CareersNG

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More twisted than dreadlocks

It is quite unfourtunate that someone of Bunmi Oni reputation could be involved in such act. He is one of the most respected CEO in Nigeria considering that Cadbury is one of the bluchips company in Nigeria.
However, this is a lesson for everyone because I beleive in the nearest future some of us in this forum will become CEO.
Lets remember the golden rule You can deceive people some of the time but not all the time and that someday one day your sin will find you out.

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If what you did yesterday still looks big to you, you haven't done much today .
......Mike Bertola.

It could be a conspiracy though. The foreign partners fell out with him, maybe its a ploy to get him out.

Not that I am making excuses oh, if what they say is true, then he messed up.

EFCC should treat him the way Enron boss was treated (I dont mean kill him with heart attack oh. . . )

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More twisted than dreadlocks

well, dts quyite un4tunate..but hope u guys read somtin The Punch wrote bout the Late Rufus Giwa..(he had the same snag too, but got away with it), well we gats to learn from dat lesson and I can see Pastor Seluwole's word of The Secret nobody must know coming to pass, so folks watch it!! dat na y me dey confess my sins small small for confession corner, care to join me?

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In Life's Pursuits, Never Outrun God [Prov. 19:21]
1luv...

I have some insider information that Bunmi Oni was favoured by the then Cadbury's Chaiman, Christopher Kolade by giving him rapid promotion because they are of the same extraction. Could it be that nemesis is catching up with him. I also learnt and knew myself that Bunmi Oni is sound and best fit for the position nothwithstanding the 'unjust rise'.

He once went for a programme orgainised by Christian Accounting Fellowship, OAU, his alma mata. He was quoted as saying that he did not wish any of the participants were in his shoes because he had to take many difficult decisions that were not easy. What goes on in the secret of people we don't know truly

I pray he overcomes this if it's a set up or overblown issue. I mean, it could be that Cadbury Shwepps are making mountain out of mole hill. x-2-x said something like this.

let's watch as events unfold.

hmm, i 1da...i just 1da

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In Life's Pursuits, Never Outrun God [Prov. 19:21]
1luv...

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Building a Solution Colony. Gb!

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just my thots...

I'm sorry to ask if my fellow CareersNGers know Bunmi Oni in person or we rather believe in hearsay? I don't know him in person and can neither defend nor judge him.

Reasons:

The report was made by PwC known globally for making damaging reports of such in circumstances like this.

Neither had a mention been made by the report concerning their auditors Akintola Williams [Deloitte and Touche]. Evidently not proving any fact of conspiracy on the part of the External Auditors of Cadbury.

The parent company Cadbury Schwepps owns 50.2% holding in the subsidiary in Nigeria and only a reasonable man would protect his investment by appointing the CEO, in this case Cadbury Schwepps is thereby doing. [I would do the same]

If in any case the present CEO [Bunmi Oni] is not willing to horse trade, I tell you, the majority shareholders [Cadbury Schwepps] would do anything to boot him out. [Obasanjo v Atiku 'LFN' 2006]

Bunmi Oni no doubt is a professional accountant

Fellow forumites, you'd also agree with me that N15 billion is not N15 thousand and cannot be hidden from the books of account for just 3yrs. Impossible! Its not a government agency or parastatal

ICAN had stepped in and wants a thorough investigation as an Association that doesn't tolerate such criminal activities. Any member found wanting in this regards would be disciplined and blacklisted if found guilty.

But you have to understand that there had been no prove [evidence] of personal gains yet, so, what do you possibly think of him involving himself in such an activity if he's not personally benefitted?

My submission! It takes a professional accountant and one who understands board politics to understand the intrigues in the whole scenario. Let a court/tribunal of competent jurisdiction find him guilty before we can make sure pronouncement against his person, in all, the allegations may be 'spurious'.

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No matter how 'elephant' big reach, e no fit cause earthquake!

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If what you did yesterday still looks big to you, you haven't done much today .
......Mike Bertola.

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No matter how 'elephant' big reach, e no fit cause earthquake!

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too many limits to our dreams,inhibiting us from being who we are...
still we need inhibitions that protect us...
may we find the divide,oh Lord, and accept the difference!

uhm!

Make I clear mai throat ...

I believe this ya post suppose dey the politics forum, that way you'll avoid any unnecessary 'bullets' from members. Kindly post appropriately, pls.

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No matter how 'elephant' big reach, e no fit cause earthquake!

there are always 2 sides to a coin.
We can make our conclusion based on the data available.
now that u have seemingly falsified the basis of conclusion..
make we dey look wetin unfold now..
but i bet you that bad news spreads farther than good ones..
no one would have heard, if CEO Bunmi Oni was given a pay rise.. u know!!
think again!!
Gb!

