Their removal is the outcome of an agreement of a Share Purchase Agreement signed by them, which requires the trio to have a certain percentage of shares in the company to be on the board of the company. The total percentage of shares being held by the trio was put at 6.1% of the total shares of the company. This percentage is said not to have met the requirement of the Companies and Allied Matters Act, and that of the SPA the trio had signed. By this sack the trio are no more directors of the company they had helped to found with the late Dele Giwa.
According to Barrister Jimoh Ibrahim an aspiring director of the company is required to have a minimum of 10% shares in the company. Barrister Ibrahim further went on to say the trio by signing the S.P.A knew what was required of them.