|
|
Nigeria: NSE Slams Full Suspension On Cadbury
 |
|
|||||||||
|
||||||||||
Leadership (Abuja)
18 July 2008
Posted to the web 18 July 2008
Nkiruka Anene
Lagos
Nigerian Stock Exchange (NSE), yesterday finally placed the shares of Cadbury Nigerian Plc. on full suspension, following the decision of the Investment and Securities Tribunal (IST) decision upholding the indictment of the company by the Securities and Exchange Commission over financial mis-statement.
The company had been indicted over account mis-statement amounting to about N5 billion in November, 2006.
Announcing NSE's decision on the issue, the deputy director general, Mr. Musa Lance Elakama, disclosed that the ruling of the IST is binding on the exchange since it was a court of competent jurisdiction on investment matters.
It would be recalled that the NSE had earlier in the year declined an order from SEC, to suspend trading on Cadbury shares, stating that the directives were not backed by law.
SEC had indicted and banned Mr. Bunmi Oni and Ayo Akadiri from occupying positions as directors in any quoted company on the Nigerian Stock Exchange (NSE), as a result of their involvement in the mis-statement of the financial account of Cadbury Nigeria Plc.
The commission also declared that the company's directors - Messrs Uduimo Itsueli, Bunmi Oni, Ayo Akadiri, J.S.T Bogunjoko, Abiodun Jaji, Andrew Baker, Christopher Okeke, Olatunde Falase, Raymond Ihyembe, Gabriel Onabote, Olusegun Oyewole, Matthew Shattock, Olusegun Aina, Akinbode Gbolahan and Tunde Egbeyemi have been referred to the Economic and Financial Crimes Commission (EFCC), for further investigation and prosecution.
Besides, it penalised and reprimanded Akintola Williams Deloitte and Union Registrars for their involvement in the alleged mis-statement of Cadbury's result.
Speaking on the suspension, Mr. Paulson Echendu, an investor, said since the market depended on trust and integrity, whenever there was a question boarding on the trust and integrity of a quoted company, it is always a minus on the image of the company.
|
"NSE is right in its decision because investors have suffered so much in the company, Cadbury had a bad case which is a situation of lack integrity in a market that depends on trust.
| |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
| Copyright © 2008 Leadership. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections -- or for permission to republish or make other authorized use of this material, click here. | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
| Make allAfrica.com your home page | RSS Feed | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
| Top | Site Guide | Who We Are | Advertising | Search | Subscribe | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
| Questions or Comments? Contact us. Read our Privacy Statement. | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