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Building a Solution Colony. Gb!

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More twisted than dreadlocks

switmoi mentioned that Bunmi Oni is a professional accounatant. He's not an accountant but a food technologist. He read Food technology at Ife. He is a fellow of Personel Magement Profesion among others.

But we are yet to hear him defend himself. The damage is too much for him to keep quiet. Somebody who was regarded best yesterday becoming a 'fraudster' today.

It is not impossible for Cadbuy management in collition with it's Auditor, Akintola and Deliot to coock books for three years before the expose. Remeber the Enron in the States. It used to be world leading energy company declaring huge papers profits. We cannot still conclude on that basis because doing so will amount to "ad vericudiam ad populum"-falacy of appeal to popular prejudice. We must however learn to learn from history.

And before it skips our mind, what's the regulatory authorities/bodies doing about the auditor, Akintola and Delliot??? You remeber what happened to Aurthur Anderson?

Bros datola, Una dey too deviate for the matter on hand. He may have graduated a Food Technologist but doesn't stop him from acquiring or belong to other fellow professional associations like ICAN.

As the CEO he's mandated to sign the annual financial statements along with another executive director, in this case his Financial Director booted out alongside him. Not until you go through the ICAN directory of members and ascertain if he's not one only then would it be necessary to have mentioned anything of such in ur post.

Would he have been signing the annual financial statement as a 'layman'? Would Cadbury an internationally acclaimed 'brand' allow for anyone less a professional in all field other than the Accounting profession be the CEO?He would definitely have had a background of the Accounting profession.

It may also interest you to know that ICAN has in its fold people of diverse academic background yet Associate Members of the profession, I mean Chartered Accountants some of whom are Food Scientist, yet I wonder which University would offer Food 'Technology'?

The issue at hand is the act of signing misleading financial reports and its implication on the NSE and shareholders ... and definitely not the profession of the actor.

You may further undergo more 'indepth' research my fellow blogger.

I sign out!

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No matter how 'elephant' big reach, e no fit cause earthquake!

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If what you did yesterday still looks big to you, you haven't done much today .
......Mike Bertola.

Mike Bertola, Its certainly not a 'must meet' criteria to be a professional accountant before you can be a CEO of a blue chip especially in Nigeria. But never will you be appointed without meeting the minimum requirement of haven displayed a certain level of 'knowledgeability' in the art of accounting.

As a member of IoD, professional courses are organized to develop and prepare a future CEO for the responsibility. Its however not the responsibility of the CEO to prepare the financial statements but his signature gives an 'accenture' to the statement as haven shown the true and fair view.

So, since he'd be culpable like in this situation, he'd definitely not come out to the public to say he knew not what he signed. Will you accept such an excuse if u happened to be a shareholder?

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No matter how 'elephant' big reach, e no fit cause earthquake!

Pardon me, But i think the word is expatiate. expantiate is the nigerian version. Perhaps, both are correct, depending on how you look at it

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too many limits to our dreams,inhibiting us from being who we are...
still we need inhibitions that protect us...
may we find the divide,oh Lord, and accept the difference!

My apologies! Expatiate is correct.

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No matter how 'elephant' big reach, e no fit cause earthquake!

Mr switmoi, I said that Bunmi Oni is not an accounatant- that's a fact. For all you know he does not have to be anything near ICAN before he could be CEO of any blue chip in Nigeria. He's well suited to be Cadbury's MD having bagged a degree in food technology and the wealth of experience. Cadbury is a food manufacuturing company not an accounting firm or a bank, etc. Moreover you mean if you are not an accountant you are a lay man who cannot sign a company's accounts as a director? I don't know what you mean by saying he could not have been authorised to append his signature on the company's account. It is the auditor, Akintola Delliot that has authority in law to give informed opinion about the company's year-end accounts. That's why I compared this case with Enron/Arthur Anderson fall of early 20's.

Bunmi Oni is sound and well read for the post. I am of the opinion that he should have left the company when the ovation was loudest.

Enjoy!

As a firm of professional accountants, AWD is to check/review the accounts for the year under consideration and give a professional opinion. They neither prepare nor vet the financial statement. They only give a professional opinion.

Its the responsibility of the coy's mgt to prepare the financial statements hence the reason why there is a need for the signatures of atleast two executive directors.

S. 359 - 364 of the 1999 constitution of the FRN [CAMA '90]

The auditor's report expressing their professional opinion is always dated after the financial year end but before the expiration of 4mths after year-end. This implies that the coys books of accounts would have been closed and final accounts prepared before the external auditors are invited for audit.

I suggest you write the ICAN registrar to confirm his membership/not.

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No matter how 'elephant' big reach, e no fit cause earthquake!

Hmmmm, this wan fit turn to fight oh.

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More twisted than dreadlocks