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Okereke-Onyuike Was Sacked For Spending ₦186m On Rolex Watches - Arunma Oteh - Politics - Nairaland

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Okereke-Onyuike Was Sacked For Spending ₦186m On Rolex Watches - Arunma Oteh by LocalChamp: 10:29pm On May 07, 2012
Arunma Oteh at House capital market probe, Okereke-Onyiuke blew N186m on Rolex watches
By Victor Oluwasegun and Dele Anofi, Abuja 2 hours ago
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Mrs. Ndi Okereke-Onyuike. -Stock Exchange ‘spent N37m on yacht’ -Council members ‘shared N1.7b surplus’ -N1.3billion spent on business travels


FOR those seeking answers to the sudden crash of the stock market, some came yesterday.

The market succumbed to a combination of ailments - sensational lifestyle and financial recklessness, among others - according to the Director–General of the Securities and Exchange Commission (SEC), Ms. Arunma Oteh.

Oteh was explaining why SEC eased out the former DG of the Nigerian Stock Exchange (NSE), Mrs. Ndi Okereke-Onyuike.

Oteh, in a presentation before the House of Representatives ad hoc committee probing the near collapse of the Nigerian Capital Market, said: “There were incidents of financial skimming, misappropriation, false accounting, misrepresentation and questionable transactions against the former NSE DG.

“For instance, the NSE bought a yacht for N37million and wrote down the book value within one year by recognising it in the books as a gift presented during its 2008 Long Service Award (LSA), yet there are no records of the beneficiary.

“The Exchange also spent N186million on 165 Rolex wrist watches as gifts for awardees out of which only 73 were actually presented to the awardees. The outstanding 92 Rolex watches valued at N99.5million remain unaccounted for.

“This happened in previous years. Other notable fraudulent transactions include the reclassification of the sum of N1.3billion originally expended on business travels. Of this sum, N953million was reclassified under “Software Upgrade” and subsequently expended as against being capitalised. There were other cases of such unethical accounting practices.

“In 2009, N1.7billion of the 2008 operational surplus was distributed to Council members and employees, in violation of CAMA and SEC rules which preclude the NSE from such, given that the NSE is a company limited by guarantee.

“Given the foregoing, it was important to me that we engage the NSE to address these weaknesses. Unfortunately, the former CEO of the NSE did not attend most of the meetings we scheduled.

“These were the kinds of financial imprudence that were perpetrated at the NSE. These transactions were routed through companies owned by some senior officers of the Exchange,” she said.

Oteh said the SEC launched a forensic investigation to examine the allegations of financial irregularity and mismanagement.

“While these investigations have been concluded, the results are unavailable because the former CEO of NSE, Mrs. Ndi Okereke-Onyiuke, and three other former employees have an injunction against releasing the report.”

The SEC DG said while all the fraudulent practices were going on, the SEC, which was at the time headed by Musa Al-Faki, did not do enough to stem the irregularities.

On Market abuses by banks between 2006 and 2008, Oteh said:

“The extent and nature of the market abuses carried out between 2006 and 2008 are the primary reasons for the continuation of the investor apathy that we see today. I will give examples of some of the market abuses that the SEC investigation of the intervened banks uncovered.

“Afribank: With respect to Afribank, Afribank Trustees, Afribank Registrars and their Directors, committed various grave market infractions in share buyback schemes, made misrepresentations in the returns to the SEC to prevent detection that the Bank funded its public offer, violating Section 106 (4), and Section 110 of the ISA 2007 as well as Rule 109B of SEC Rules.

Shares owned by 1,258 entities (some fictitious) and individuals were merged into fourteen accounts of nine companies, some of which were owned by Afribank and its directors. These transactions were done outside the floor of the Exchange. Falcon Securities, Fidelity Finance and Spring Capital were some of the entities used.

