Nigeria: EFCC to Prosecute Cadbury, Two Directors Over Fraud

Posted to the web 19 November 2008 David Agba Abuja Cadbury Nigeria Plc and two of its executive directors are to be probed by the Economic and Financial Crimes Commission (EFCC) over misstatements in the company's 2004-2005 annual report. Messrs J.S.T Bogunjoko and Biodun Jaji, both of Cadbury are two of the affected executive directors being dissatisfied with Securities and Exchange Commission's (SEC) decision and they had individually filed appeals at the Investment and Securities Tribunal (IST). However, the Tribunal upheld the sanctions imposed on Cadbury and its directors by SEC, declaring them culpable. SEC, the apex regulator of the capital market, had on March 28, 2008 imposed sanctions on the beverage maker, and its directors, reporting accountants and other senior executives based on the outcome of its... [read full story]