Storm 360 records: Allegations of fraud tears brothers apart

” The investigations into the fraudulent misappropriation of of the companies funds is still on and upon conclusion will reveal all the perpetrators of the fraud against the company which I and the other well meaning members of the company have striven to build”. Olisa Adibua in a statement

The embattled Beat FM On Air Personality, Olisa Adibua was reported to have been dismissed as a director of Storm 360 and he insists he is still a director and founding of storm 360 contrary to what Mr. Obi Asika had said, who also happens to be his cousin.

Olisa in his defense states ”As a director and founding  shareholder of storm 360 Ltd, my attention has been drawn to certain unfounded statements in the media about my alleged removal as director of the company. There is therefore need to clear the air and put right the mi-stated facts leading to the said publication” he noted

The Beat FM on air personality said that Sometime in 2011 his attention as a director of of the company was drawn to certain huge and unauthorized withdrawals running into millions on the companies naira and dollar accounts. Not having been supplied any explanation and having noted the fact that the debits were to the benefit of unauthorized persons, the matter was reported to the police from investigation” Oliasa noted.

Mr. Adibua say’s all efforts to get the other members of the board to assist in the investigations proved futile and while d investigations were ongoing, a meeting of the company was hastily called in which no notice was served on him and in which the deliberations was conducted in the most clandestine manner.

Olisa who in the paste, battered Adewunmi Oyekanmi, a then programme editor for Naija Fm on 8 September, 2011, says For some members of Storm management to have failed to comply with legal requirements for such a meeting, his solicitors has commenced the necessary legal process to contest the glaringly invalid removal and set same aside.

He however, advised the public to ignore such publications as an unabashed campaign of calumny as both criminal investigations and judicial proceedings are on going which will eventually set the records straight. He added that for the avoidance of doubt, ”I still remain a member of the board of the company and any claims to the contrary are completely false”.

Meanwhile, Obi Asika, a cousin to Olisa Adibua reads, long time partner, Obi Asika, Chairman and CEO of Storm 360. According to the statement; Olisa was never involved in the management of Storm.

Asika said, “Storm 360 confirms that Olisa Adibua is no longer a director of the company. This decision was reached at a properly constituted company executive general meeting.

“Adibua was a non-executive director of Storm 360 and has never been involved in the management and operations of Storm. The company will not engage in public discussions about its internal business operations.

“Storm is facing forward and continues to build upon its position as a leading light in Nigeria’s entertainment industry and community.”

Olisa’s removal came shortly after he almost disrupted the Rick Ross’s concert in Lagos which according to reports, Olisa insisted on introducing Rick Ross to the stage; instead of Larry D, as appointed by the organisers.

The disturbance was eventually resolved by an organiser.

It will be recalled that Olisa battered Adewunmi Oyekanmi, a programme editor for Naija Fm on 8 September, 2011.

However, in his reaction, Mr. Adibua has alleged the misappropriation of no less than N450 million from Storm Records. He reported this to the police’s anti-fraud unit who then invited Asika to Abuja for interrogation.

“Olisa asked for explanation. He wanted to see the accounts; he insisted everything must come to open. But trust Olisa, he quickly pulled a fast one: he called his mother who is a close friend of a former President of Nigeria who doused the tension,” Asika said.

As of the time of this report, calls and text messages to Olisa have not yet been answered, and we will bring you more on this as we get it.


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