga to the senate for the payment of his entitlement, Adenuga declined the invitation by sending one of his “errand boys” to the hallowed chambers. The senate however turned him back and insisted on seeing Adenuga in person with the cheque of the complainants’ entitlement. Adenuga has neither appeared before the senate nor paid the complainant. Worrisome however is the fact that at the point of disengagement, a letter confirming the amount due to the staff is issued to the concerned. Then why is it taking up to four years to implement same.
A list was prepared by the top executive management on 12th June 2014, when the number was just 28 people and the liability stood at about N60m (list attached), the chairman who is supposed to operate in a non executive capacity declined to pay. The list has since grown to 80 and liability up to about N300million.

We urge the relevant authorities to compel Mike Adenuga to pay these monies to all concerned with immediate effect.