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Board Calls For Forensic Audit Of COSON’s Accounts

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The board of the Copyright Society of Nigeria (COSON), has called for a forensic audit of the society’s accounts.

The board of directors consisting of Efe Omorogbe, Sikiru Agboola, Obi Asika, Dare Fasasi, Joel Ajayi and Audu Maikori unanimously took the position following dissatisfaction with how the management of the royalty collecting society has been spending its funds.

A statement signed by the entire board members made available to www.theoctopusnews.com, stated that a forensic audit was necessary following suspicion of massive foul play in the disbursement of funds so far despite the fact that Okoroji remained sacked.

The statement reads; “the attention of stakeholders in the music industry is hereby drawn to the following. Documents were filed at the Federal High Court in Lagos on Friday December 14, 2018 which indicate that in defiance to the suspension of the COSON licence and the directive to COSON from The Nigerian Copyright Commission (NCC), not to disburse COSON funds for reasons other than staff emolument, some payments were made from various accounts of COSON in May and June summarised as follows; Bernice Eriemeghe ₦22,800,000.00, TOPs 985,000.00, Amalia Agatha 200,000.00, Adatia Resources Ltd 52,000.00, Alliance Law10,000,000.00, Jus Partners 4,500,000.00, Creative Legal 1,470,000.00, Imuse Anthony 1,077,000.00, Preaby Nig Ltd 1,000,000.00, Total = 42,186,000.00.”

Further it stated: “this further buttresses the fact that a detailed forensic audit needs to be carried out on the COSON accounts. Why would payments of over ₦20 million be made to the society’s Finance and Admin Manager? What services did TOPs entertainment render for it to be paid nearly ₦1.0 million? The other payments are also not related to staff emoluments.”

Concluding, it said that it is in the process of rescuing COSON and turning it into a society that belongs to all.

Recall that Pretty Okafor, the PMAN president; Ivory Music Publishing Limited and Premier Music Limited had gotten a court order to freeze all COSON’S bank accounts, hence the society could not disburse royalties for the month of December.

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