The Ogun State House of Assembly has directed the management of Zama Plastics Industry FZE to reinstate the full share capital and accrued rights of Zeng Yan, a Chinese national and investor, after allegations of breach of contract and threats to investment surfaced at the Ogun-Guangdong Free Trade Zone.
The directive, issued through the House Committee on Justice, Ethics, and Public Petitions, chaired by Hon. Barrister Oluseun Adesanya, mandates that all equity contributions and entitlements due to Zeng Yan be restored.
The committee also summoned the management of the Ogun-Guangdong Free Trade Zone to appear before it on Tuesday, March 4, 2025, for further deliberation on the matter.
During a tripartite session held at the Assembly Complex in Oke-Mosan, Abeokuta, Zeng Yan lodged a formal complaint against her co-shareholders, alleging a “breach of agreement, threat to investment, and disruption of peace.”
According to her, the management of Zama Plastics Industry FZE unlawfully removed her as chairman, stripped her of all rights, and barred her from entering the company’s premises—despite her significant financial stake and lease of the land on which the industry operates.
“The agreement we signed as partners clearly defines our investments and rights. However, I have been unfairly sidelined, and my capital stake remains unreturned. This is an unjust violation of our contractual terms,” Zeng Yan stated.
Her counsel further emphasized that the defendants, who are co-shareholders in the company, had failed to set a repayment date for her 38% capital stake, despite her repeated requests.
However, the management of Zama Plastics Industry FZE refuted the claims, arguing that Zeng Yan engaged in financial misconduct and had not provided concrete evidence of her land lease agreement with the Free Trade Zone authorities.
In response, Hon. Adesanya, alongside other committee members—including 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—stressed the urgency of resolving the dispute within five days.
“The Ogun State House of Assembly will not tolerate any act that disrupts peace and business harmony in the state. All parties must comply with the resolution, or we will be left with no choice but to order the closure of the involved factories,” Adesanya warned.
A follow-up meeting has been scheduled for Friday, March 7, 2025, where all concerned parties are expected to provide updates on compliance with the Assembly’s directive.
