SEC Saves Big Treat From Big Trouble


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.

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