Cadbury Nigeria plc Launches Stimorol Chewing Gum in Nigeria
Cadbury Nigeria plc has expanded its product offerings with the introduction of Stimorol chewing gum. Stimorol chewing gum is available in two flavors, mint menthol and liquorice. The company announced that soon two more new flavors will be offered lemon mint and strawberry. Stimorol is the first chewing gum that is locally produced in the country.
Securities and Exchange Commission Fines Cadbury for Filing Untrue/Misleading Financial Statements
The Securities and Exchange Commission banned former Managing Director of Cadbury Nigeria Plc, Mr.Bunmi Oni and former Finance Director of the company, Mr. Ayo Akadiri, from operating in the nation's capital market or hold directorship of any quoted company in Nigeria. SEC also fined Cadbury for filing financial statements that contained untrue/misleading statements; failing which trading on its shares will be suspended. In addition, the Commission suspended some of the directors and senior management staff of Cadbury from operating in the market and referred them to the Economic and Financial Crimes Commission (EFCC) for investigation and prosecution for their roles in the financial misstatements of the company's accounts between 2002 and 2005. Apart from Oni and Akadiri's ban, others recommended for investigation and prosecution include Dr. UduimoItsueli, Chairman of the company, Mr. J.S. Bogunjoko, Mr. Abiodun Jaji, Mr. Andrew Baker, Mr. Christopher Okeke, Mr.Olatunde Falase, Chief Raymond Ihyembe, Mr. Gabriel Onabote, Mr. Olusegun Oyewole, Mr. Matthew Shattock, Mr.Olusegun Aina, Mr. Akinbode Gbolahan and Mr. Tunde Egbeyemi. SEC also sanctioned Cadbury's External Auditor, Akintola Williams Delloite and Registrar, Union Registrars Limited. SEC invited the directors, some management staff of the company, its external auditor and registrars, to appear before the Administrative Proceedings Committee (APC) of the Commission.
Cadbury to Invest EUR 250 Million in Poland
Cadbury Nigeria plc plans to increase the production of sweets in Poland. Due to the planned investment Poland may become the second largest European production centre of the concern after the UK. Cadbury chose Poland over Slovakia due to the financial support from the economy ministry amounting to ZTL14 million. Cadbury intends to invest EUR 250 million in Poland in the course of the next 4-5 years. Two-thirds of this sum will be spent on the construction of a production plant in Skarbimierz, which is to be commenced this year. The concern also plans to construct a production factory in Wroclaw this year, hoping that it will be included in a tax-free zone. Cadbury will transfer some of the production from Somerdale and Bournville, UK, to Poland as part of a restructuring plan to cut costs and improve margins.