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Dana Airlines Registration With Corporate Affairs Commission Greatly Flawed by ogogoromaster: 1:09pm On Jun 05, 2012
The ownership structure of Dana Airlines Limited and its registration with the Corporate Affairs Commission (CAC) are fraught with gross irregularities, going by the authoritative revelations.

Our stunning discoveries at once question the credibility and ethical probity of the management team of Dana Airlines, mainly comprising Indian businessmen.

According to papers filed at the CAC, ‘Dana Airlines Limited,’ with registration number 674040, was incorporated on 23rd November 2006, as a Private Company, Limited by Shares, with its business address at 54, Marina Street, Lagos.

The company was incorporated with a share capital of N1, 000,000,000 (N1B) divided into 1,000,000,000 ordinary shares of N 1.00 each. This is the beginning of a litany of curious discoveries. “Dana Airlines Limited” (Same company registered in November 2006) is a Director and shareholder in “Dana Airlines Limited,” with 124, 999, 998 shares — a stark infringement under the Companies and Allied Matters Act, as Dana Airlines Limited cannot hold its own shares or act as its own Director, a handful of company law experts revealed.

Another discrepancy spotted was in the allotment of its shares. Allotment made to shareholders totalled 1, 225, 000, 001, representing a surplus of 225, 000, 001 or N225, 000, 001, whereas the company’s shareholding structure at the CAC states 1 billion shares.

It is on record that the CAC had flagged these discrepancies. Olney Overseas Incorporated listed with a London address (another discrepancy: UK companies carry the ‘Limited’ tag and not ‘Incorporation’), a company several sources say exists only on paper, owns 50 per cent of Dana Airlines Limited with 499, 999, 999 shares.


The Directors of Dana Airlines according to a filing at the CAC are:     

First Directors:

i.  Olney Overseas Incorporated    – 11A Canfield Place, London, UK (British)
ii.  Sabita Rames Hathiramani        – 54, Marina, Lagos (British)
iii. Ramesh Naraindas Hathiramani            – 54, Marina, Lagos (Indian)
iv.  Hathiramani Jacky Ramesh        – 54, Marina, Lagos (Indian) (CEO)
v.  Hathiramani Gautam Ramesh    – 54, Marina, Lagos (Indian)
vi. Talabi Sulaiman Owolabi          – 54, Marina, Lagos (Nigerian)
vii. Atekoja Adedolapo Ayodeji      – 177C MoshoodOlugbani Street, Lagos      (Nigerian)
viii. Elias Gbolahan Olubukola     – #6 Broad Street, Lagos (Nigerian)
ix.  Gbolahan Elias              – #6 Broad Street, Lagos (Nigerian)
x.   Gattelli Limited – #9A, Okupe Road, Mende Maryland, Lagos (British)
xi. Vandana Vzco – Dubai Airport Freezone, 4th East Wing A, GrdFlr, G20, Dubai (Arab)
xii. Dana Airlines Limited           – #54, Marina, Lagos
xiii. Shiva Ventures Limited             – #142, Awolowo Road, Lagos
xiv. Brindavan Industries Limited    – #142, Awolowo Road, Lagos

The full list of shareholders of Dana Airlines:   

               

Subscribers to the Memorandum and Articles of Association:

i.           Olney Overseas Incorporated    – 499,999,999
ii.           Sabita Rames Hathiramani        – 1
iii.           Ramesh Naraindas Hathiramani – 1
iv.           Atekoja Adedolapo Ayodeji      – 112,500,001
v.           Gbolahan Elias                           – 112,500,000
vi.           Gattelli Limited                         – 25,000,000
vii.           Vandana Vzco                           – 125,000,000
viii.          Dana Airlines Limited           – 124,999,998
 ix.           Shiva Ventures Limited             – 112,500,001
 x.           Brindavan Industries Limited    – 112,500,000.

According to records at CAC, the company, till date, has neither a legal secretary, increase in share capital, nor powers to borrow.

The records also reveal that Dana Airlines indeed borrowed funds from Diamond Bank Plc. as follows:

0n October 22, 2008, a Mortgage facility dated October 2, 2008, securing the sum of N1, 149,369,678 equivalent to the sum of $9,740,421USD in favour of Diamond Bank Plc, Plot 1261 Adeola Hopewell Street, V/Island, Lagos was registered.

On August 10, 2009, a Mortgage facility dated July 9, 2009 securing the sum of N222, 000,000 in favour of Diamond Bank Plc., Plot 1261 Adeola Hopewell Street, V/Island, Lagos was registered.

On October 6, 2010, a Mortgage facility dated September 9, 2010 securing the sum of $2,891,081USD in favour of Diamond Bank Plc., Plot 1261 Adeola Hopewell Street, V/Island, Lagos was registered.

On Sunday afternoon, Dana Airline’s McDonnell Douglas MD-83 plane, reported to have been battling a lengthy history of mechanical faults, crashed in Iju-Ishaga, in Lagos, killing all 153 persons — 147 passengers and six crew members — aboard and several other residents of a densely populated neighbourhood.

Dana flight 992 was travelling from Abuja to Lagos when the pilot made a ‘May day’ call at 3.43pm, just about 11 nautical miles to the Murtala Muhammed Airport Ikeja.

A staff of the airline spoke anonymously to local TV station, Channels, on Monday, saying the ill-fated aircraft had a mechanical fault shortly before it departed Lagos on Sunday for Calabar and then Abuja. The female staff, who spoke on the phone, alleged that the plane has had issues with its hydraulics and should have been grounded for repairs.

Expectedly, however, the management of Dana maintains that the plane was in perfect condition before it crashed.

Though the airline today promised to pay compensations to families of victims, it was quiet on its insurer.

Notwithstanding Dana Air’s face-saving declaration of the perfect state of MD-83 before the tragic flight, there are huge questions over the regulatory effectiveness of the Nigerian Civil Aviation Authority (NCAA) and the Federal Airports Authority of Nigeria (FAAN), considering that the same aircraft, only three days earlier, could not run the airline’s 8:00am and 4pm flights.

Both NCAA and FAAN equally owe Nigerians a lot of explanations on why the country’s air space is permeated by the very second-grade aircrafts that the West is purging itself of. The Dana jet that crashed on Sunday, THEWILL can confirm, was part of a fleet purchased in 2008 from Alaskan Airlines — an obviously more serious airline that was seeking to rid itself of inefficient aircrafts and upgrade its existing convoy.

Worse still, nearly all of Alaska’s fleet of MD-83 airlines, which have all been sold off, had issues, one resulting in a crash into the Pacific Ocean on 31st January 2000, killing all 88 persons aboard. Obviously, these regulatory agencies do not run background checks on planes running in the aviation industry.

Now, this is beyond Dana. It is about the industry. It doesn’t look like other airlines are without blemish either. Only recently, a former executive director at Jimoh Ibrahim’s Air Nigeria, Mr. John I. Nnorom, who resigned his appointment on 1st April, stunned the reading public by declaring that only one (The Embraer) of all 11 Air Nigeria air planes is safe to fly. He also listed a list of diversionary projects that have gulped money meant for maintenance of airlines.

Hopefully, when all the grieving and mourning is done, the relevant agencies will get down to the real business of sanitising the industry in order to genuinely forestall future recurrences — real work that transcend the political sloganeering and elegant rhetorics we all are used to. source OnoBello.com
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