Proshare Logo
   Market Date: 30-01-2015   
Agriculture ARTS FINANCE All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Elections Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

NSE suspends Cadbury - Over N5bn record falsification

Category: Frauds & Scandals

  Read (1979)
NSE suspends Cadbury - Over N5bn record falsification

July 18, 2008/Tribune


The Nigerian Stock Exchange (NSE), on Thursday, placed full suspension on the shares of Cadbury Nigeria Plc, following the decision of the Investment and Securities Tribunal (IST) upholding the indictment of the company by the Securities and Exchange Commission over financial misstatement.


The amount involved in the account misstatement was put at N5 billion. Announcing NSE’s decision on the issue, the deputy director general, Mr. Musa Lance Elakama, disclosed that the ruling of the IST was binding on the exchange since it was a court of competent jurisdiction on investment matters.


It will be recalled that the NSE declined earlier in the year an order from SEC directing it to suspend trading on Cadbury shares wherein it stated that the directives was not backed by law.


SEC had indicted and banned Mr. Bunmi Oni and Ayo Akadiri from occupying position of as director 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- had been referred to the Economic and Financial Crimes Commission (EFCC) for further investigation and prosecution.

Tags: , 

Comment With Your Facebook or Yahoo! ID

Latest news

News on Frauds & Scandals

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Contact Us
Volunteer Program
Message from CEO

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Discussion Forum

Subscriber Agreement
Privacy Policy
Data Policy
Copyright Policy
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Legal Support Services
Web/Technology Services
File a Complaint

CBN Governor 2014