Starline Nigeria Ltd has terminated the employment of Mr. Clement Ikechukwu Owunna Jr. as the Group Operating Coordinator of Starline Nigeria Limited, effective August 18, 2025. This decision, announced on September 5, 2025, followed Mr. Owunna Jr.’s arrest on August 14, 2025, due to multiple criminal complaints regarding serious corporate misconduct.
Earlier, on the 29th of August, 2025, the Federal High Court sitting in Lagos had restrained Mr Clement Owunna by way of interim Injunction from acting or taking steps as a director or agent of Starline Nigeria Ltd.
The Board’s recent decision to remove Clement Owunna Jnr reflects its commitment to maintaining governance and integrity within the company. Key reasons for Clement Owunna’s sack include:
– Unauthorized alterations to shareholding structures and board representation at the Corporate Affairs Commission (CAC).
– Forgery of corporate board resolutions with falsified signatures.
– Diversion of company funds through unauthorized transfers, potentially misappropriating hundreds of millions of naira.
Mr. Owunna Jr. is also under criminal investigation for document forgery and financial misconduct following petitions from shareholders, including family members.
Despite his termination and arrest, Mr. Owunna Jr. has continued to falsely claim authority over Starline Nigeria Limited. The Board has rejected these claims and is working with regulatory authorities to enforce lawful governance.
A statement from the Directors of Petsow Holdings Limited, the majority shareholders, affirmed that Mr. Owunna Jr.’s termination was valid and supported by the majority. They confirmed he does not represent Petsow Holdings on Starline’s board and that legal actions are ongoing to address fraudulent filings and ensure compliance with corporate governance.
