FG PROBES CORRUPTION ALLEGATION IN EDO OIL PALM FIRM
BENIN-THE Federal Government has set up a committee to investigate allegation of corruption and alleged non- compliance with the law setting up the Corporate Affairs Commission, CAC, levelled against the management of the Okomu Oil Palm Plc, an agricultural processing company, based in Udo, Ovia South West Local Government Area of Edo State.
The committee which is comprised of Inspectors from CAC headquarters, Abuja, was set up sequel to a petition by members of the shareholders association of the company.
The petition, addressed to President Goodluck Jonathan, was signed by Bishop Goodluck Akpore, the Edo State zonal chairman of the Shareholders Association. The letter setting up the committee, dated April 13, 2011, was signed by Mr. Nasiru Shall on behalf of the Registrar of the Commission.
The letter stated that the investigation was based on the advice of the Attorney-General of the Federation, following the petition to President Jonathan, by the members of Shareholders Association.
According to the letter, 'After a careful study of the petition, we (CAC) are satisfied that substantial issues had been raised to warrant an enquiry. Consequently, the Commission, pursuant to its powers under section 351 (2) of the CAC Act laws of the Federation of Nigeria 2004, has appointed a committee of Inspectors to investigate the affairs of the company.
'The Committee will 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.'
The Committee will also investigate under declaration of turnover, embezzlement of company's funds and unjustified expenditures.