7th December, 2010
For regular customers of Big Treat, one of Nigeria’s fast food companies, nothing seems to have changed about their favourite eatery. The food still tastes the same while the interior of every outlet looks as inviting as ever.
Just like Nigerian banks before the intervention of the Central Bank of Nigeria Governor, Sanusi Lamido Sanusi, the rot and impending collapse of Big Treat was beyond the knowledge of its dear customers.
In a bid to save the limited liability company, from total collapse that was unknown to investors and customers, the Securities and Exchange Commission (SEC), has taken over control of the company.
In addition to the take over of the company, a Federal High Court has also  restrained its directors and their agents from withdrawing money from its accounts in any bank, while the Inspector General of Police has been directed to provide adequate protection for the assets of the company nationwide.
The order of the court was sequel to a suit filed on behalf of Securities and  Exchange Commission by a Lagos lawyer, Barrister Uche Obi, against Big Treat Plc and  three of its directors, Pamela Wu, Harries Wu, Steve Wu and three of their  companies, Skyone, New Frontier Engineering and Construction Company and Skyone Group of Companies.
In an affidavit sworn to by a Senior Manager of Securities and Exchange Commission, Mr. John Onoja, it was alleged that sequel to the analysis of the 2008 audit account of Big Treat and whistle blowing of concerned individuals, an inspection of the  company was approved.
The panel, in its findings, allegedly discovered wrongful and fraudulent transfer of  the company’s money to some companies owned and run by the Pamela Wu, Steve Wu and  Haries Wu, using Steve as single signatory mandated to transfer funds from the  account of Big Treat to Newfrontiers Engineering Company, while diversion of Big  Treat’s proceeds of sales, withdrawals of funds by Pamela and Steve, forgery of vouchers to facilitate payment of funds to Skyone Group of Companies and others and unilateral corporate decisions by Pamela Wu, were discovered.
The panel also discovered abuse of internal control system, reckless sacking of personnel, false and unapproved board of directors, composition and fraudulent manipulation of board and breakdown of corporate governance.
Consequently, the plaintiff urged the court to grant an order restraining the defendants, foreign nationals from Asia who could flee the country with the company’s money thereby occasioning huge losses to the company and its innocent investors which include pensioners.
After hearing the submission of Barrister Uche Obi, the presiding judge, Justice Mohammed Idris, granted an injunction restraining the defendants from withdrawing from the account of the company.