The board of directors of Okitipupa Oil Palm Plc has condemned what it called false information trending in some social media regarding the operations of the company and the company’s Managing Director, Taiwo Adewole
The board said there was no iota of truth in the information being “shared by one Olujimi Adekanle and a host of others” and that the information was aimed at maligning the company, misleading the public and the Ondo State government as well as provoking unnecessary to disrupt the smooth operations of the company.
Okitipupa oil
Adekanle alleged that Adewole allocated some hectares of palm plantation worth billions of naira to himself, which he leased to private oil millers.
But the board said such was not possible as the operations were subjected to a transparent process.
“Even though we do not intend to join issues with the writer, we like to state that we have confidence and take pride in the achievements of the company under the present board with Adewole leading the executive management team.
“We wish to state without any iota of doubt that the financial and operational performance of the company has always been subjected to proper and responsible scrutiny since the inception of the current board composed of eminent Nigerians from the investing public, state government, traditional institutions and the host communities,” a statement by the board said.
It claimed that the company “uses manuals developed by a globally-renowned consultancy firm to guide its processes and operations” as well as safeguard the assets of the company such that it was practically impossible for its resources to be disbursed by any individual or group of persons outside the processes set out by the board.
“The company has also developed a robust internal control framework to ensure due processes are followed in line with the internal control over financial reporting principles and guidelines in compliance with the regulations in the Code of Corporate Governance and directives of the Financial Reporting Council of Nigeria (FRC),” the statement signed by the Chairman of the Board of Directors, Akinboye Oyewumi, said.