“Finbank: Between August 2006 and December 2008, the Executive team of Finbank engaged six law firms to incorporate 95 companies and transferred more than 4425 billion of depositors’ funds to nine of these companies and purchased 2.8 billion units of its own shares, violating Rule 109b of SEC Rules. The Bank also violated Section 105 of the ISA 2007, which prohibits a person from creating a false or misleading appearance of active trading of a listed security.

“Intercontinental Bank: Between June 2007 and December 2008, Intercontinental Bank, its directors and principal officers engaged in unlawful share buyback schemes, buying about 3.4 billion units of shares using depositors’ funds. It violated Section 105, 106 and Section 110 of ISA 2007 as well as Section 160 of CAMA and Rule 109b of SEC Rules.

“Union Bank: In 2007, Union Bank borrowed amounts totaling N30.4 billion from two foreign investment banks. These funds were transferred to Union Trustees, which in turn transferred the funds to Falcon Securities. In four days in November 2007, Falcon purchased 620.4 million units of shares worth N30.8 billion, ahead of a public offer/rights issue. In 2007, Falcon Securities carried out 181,088 transactions with respect to Union Bank shares. This drove up the share price of Union Bank stocks from a low of N23.30 in January 2007 to N50.33 in November 2007, in other words, a price appreciation of over 110% within 11 months.”

On “wonder banks”, Oteh said:

“Wonder Banks, Umana Umana, Ponzi or Pyramid Schemes are unsustainable fraudulent schemes that use funds from new investors to pay off older investors at high rates of return, thereby quickly attracting new investors.

“A total of 440 wonder banks were identified in Nigeria and these had defrauded the unsuspecting public to the tune of £4106 billion. The Commission, in addition to spearheading efforts to track and bring to book operators of such scams, is also a member of an Inter Agency Committee consisting of representatives of financial services regulators and law enforcement agencies such as the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), Economic and Financial Crimes Commission (EFCC), Corporate Affairs Commission (CAC) and the Police.

“So far, the Committee has obtained court orders to wind up the identified outfits. The Committee continues to make more recoveries as investigations progress. Furthermore, promoters of the schemes are also being handed over to the relevant law enforcement agencies for criminal prosecution.

According to Oteh, part of SEC’s actions included dragging 260 entities and individuals to the Investment and Securities Tribunal (IST)

She said: “As a result of the SEC investigations with respect to the intervened banks, we instituted legal proceedings, at the Investment and Securities Tribunal (1ST), against 260 entities and individuals. The Commission is alleging that these individuals and entities were involved in different forms of market abuse including insider dealing, pump and dump, wash sales and share price manipulation. We are seeking declaratory orders for the illegally gained profits that were made to be disgorged to restitute poor

However, the Ibrahim El-Sudi-headed eight -man ad hoc committee took the SEC DG to task over her decision to take 260 entities and individuals to the Investment and Securities Tribunal.

According to the committee members, the SEC had no right to move the cases particularly as the issue was being investigated by the Administrative Committee.

The SEC DG also washed her hands off the nationalisation of Afri bank, Bank PHB and Spring bank.

The Committee wanted to know the roles played by the SEC being the body responsible for mergers and acquisitions in the process of taking over the three banks by the Asset Management Corporation of Nigeria (AMCON).

The process was concluded within three days over a weekend but the SEC boss said her organization was not involved.

“So, it is safe to say that your organization is not involved in the Nationalization process of those banks,” Dogara said.

When further prodded on the role played by the SEC to protect the interest of investors in the affected banks while the Central Bank (CBN) and the Nigerian Deposit Insurance Corporation (NDIC) were protecting the interests of their primary responsibilities, she said her organization played the role of protecting public interest.

Saying that the three banks were no longer listed on the stock exchange, Arumah said she was not aware of what became of their investors.

“It was an industry-wide decision and if I were to insist on protecting the investors’ interest, then they would have to give something back because the three banks’ shareholder’s funds were in the negative of over N600b,” she added.

On Project 50 which was meant to celebrate 50 years of Capital market in Nigeria, she said it was not against the rules to receive donations from potential investors and industry players to fund the project.

