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SEC begins probe of Cadbury

Category: Investors NewsBeat

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SEC begins probe of Cadbury

March 08, 2007/Guardian with additional reports by Debola Alile


To serve as a deterrent to other business enterprises and public quoted companies in the country, the Securities and Exchange Commission (SEC) on Thursday said it has set up a high-powered committee to probe the finances of Cadbury Nigeria Plc, which is at the centre of a controversy over alleged inflation of finances.


Assistant Director of the Commission, Mr. Andrew Plems Tenmang at a workshop on Corporate Governance and Financial Reporting on Thursday in Ibadan, said SEC as a regulatory body, was worried by the allegation of financial indiscipline levelled against some top management staff of the company and had launched an investigation, assuring that erring persons will be sanctioned appropriately.


Recently, the Managing Director of Cadbury, Mr. Bunmi Oni was accused alongside the company\'s chief accountant of financial impropriety and sent packing by the board. The two men were alleged to have falsified the company\'s record of financial statements in addition to tampering with shareholder\'s funds.


The auditors, Messrs Akintola Williams Delloite & Co, have also been relieved of their professional engagement by mutual consent.

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