FIAT is a Limited Liability Company which is registered in Nigeria and Liberia. With head-office at Ibadan, Fiat is registered in the Federal Republic of Nigeria(June 26, 2002) as well as the Republic of Liberia(October 16, 2006). In Nigeria, Fiat’s shares were initially subscribed to by Open-Ended Ventures(Africa) Ltd (63%), Mr Fredrick Akinsulire (13%), Mr Dare Awoniyi (13%), and Engr Oluwole Olowe (11%), while in Liberia Fiat’s shares were subscribed to by Open-Ended Ventures(Africa) Ltd (75%), Mr Johnson Deman (10%), and Ms Cecilia Daniel(5%).
At startup, Fiat was registered with a share capital of N1,500,000.00($9,375.00) To date, Fiat has a capital base of N276million ($1.725million) and is expected to grow to N2.868billion ($17.93million) by 2014. The new capital base which will witness a dilution of shareholding to accommodate other stakeholders, we propose, shall be held as follows: Open-Ended Ventures(Africa) Ltd – 55% with Engr. Olabode Akindeji-Oladeji as Chairman/CEO, and Mr. Kenneth Abimbola Oladeji as Executive Director(Administration); Mr Adetoyese Falusi – 5% as Executive Director(Operations); Engr Oluwole Olowe – 5% as Executive Director (Engineering and Construction); and Mr Fred Akinsulire – 5.0% as Director.
The new capital structure welcomes a new investor to take 30% of the capital base and the nomination of the Executive Director – Finance and two other Directors to the Board.