“There was no compromise, there is no conflict of interest and it is not abnormal to partner with others toward the development of the market”

However, to the disappointment of the committee members, she failed to obliged the Committee with the list of contributors to the Project, saying she would have done so if she had been earlier informed.

Meanwhile, reminiscent of what led to the personalization of issues that eventually culminated in the stepping down of the previous committee probing the capital market, the DG was reproached for evading questions.

She also evaded a question on when the SEC would conclude its intervention programme in the NSE and disengage its nominees from the NSE Council where the regulatory body has 8 members out of 15.

According to her, the intervention and the inclusion of eight members from SEC on the Council of NSE was to strengthen and professionalize its oversight function of the NSE.

“It’s our bid to strengthen and professionalize the NSE and for our nominees to bring their expertise to that organization. We have a report and we will do justice to it”.

There were however moments of friction between the committee and the SEC boss. Problem began when the DG was asked why its powers to resolve conflicts between industry players and in her extended explanation alluded that the committee lacked confidence in the Investment and Security Tribunal (IST).

She also failed to state the extant rule that empower SEC to abort an administrative proceeding established by SEC to handle a particular dispute between a bank and its investors that was transferred to the IST.

She however said that unclear definition of responsibilities between conflict resolution bodies in the sector.

Though she posited that it would assist the market to see culprits punished, Arumah however confirmed that convictions are yet to been seen in the sector.

She also mentioned that her organization has resolved over 1,700 disputes though her organization was not meant to guarantee investors’ funds.

On another occasion when the confronted her with the issue of labour as contained in a petition, she told the committee that the right thing was for the committee to give her the document to go through

“I take exception to that remark. We have rules here and it is not for you to dictate to us how to conduct proceedings here,” El Sudi warned.

Earlier during the presentation of the Director-General of the Nigeria Stock Exchange, Oscar Onyeama, had explained to the committee that the SEC had 8 nominees in the Council of the 15 members does not mean they will exert any untowards influence on the NSE.

The committee had expressed the fear that it may affect the daily management of the NSE and open the organization to overt influence from the SEC which is meant to be a regulator.

“People say because there are 8 members nominated by that SEC, that SEC owns NSE. It’s wrong. They have been professional in their conducts.

“So far, we have not received directions on what management should do on a daily basis. Besides, I think I am known globally as being independent.”

A member of the committee, Yakubu Dogara noted that those who were responsible for the crash of the Capital Market should be brought to book..

His words: “Those that cooked up phantom figures that caused the crash of the Capital market must be brought to book. Because if we are not careful, we will be back here doing another public hearing on this issue.”

The hearing continues today.
http://www.thenationonlineng.net/2011/index.php/news/45880-arunma-oteh-at-house-capital-market-probe-okereke-onyiuke-blew-n186m-on-rolex-watches.html

Re: Okereke-Onyuike Was Sacked For Spending ₦186m On Rolex Watches - Arunma Oteh by Nobody: 10:36pm On May 07, 2012
The Exchange also spent N186million on 165 Rolex wrist watches as gifts for awardees out of which only 73 were actually presented to the awardees. The outstanding 92 Rolex watches valued at N99.5million remain unaccounted for.

She also disclosed that most of the financial mismanagements perpetrated during the reign of Okereke-Onyuike were routed through companies owned by some senior officers of the NSE.

“In 2009, N1.7 billion of the 2008 operational surplus was distributed to Council members and employees in violation of CAMA and SEC rules, which preclude the NSE from doing that.”

“Other notable fraudulent transactions include the reclassification of the sum of N1.3billion originally expended on business travels. Of this sum, N953million was reclassified under ‘software upgrade’ and subsequently expended as against being capitalised.

