EFCC grills ex-directors of Ogundoyin estate over alleged N2b mismanagement
Former directors of the business empire of the late business mogul, Adeseun Ogundoyin are facing probe by the Economic and Financial Crimes Commission over allegation of mismanagement.
The directors, three of whom have faced operatives of the commission in its Lagos office according to reliable sources, are being asked to explain how the fortune of the vast business empire dimmed for the 17 years within which they managed the company.
Ogundoyin, whose business empire was valued at about N2 billion by the Chief Executive Officer (CEO), Chief Moses Fagbohun, in 1991, hailed from Eruwa, Oyo State.
The philanthropist built several business organizations which now operate under the group name: Crown Trust Limited. Fagbohun succeeded Ogundoyin as the CEO when the latter died in 1991.
The invitation and grilling by the EFCC, followed a petition received by the commission over mismanagement of the company.
The directors disengaged their services when the EFCC started investigating the case in 2009.
Among the companies that are under the conglomerates are Messrs Metalwood Engineering Limited, a dam and civil engineering construction company which later transformed to Niko Engineering Limited in 1973; Femo West Africa Limited which specializes in production of army tarpaulin tents, camouflage and paint with other companies in Ibadan and the United Kingdom.
Former directors of the business empire of the late business mogul, Adeseun Ogundoyin are facing probe by the Economic and Financial Crimes Commission over allegation of mismanagement.
The directors, three of whom have faced operatives of the commission in its Lagos office according to reliable sources, are being asked to explain how the fortune of the vast business empire dimmed for the 17 years within which they managed the company.
Ogundoyin, whose business empire was valued at about N2 billion by the Chief Executive Officer (CEO), Chief Moses Fagbohun, in 1991, hailed from Eruwa, Oyo State.
The philanthropist built several business organizations which now operate under the group name: Crown Trust Limited. Fagbohun succeeded Ogundoyin as the CEO when the latter died in 1991.
The invitation and grilling by the EFCC, followed a petition received by the commission over mismanagement of the company.
The directors disengaged their services when the EFCC started investigating the case in 2009.
Among the companies that are under the conglomerates are Messrs Metalwood Engineering Limited, a dam and civil engineering construction company which later transformed to Niko Engineering Limited in 1973; Femo West Africa Limited which specializes in production of army tarpaulin tents, camouflage and paint with other companies in Ibadan and the United Kingdom.
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