Firm Petitions EFCC over Allegations of Share Manipulation against Management

Kingsley Nwezeh

The Board of Directors of  Dreamworld  Leisures Limited  has called on  the Economic and Financial Crimes Commission (EFCC) to investigate a petition sent to it  by the board over allegations of mismanagement and share manipulation against the management team of the company.

The board had written a petition against the management team of the organisation in 2019, accusing it of financial misappropriation and share manipulation.

A statement issued by the Chairman of the board, Mr. Wale Mesioye, expressed concerns that the anti-graft agency did not act on the petition submitted to it by the board but chose to expedite action on the petition sent by the management team in 2021.

It said the petition detailed weighty infractions against the management including alleged share manipulation, money laundering, sale of company assets without the  knowledge of  the board, among others.

The board said it had, in the petition to EFCC, intimated it of the alleged infractions of the managing director including forgery of several board resolutions,unapproved sales of landed property of the company, diversion and embezzlement of the proceeds from the previous sales of land belonging to the company.

Others include suspected money laundering, diversion of company’s funds to accounts of companies owned by the MD and his wife.

Others include alleged conflicts of interest by granting contracts to companies belonging to the MD and his wife.

“Concessioning of the company’s land assets to a third party company  in which the managing director owned majority shares without any full disclosure to the board.

“Unilaterally approving expenditures and projects without recourse to the board.

Frustration of efforts of the board to conduct thorough forensic audits of his stewardship.

Manipulation of shareholding of the company aimed at take-over of the company by the MD and family to the detriment of other directors”, it said.

The statement said the EFCC failed to act on the earlier petition submitted to it by the board  but instead quickly worked on the petition by the management.

“The board consequently wrote a petition to EFCC, highlighting all the aforementioned infractions but unfortunately, the petition did not receive any diligent investigation and prosecution.

“Surprisingly, the MD submitted a petition to EFCC in 2021 and such was given accelerated and diligent investigation”, it said.

The board, therefore, called on the EFCC to revisit the petition.

“We the members of the board of Dreamworld humbly make the following demands:

“We call on EFCC to revisit the first petition by the board of the company, Dreamworld.

“We call on EFCC to abide by the extant laws, rules and regulations governing such investigations.

“We call on EFCC to discreetly investigate all sides to the matter and for all parties, including EFCC to desist from media trial of the board of directors, as such acts impede on board members reputation even when they are innocent”, he said.

In a separate statement, former Military Administrator of  Bayelsa State, Lt Col Paul Obi (rtd) and a member of the board, restated the position of the board, noting that contrary to reports investors in the hospitality outfit virtually lost their investments to mismanagement of the resources of the organisation by the MD.

When contacted on the status of the petition, Spokesman of the EFCC, Mr Wilson Ewujaren, was non-committal.

“My office does not handle petitions and there are many petitions we are working on. I would not know the status of the petition,” he said.

Related Articles