Let's see how Madam Okereke-Onyuike rationalises this one when she faces the same ad hoc committee on tomorrow.
Re: Okereke-Onyuike Was Sacked For Spending ₦186m On Rolex Watches - Arunma Oteh by naijaking1: 10:52pm On May 07, 2012
I'm always suspicious whenever somebody accuses another when they had an opportunity to make it face-face, but had to wait till when the other person is either dead, incapacitated, or absent.
Why didn't she make these allegations when Okereke was in a good position to defend herself?

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Re: Okereke-Onyuike Was Sacked For Spending ₦186m On Rolex Watches - Arunma Oteh by Nobody: 11:26pm On May 07, 2012
naijaking1: I'm always suspicious whenever somebody accuses another when they had an opportunity to make it face-face, but had to wait till when the other person is either dead, incapacitated, or absent.
Why didn't she make these allegations when Okereke was in a good position to defend herself?

Your suspicions (which are probably borne of blind solidarity) did not allow you to make an objective assessment, even after having being informed Okereke-Onyuike has been granted an opportunity to set out her own stall tomorrow? angry

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Re: Okereke-Onyuike Was Sacked For Spending ₦186m On Rolex Watches - Arunma Oteh by Nobody: 12:13am On May 08, 2012
naijaking1: I'm always suspicious whenever somebody accuses another when they had an opportunity to make it face-face, but had to wait till when the other person is either dead, incapacitated, or absent.
Why didn't she make these allegations when Okereke was in a good position to defend herself?
What a daft thought pattern you have.

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Re: Okereke-Onyuike Was Sacked For Spending ₦186m On Rolex Watches - Arunma Oteh by naijaking1: 3:27am On May 08, 2012
[quote author=eGuerrilla]

Your suspicions (which are probably borne of blind solidarity) did not allow you to make an objective assessment, even after having being informed Okereke-Onyuike has been granted an opportunity to set out her own stall tomorrow? angryquote]

Why do you guys like to jump to conclusion before both sides of any case present their own case.
Is tomorrow too far for you?
Ms. Oteh is turning out to distinguish herself as a liar, not just from her previous interactions from ill-prepared house members, but her sweeping generalizations of events. If she wants to re-litigate Sanusi's crusade 2 years ago, she's welcome to do just that, but nobody should be left in doubt that only Union, Intecontinental, Oceanic,etc were the only banks invoved in the despicable action of manipulating their own stocks.
It was industry wide.
If Ms. Okereke-Onyuike stole rolex watches, why "ease" her out. Simply arrest and prosecute her as a common criminal. Once again, until we hear from both sides, everybody hold their breath.
Re: Okereke-Onyuike Was Sacked For Spending ₦186m On Rolex Watches - Arunma Oteh by Nobody: 8:19am On May 08, 2012
Ever heard the phrase "when you in a hole it is best to stop digging" before?

In your infinite wisdom, matters of improprietary, which can generally be determined by a forensic examination of past records, must be deferred until both sides of a story are told? What do you think is? Some playground dispute involving prepubescent kids?

Okereke-Onyiuke & her Legal Battles
NSE Council members on July 21, 2010 petitioned SEC on the way and manner the Okereke-Onyiuke-Ied executive was running the affairs of NSE. Specifically, they complained of indisciplined spending and financial imprudence threatening financial condition of the NSE, management failure to present audited financial statements for 2009 as at July 2010 and failure to convene Council meetings since March 2010.

On July 28, 2010, SEC, in order to give the former DG the opportunity to clear herself, invited her to make to a meeting schedule for July 30, 2010. Instead of honoring the invitation, on July 29, 2010, she made written representation in response to complaints and failed to turn up for the meeting.
Read more


Nigeria: Lagos Drags Okereke-Onyiuke to Court Over Theft
The Lagos State Government has dragged former Director-General of the Nigerian Stock Exchange, Prof.Ndi Okereke-Onyiuke, Alhaji Lance Musa Elakama and six others before a Lagos High Court over an alleged theft of N3, 301, 000, 000.

The suits before Justice Christopher Balogun also have Creative Financial Services Limited, Mining System Limited, OPDC Properties Limited, OAK Business and Finance Company Limited, Uzoma Henry Onyekuru (m) and Kingdom Securities and Finance Company Limited as co-defendants.

