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Cadbury Probes Financial Irregularities

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November 17, 2006/thisday


The Board of Directors of Cadbury Nigeria yesterday authorised an independent probe of the company, after the discovery that its financial positions in current and previous years were overstated.

Cadbury’s board also asked Mr. Bunmi Oni, Managing Director/Chief Executive Officer of the confectionery company to proceed on leave, pending the outcome of the independent audit of the questionable financial position by PriceWaterhouseCo-opers.

According to information, the decisions reached by Cadbury’s board was said to have been the outcome of an emergency board meeting which ended yesterday after three days of hard deliberations.

“Cadbury Nigeria has announced the discovery of evidence of an overstatement in its financial position for the current and prior years”, the company also confirmed in a statement yesterday.

According to a public statement credited to the company’s Chairman, Dr. Uduimo Itsueli, “we have appointed independent accountants, PriceWaterhouseCoopers, to further investigate this matter and report fully to our Board on its findings.”

“This situation was discovered in the past few weeks following an internal review. Our company will continue to operate and trade as usual and, in line with our corporate governance standards, we have informed all our stakeholders including the stock market of this development. The investigation may last a few weeks and we will provide further details when the investigation is concluded.

“It is important to stress that this situation has arisen out of an internal review. We have received confirmation of Cadbury Schweppes’ continued commitment to Cadbury Nigeria and we request the understanding and support of all other stakeholders.”-

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