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Wrong Uduimo Itsueli?

Uduimo Justus Itsueli

Chairman

Cadbury Nigeria Plc

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I agree to the Terms of Service and Privacy Policy. I understand that I will receive a subscription to ZoomInfo Community Edition at no charge in exchange for downloading and installing the ZoomInfo Contact Contributor utility which, among other features, involves sharing my business contacts as well as headers and signature blocks from emails that I receive.

Cadbury Nigeria Plc

Company Description

Cadbury Nigeria is the leading producer of sugar confectionery, gum and food beverages for the Nigerian market and the West African sub-region. Its lead brands include Tom Tom, the biggest selling candy in Africa, Bournvita and Bubba bubble gum. Other brands i... more

Find other employees at this company (162)

Background Information

Employment History

Managing Director

Dubri O


Web References(24 Total References)


SEC Hammers Cadbury, Directors

smartnigerianinvestor.com [cached]

Apart from Oni and Akadiris ban, others recommended for investigation and prosecution include Dr. Uduimo Itsueli, 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.
Thereafter, the Chairman of Cadbury, Itsueli, through a letter to the Commission dated November 16, 2006, reported the engagement of an independent firm, PriceWaterhouseCoopers (PWC), to investigate the allegation of overstatement in the companys financial statements for the period 2003 to September 30, 2006. The company as Issuer and Uduimo Itsueli, Bunmi Oni and other members of the board, some management staff and audit committee members, in 2005 authorised the issuance of a Rights Circular dated August 24, 2005 which contained untrue statements. Uduimo Itsueli, the companys chairman, stated in the 2001 annual report and account that the company had taken over the payment of dividend and this continued up to 2006 despite the Commissions letter directing it to allow the Union Registrars Limited to perform its statutory function. Itsueli, Falase, Ihyembe, Onabote, Oyewole, Shattock, Ayorinde, Enuwa and Balogun are suspended for one year from operating in the Nigerian capital market; employed in the financial services sector; or holding directorship positions in any public company in Nigeria.


businessworldintelligence.com

A Federal High Court in Lagos, presided over by Justice Abdulahi Mustapha has dismissed the suit filed by Mr. Uduimo Itsueli, chairman of Cadbury Nigeria Plc and Mr. Olusegun Oyewole, an executive director of the company in which they sought among others, to quash a report by the Securities and Exchange Commission (Sec) committee which indicted them over some alleged fraudulent misconducts uncovered in the company's operations.


www.thisdayonline.com

A Federal High Court in Lagos yesterday dismissed the application filed by former chairman of Cadbury Nigeria Plc, Mr. Uduimo Itsueli, challenging the decision of the Administrative Proceedings Committee (APC) to investigate the mis-statements in the account of the company.The panel was constituted by the Securities and Exchange Commission (SEC). The panel had recommended that Itsueli and an ex-Executive Director of the company, Mr. Olusegun Oyewole, be suspended from operating in the Nigerian capital market.Itsueli had in a supporting affidavit wondered why he was also indicted in the said report when he was instrumental to how SEC got to know about the said fraudulent conducts.He prayed the court to declare that the proceeding leading to the decision was not fair and independent. In his judgment, presiding judge, Justice Abdullahi Mustapha, held that the applicant could not substantiate the bias allegation levelled against the panel.He held that the applicant's rights to fair hearing were not breached by the panel.Thereafter, Itsueli, through a letter to the Commission dated November 16, 2006 reported the engagement of an independent firm, PriceWaterhouseCoopers (PWC), to investigate the allegation.Subsequently, the commission constituted the APC to investigate the matter and confirm the report of mis-statements in the account of the company to the tune of N13 billion.The panel sat on May 21, 2007, February 13 and 14, 2008 to hear the matter.At its sitting on March 27 and 28, 2008, the committee concluded that Uduimo Itsueli and others, including Olatunde Falase, Raymond Ihyembe, Gabriel Onabote, Olusegun Oyewole, Matthew Shattock, Thomas Ayorinde, Z.C. Enuwa and S.J. Balogun be suspended from operating in the Nigerian capital market.


www.thisdayonline.com

Apart from Oni and Akadiri's ban, others recommended for investigation and prosecution include Dr. Uduimo Itsueli, 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.Thereafter, the Chairman of Cadbury, Itsueli, through a letter to the Commission dated November 16, 2006, reported the engagement of an independent firm, PriceWaterhouseCoopers (PWC), to investigate the allegation of overstatement in the company's financial statements for the period 2003 to September 30, 2006."The company as Issuer and Uduimo Itsueli, Bunmi Oni and other members of the board, some management staff and audit committee members, in 2005 authorised the issuance of a Rights Circular dated August 24, 2005 which contained untrue statements."Uduimo Itsueli, the company's chairman, stated in the 2001 annual report and account that the company had taken over the payment of dividend and this continued up to 2006 despite the Commission's letter directing it to allow the Union Registrars Limited to perform its statutory function."Itsueli, Falase, Ihyembe, Onabote, Oyewole, Shattock, Ayorinde, Enuwa and Balogun are suspended for one year from operating in the Nigerian capital market; employed in the financial services sector; or holding directorship positions in any public company in Nigeria.


www.vanguardngr.com

Dr. Uduimo Itsueli, the company's chairman, indicated in a statement that it had appointed PriceWaterhouse Coopers to further investigate the matter and report to the board its findings.Itsueli said the fraud was discovered during an internal review of the company's activities.


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