The two separate suits with numbers LCD/157/2011 and LCD/158/2011, signed by the Director of Public Prosecution, Lagos State, Mrs Olabisi Ogungbesan on behalf of the Attorney-General Lagos State bother on conspiracy and stealing contrary to Sections 516 and 390 (7) of the Criminal Code of Lagos State Cap C17, Vol. 2 Laws of Lagos State 2003.
Read more
Re: Okereke-Onyuike Was Sacked For Spending ₦186m On Rolex Watches - Arunma Oteh by bushwailo: 8:48am On May 08, 2012
Wow, what an allegation, unfortunately,
the house of rep is not a court of law.
They too are a pack of noise making theives.

After running down NSE, I wonder if she still got her 500 million naira
awarded her by a proper court.
Re: Okereke-Onyuike Was Sacked For Spending ₦186m On Rolex Watches - Arunma Oteh by Mynd44: 8:49am On May 08, 2012
[quote author=naijaking1][/quote]
Why should I hold my breath when I know noting meaningful will come outta the probe

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Re: Okereke-Onyuike Was Sacked For Spending ₦186m On Rolex Watches - Arunma Oteh by oba009(m): 9:12am On May 08, 2012
Another Source have it like this:

http://247nigerianewsupdate.com/stock-exchange-council-spent-n186-million-on-165-rolex-wrist-watches-arunma-oteh/

Stock Exchange council spent N186 million on 165 Rolex wrist watches – Arunma Oteh
May 7, 2012 | Filed under: Business | Posted by: admin
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Financial schemes and misappropriation of funds by former council members of the Nigerian Stock Exchange (NSE) was responsible for the near collapse of the capital market.

According to the director-general of the Securities and Exchange Commission, Ms Arunma Oteh, the former council members carried out fraudulent transactions which includes the purchase of N186 million worth of wristwatches without proper accounts and a yacht for N39 million.

This was part of the revelations of the Director General of the Security and Exchange Commission (SEC), Arunma Oteh on Monday at the resumed hearing of the House of Representative ad-hoc committee probing the near collapse of the capital market.

Speaking about the NSE, she said “it was brought to my attention that there were incidences of financial scheming, misappropriation, false accounting, misrepresentations, and questionable transactions”.

“For instance, the council of the Nigeria stock Exchange bought a yacht for N37 million and wrote down the book value within one year by recognising it in its books as a gift presented during its 2008 long service award” she alleged.

“Yet there are no record of the beneficiary,” she added.

Dr Oteh also alleged that the council of the stock exchange also spent N186 million on the purchase of 165 Rolex wrist watches, as gift for awardees out of which only 73 were actually presented to the awardees. “The outstanding 92 Rolex watches valued at N99.5 million remained unaccounted for.”

“These were the kind of financial imprudence that were perpetrated at the Nigerian stock exchange,” Ms Oteh said.

The SEC Boss accused the NSE of “weaknesses in corporate governance, weaknesses in risk management, weaknesses in internal control, insufficient oversight of brokerage firms and listed companies and inabilities to enforce rules.”

She noted that the inspection team that examined the NSE found out that “more than 2, 700 investors complaint lodged with the Nigeria Stock Exchange had yet to be treated.”

Culled: Channelstv
Re: Okereke-Onyuike Was Sacked For Spending ₦186m On Rolex Watches - Arunma Oteh by PhysicsQED(m): 9:13am On May 08, 2012
Just out of curiosity, how was that issue of her having fake degrees and/or employment history resolved?
Re: Okereke-Onyuike Was Sacked For Spending ₦186m On Rolex Watches - Arunma Oteh by stebell(m): 9:18am On May 08, 2012
I tink we dont need de judiciary in dis country. Wat we need is afta having all de evidence de person shud jus be hanged. De rest will learn their lessons
Re: Okereke-Onyuike Was Sacked For Spending ₦186m On Rolex Watches - Arunma Oteh by lacasa: 9:24am On May 08, 2012
Nothing new!

