G. Cappa’s Acting GM In EFCC’s Net

The Acting General Manager of G. Cappa Plc, Emmanuel Ofolue is in the net of Economic and Financial Crimes Commission (EFCC).

He was arrested on Wednesday 8, August, 2012 in his office at 8,Tailor Road, Iddo Lagos, Southwest, Nigeria by operatives of EFCC for financial mismanagement.

According to sources within the company, the 73-year old Acting General Manager was arrested around around 10 am few hours he came into office.

“Ofolue would had been arrested since last week but he resisted arrest by hiding inside the toilet. EFCC instead arrested  his driver, Kamoru Adedeji and the company’s secretary, Jude Iloba.

His driver was later released on the same day, while the company secretary was released last week Thursday.

According to information available, Ofolue was accused of assuming the position of the Managing Director without any lawful or valid resolution of the board of directors, for engaging in the sale of properties of the company without lawful resolution from board of directors, for using the company’s money to acquire shares for himself, for buying four exotic cars for himself when the company is owing staff salary for the past 18 months.

Ofolue’s trouble began when Redundant Staff and Retirees Association of G. Cappa wrote letters to Securities and Exchange Commission (SEC) in Abuja titled ‘Intervention to save our souls from callous Directors’, and also sent a letter to EFCC on the alleged financial misappropriation and corporate governance failure of G Cappa Plc to carry out an investigation.

Since Ofolue assumed office, according to the source, he has not covened an annual general meeting (AGM).

“Mr Mathys was the acting Managing Director of the company between 2005 – 2009. Sometime in 2007 a resolution was passed by the board of directors to the fact that Mr Pier shall take charge of the affairs of the company in the absence of Mr Mathys and up till now, that resolution has not been changed,” he said.

Continuing, the source said, “in 2009, Mr Mathys took ill and travelled to Switzerland and the board’s resolution in 2007 was for Mr Pier to take over as the acting MD but Ofolue took over the position without  any board resolution and described it as ‘Divine Intervention,’” he said.

Ofolue while acknowledging a letter from SEC Abuja, denied knowing any Redudancy Staff Association of Senior Staff Retirees Association and denied all the allegations levellled against him. At press time, the arrested acting GM was still with the EFCC.

—Daniels Ekugo