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… Vows to Expose Fraud by Ex-CEOs
The House of Representatives Committee on Capital Market and Institutions on Thursday asked the Security and Exchange Commission SEC to take over the Capital Oil Ltd, a public liability company incorporated in Nigeria since 1985.
The directive was handed down to SEC by the Sub-Committee Chairman Hon. Tony Nwulu at the ongoing investigate public hearing on the compliance of companies with operational and regulatory requirements at the National Assembly Abuja.
Nwulu who expressed dismay at the startling revelations by the Chief Financial Officer of Capital Oil Ltd Mr Amos Osuaga who in a memorandum and oral presentation to the Committee had revealed that the company has become moribund as it has been owing over #700 million in tax liability.
According to the lawmaker, it is disheartening that that a public liability company established with shareholders funds would go down the drain the way the company is presently going.
He had vowed that the House Committee would expose any fraud perpetrated by any individual still holding or who may have held any position of responsibility in the company no matter how highly placed he or she is in the society.
According to him, the Committee would extend invitation to all the past CEOs of the company during the ongoing probe on compliance with operational and regulatory requirements by companies.
He informed that Capital Oil is a public liability company established with public funds and added that the Committee is determined to ensure the protection of shareholders funds in form of investment by individuals into the company is protected.
At the hearing the company’s Chief Financial Officer Mr Amos Asoaga had revealed that a former Managing Director Dr. Tunde Sobodu who held sway between 2012 and 2014 mismanaged the company.
He said that the management of the company under him had acquired many properties that are not of any value to it.
He also said that In 2012 Zenith bank advanced a loan facility of #450 m to the company at 12 percent interest rate which affected the fortunes of the company very negatively.
End.