Itz when we see an upright, principled, honest govt official ϑα† we should be shocked @ dis stage O̶̷̩̥̊͡f our lives ΐn Nigeria
Re: Okereke-Onyuike Was Sacked For Spending ₦186m On Rolex Watches - Arunma Oteh by maclatunji: 9:25am On May 08, 2012
These allegations are not new. I have read them since 2010. So why are you all acting as if it is a new thing?
Re: Okereke-Onyuike Was Sacked For Spending ₦186m On Rolex Watches - Arunma Oteh by Nobody: 9:25am On May 08, 2012
The NSE even bought a yacht which was written down as a "boat", even though no record of a beneficiary exists!!!


https://www.youtube.com/watch?v=Hu589lj9jKY
Re: Okereke-Onyuike Was Sacked For Spending ₦186m On Rolex Watches - Arunma Oteh by maclatunji: 9:31am On May 08, 2012
maclatunji: These allegations are not new. I have read them since 2010. So why are you all acting as if it is a new thing?

And to prove my point, I present you with this https://www.nairaland.com/548447/shocking-massive-corruption-nigerian-stock

Nigerians are hypocritical; when confronted with evidence of corruption, we scream, shout, curse but FAIL to ensure that the perpetrators are punished according to the law. This country will never make progress with this attitude.

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Re: Okereke-Onyuike Was Sacked For Spending ₦186m On Rolex Watches - Arunma Oteh by AlusiOkija: 9:32am On May 08, 2012
maclatunji:

And to prove my point, I present you with this https://www.nairaland.com/548447/shocking-massive-corruption-nigerian-stock

Nigerians are hypocritical; when confronted with evidence of corruption, we scream, shout, curse but FAIL to ensure that the perpetrators are punished according to the law. This country will never make progress with this attitude.

I tire o!!

I thouth this watch gist, the bullet proof trucks were old gist!!
Re: Okereke-Onyuike Was Sacked For Spending ₦186m On Rolex Watches - Arunma Oteh by Nobody: 9:39am On May 08, 2012
maclatunji:

And to prove my point, I present you with this https://www.nairaland.com/548447/shocking-massive-corruption-nigerian-stock

Nigerians are hypocritical; when confronted with evidence of corruption, we scream, shout, curse but FAIL to ensure that the perpetrators are punished according to the law. This country will never make progress with this attitude.

Comrade, since you've mounted a soap box, please let us know what shape your infinitesimally small contribution to the advancement of probity has taken.
What crusade against corruption have you prosecuted on a personal basis?
Be specific, as inquiring minds (Nigerians) want to informed.
Re: Okereke-Onyuike Was Sacked For Spending ₦186m On Rolex Watches - Arunma Oteh by aljharem(m): 10:00am On May 08, 2012
[size=18pt]Kilo de !!!! Na only you wey get this world, 186 Million on watches. Chai !!!! We have wicked people in Nigeria shocked shocked shocked[/size]

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Re: Okereke-Onyuike Was Sacked For Spending ₦186m On Rolex Watches - Arunma Oteh by aljharem(m): 10:01am On May 08, 2012
blink182: What a daft thought pattern you have.

Thank you !!! Naijaking would defend anything PDP or I..o
Re: Okereke-Onyuike Was Sacked For Spending ₦186m On Rolex Watches - Arunma Oteh by Nobody: 10:22am On May 08, 2012
Omo mahn - this b.i.tch is balling OOo. Between, she has good taste to have acquired lots of Rolexes.
Re: Okereke-Onyuike Was Sacked For Spending ₦186m On Rolex Watches - Arunma Oteh by gsmgold: 10:35am On May 08, 2012
PhysicsQED: Just out of curiosity, how was that issue of her having fake degrees and/or employment history resolved?


say what?
Re: Okereke-Onyuike Was Sacked For Spending ₦186m On Rolex Watches - Arunma Oteh by maclatunji: 10:42am On May 08, 2012
eGuerrilla:

Comrade, since you've mounted a soap box, please let us know what shape your infinitesimally small contribution to the advancement of probity has taken.
What crusade against corruption have you prosecuted on a personal basis?
Be specific, as inquiring minds (Nigerians) want to informed.

