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Alleged N900m embezzlement scam tears Aba firm apart

By Anayo Okoli

Umuahia – BOARD crisis is rocking International Equitable Association Ltd, a leading soap and detergent manufacturing firm based in Aba, the commercial capital of Abia state.

At the centre of the crisis is alleged embezzlement of the sum of N900 million by some directors of the company, including two expatriates.

The money was said to be a loan secured from Access Bank Plc for the procurement of raw materials but was allegedly diverted by some directors of the company for personal use.

Worried by the development and subsequent non-performance of the said loan, the bank was said to have appointed a receiver manager to take over the company and possibly sell it off. Already, the bank was said to have filed all the necessary papers with the relevant agencies and court, waiting to be given the go-ahead order to take over the firm.

The sordid situation in the company has polarized the directors, with those not happy with the manner the said loan was allegedly misappropriated led by Chief Alphonsus

Udeigbo, the chairman of the company’s board, teaming up to sack the other directors, including the two expatriates, who managed the company before some Nigerian directors took over the company.

Meanwhile, the Udeigbo camp has petitioned the Inspector-General of Police, urging him to investigate the allegations and the crisis in the company.
Vanguard learnt that already the Inspector-General of Police had directed the Zone 9, Umuahia to investigate the crisis.


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