The Corporate Affairs Commission, Abuja, has appointed a committee of inspectors to investigate the affairs of the agricultural produce processing company, Okomu Oil Palm Plc, located at Udo in the Ovia Southwest Local Government Area of Edo State.
The CAC in a letter dated April 13, and signed by Mr. Nasiru Shall, on behalf of the Registrar, stated that the investigations were on the advice of the Attorney-General of the Federation, based on a petition sent to President Goodluck Jonathan by the membership of the Edo State branch of the Onitsha zone of the Shareholders Association of Nigeria.
It stated in part, “After a careful study of the petition, we (CAC) are satisfied that substantial issues have been raised to warrant an enquiry. Consequently, the commission, pursuant to its powers under Section 351(2) of the CAC Act of the Federation of Nigeria (2004) has appointed a committee of inspectors to investigate the affairs of the company.”
The letter added that “the committee would inter alia investigate allegations of non-compliance with statutory obligations, non-adherence to management agreement, non-compliance with code of corporate governance and any other related matter.”