Really, I don't have time to attend to your request. I know what I have done in the past and what I do currently regarding your question. If you are not satisfied with all my advocacy on Nairaland politics section, too bad. Do you think posting here is without risks? tongue
Re: Okereke-Onyuike Was Sacked For Spending ₦186m On Rolex Watches - Arunma Oteh by otokx(m): 10:53am On May 08, 2012
Where is the yacht now?
Re: Okereke-Onyuike Was Sacked For Spending ₦186m On Rolex Watches - Arunma Oteh by PhysicsQED(m): 11:02am On May 08, 2012
gsmgold:
say what?

Allegations that her claims of working at certain places and getting certain degrees were totally false. I never really saw a refutation of the allegations and I was wondering if that situation was ever cleared up/explained or if the allegations were basically considered true.
Re: Okereke-Onyuike Was Sacked For Spending ₦186m On Rolex Watches - Arunma Oteh by Nobody: 11:03am On May 08, 2012
Heeheheh, dem use watch take do am? grin
Re: Okereke-Onyuike Was Sacked For Spending ₦186m On Rolex Watches - Arunma Oteh by Watchit1: 11:06am On May 08, 2012
Watch all these issue been discover and expose, and proper-bally going to put some of the so call respected personality who has been preying on public fund and stealing all steal-able, Let us pray that we will not wake up tomorrow and found that organisation concerned where all related document and record are burnt down in order the hide their atrocity and make investigation impossible

Then the whole effort become just another waste of time
Re: Okereke-Onyuike Was Sacked For Spending ₦186m On Rolex Watches - Arunma Oteh by ncpat(m): 11:08am On May 08, 2012
If i remember my part 1 in Accounting Ethics this is called WIDOW DRESSING or COOKING THE BOOK is a situation where you present financial report to look favourable where else opposite is the case, this is what led to the fall of ENRON.
The Enron scandal, revealed in October 2001, eventually led to the bankruptcy of the Enron Corporation, an American energy company based in Houston, Texas, and the dissolution of Arthur Andersen, which was one of the five largest audit and accountancy partnerships in the world.
Re: Okereke-Onyuike Was Sacked For Spending ₦186m On Rolex Watches - Arunma Oteh by badesco(m): 11:33am On May 08, 2012
This kind of revelation is a good development and also good for the polity but the bad aspect is that despite grave revelations nothing concrete will come out it and it will end up being be a waste of scarce resources and time. I weep for this country call Nigeria and i care less.
Re: Okereke-Onyuike Was Sacked For Spending ₦186m On Rolex Watches - Arunma Oteh by dejiswaggs(m): 11:54am On May 08, 2012
This is totally crazy!!! What does she wanna do with all those rolex! ...NO WONDER COMPANIES ABROAD MAKE TRUCK LOAD OF CASH IN NIGERIA!!! I WONDER HOW MUCH ROLEX WOULD BE MAKING IN OUR COUNTRY!! sad
Re: Okereke-Onyuike Was Sacked For Spending ₦186m On Rolex Watches - Arunma Oteh by Nickydrake(m): 12:10pm On May 08, 2012
Uh...what sorta yatch goes for 'only' 37 million naira?
Re: Okereke-Onyuike Was Sacked For Spending ₦186m On Rolex Watches - Arunma Oteh by igbsam(m): 12:10pm On May 08, 2012
More reason why a woman should never be a president. Allison, Madam Ngozi and now this one. If a woman mistakenly become a president of dis nation, we will all wake up one money to see a newsflash that the nation has been sold with its citizens in it. wink

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