December 26, 2018

We need forensic audit of accounts, COSON board cries out

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By Rotimi Agbana

The COSON Board of Directors, Efe Omorogbe, Sikiru Agboola, Obi Asika, Dare Fasasi, Joel Ajayi, Audu Maikori, have declared its dissatisfaction with how the management of the royalty collection society have been spending the society’s funds.

In an official statement signed by the entire board members, a forensic audit must be carried out on the society’s accounts because they suspect massive foul play in the disbursement of funds so far.

The statement reads; “The attention of stakeholders in the Music Industry is hereby drawn to the following. Documents were filed at the Federal High Court in Lagos on Friday December 14, 2018 which indicate that in defiance of the suspension of the COSON licence and the directive to COSON from The Nigerian Copyright Commission (NCC) not to disburse COSON funds for reasons other than staff emolument, some payments were made from various accounts of COSON in May and June summarized as follows; Bernice Eriemeghe ₦22,800,000.00, TOPs  985,000.00, Amalia Agatha 200,000.00, Adatia Resources Ltd 52,000.00, Alliance Law  10,000,000.00, Jus Partners 4,500,000.00, Creative Legal 1,470,000.00, Imuse Anthony 1,077,000.00, Preaby Nig Ltd 1,000,000.00, Total = 42,186,000.00.

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“This further buttresses the fact that a detailed forensic audit needs to be carried out on the COSON accounts. Why would payments of over ₦20 million be made to the society’s Finance and Admin Manager? What services did TOPs entertainment render for it to be paid nearly ₦1.0 million? The other payments are also not related to staff emoluments.”

“The process to rescue COSON and turn it into a society that belongs to ALL is on –going, and will be achieved by the grace of God. Meanwhile Mr. Pretty Okafor the PMAN president, ivory music publishing ltd and premier music ltd, got a court order and froze all COSON’S bank accounts that was why COSON could not distribute royalties this December. Until Tony Okoroji summit himself to forensic audit to determine why all these money’s were spent without the board’s approval while COSON was still suspended.”

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However, recall that the board recently declared that the Emergency General Meeting which was slated to hold on December 18 was illegal, insisting that Tony Okoroji remains sacked.