Keep Us Strong WikiLeaks logo

Currently released so far... 97115 / 251,287

Articles

Browse latest releases

Browse by creation date

Browse by origin

A B C D F G H I J K L M N O P Q R S T U V W Y Z

Browse by tag

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
ETRD EAGR ETTC EAID ECON EFIN ECIN EINV ELAB EAIR ENRG EPET EWWT ECPS EIND EMIN ELTN EC ETMIN EUC EZ ET ELECTIONS ENVR EU EUN EG EINT ER ECONOMICS ES EMS ENIV EEB EN ECE ECOSOC EK ENVIRONMENT EFIS EI EWT ENGRD ECPSN EXIM EIAD ERIN ECPC EDEV ENGY ECTRD EPA ESTH ECCT EINVECON ENGR ERTD EUR EAP EWWC ELTD EL EXIMOPIC EXTERNAL ETRDEC ESCAP ECO EGAD ELNT ECONOMIC ENV ETRN EIAR EUMEM ENRGPARMOTRASENVKGHGPGOVECONTSPLEAID EREL ECOM ECONETRDEAGRJA ETCC ETRG ECONOMY EMED ETR ENERG EITC EFINOECD EURM EENG ERA EXPORT ENRD ECONEINVETRDEFINELABETRDKTDBPGOVOPIC EGEN EBRD EVIN ETRAD ECOWAS EFTA ECONETRDBESPAR EGOVSY EPIN EID ECONENRG EDRC ESENV ETT EB ENER ELTNSNAR ECHEVARRIA ETRC EPIT EDUC ESA EFI ENRGY ESCI EE EAIDXMXAXBXFFR EETC ECIP EIAID EIVN EBEXP ESTN EING EGOV ETRA EPETEIND ELAN ETRDGK EAIDRW ETRDEINVECINPGOVCS EPEC ENVI ELN EAG EPCS EPRT EPTED ETRB EUM EAIDS EFIC EFINECONEAIDUNGAGM EAIDAR ESF EIDN ELAM EDU EV EAIDAF ECN EDA EXBS EINTECPS ENRGTRGYETRDBEXPBTIOSZ EPREL EAC EINVEFIN ETA EAGER EINDIR ECA ECLAC ELAP EITI EUCOM ECONEFINETRDPGOVEAGRPTERKTFNKCRMEAID EARG ELDIN EINVKSCA ENNP EFINECONCS EFINTS ECCP ETC EAIRASECCASCID EINN ETRP EAIDNI EFQ ECOQKPKO EGPHUM EBUD ECONEINVEFINPGOVIZ ENERGY ELB EINDETRD EMI ECONEFIN EIB EURN ETRDEINVTINTCS EIN EFIM ETIO ELAINE EMN EATO EWTR EIPR EINVETC ETTD ETDR EIQ ECONCS EPPD ENRGIZ EISL ESPINOSA ELEC EAIG ESLCO EUREM ENTG ERD EINVECONSENVCSJA EEPET EUNCH ECINECONCS ETRO ETRDECONWTOCS ECUN EFND EPECO EAIRECONRP ERGR ETRDPGOV ECPN ENRGMO EPWR EET EAIS EAGRE EDUARDO EAGRRP EAIDPHUMPRELUG EICN ECONQH EVN EGHG ELBR EINF EAIDHO EENV ETEX ERNG ED
KMDR KPAO KPKO KJUS KCRM KGHG KFRD KWMN KDEM KTFN KHIV KGIC KIDE KSCA KNNP KHUM KIPR KSUM KISL KIRF KCOR KRCM KPAL KWBG KN KS KOMC KSEP KFLU KPWR KTIA KSEO KMPI KHLS KICC KSTH KMCA KVPR KPRM KE KU KZ KFLO KSAF KTIP KTEX KBCT KOCI KOLY KOR KAWC KACT KUNR KTDB KSTC KLIG KSKN KNN KCFE KCIP KGHA KHDP KPOW KUNC KDRL KV KPREL KCRS KPOL KRVC KRIM KGIT KWIR KT KIRC KOMO KRFD KUWAIT KG KFIN KSCI KTFIN KFTN KGOV KPRV KSAC KGIV KCRIM KPIR KSOC KBIO KW KGLB KMWN KPO KFSC KSEAO KSTCPL KSI KPRP KREC KFPC KUNH KCSA KMRS KNDP KR KICCPUR KPPAO KCSY KTBT KCIS KNEP KFRDCVISCMGTCASCKOCIASECPHUMSMIGEG KNNB KGCC KINR KPOP KMFO KENV KNAR KVIR KDRG KDMR KFCE KNAO KDEN KGCN KICA KIMMITT KMCC KLFU KMSG KSEC KUM KCUL KMNP KSMT KCOM KOMCSG KSPR KPMI KRAD KIND KCRP KAUST KWAWC KTER KCHG KRDP KPAS KITA KTSC KPAOPREL KWGB KIRP KJUST KMIG KLAB KTFR KSEI KSTT KAPO KSTS KLSO KWNN KPOA KHSA KNPP KPAONZ KBTS KWWW KY KJRE KPAOKMDRKE KCRCM KSCS KWMNCI KESO KWUN KPLS KIIP KEDEM KPAOY KRIF KGICKS KREF KTRD KFRDSOCIRO KTAO KJU KWMNPHUMPRELKPAOZW KEN KO KNEI KEMR KKIV KEAI KWAC KRCIM KWCI KFIU KWIC KCORR KOMS KNNO KPAI KBWG KTTB KTBD KTIALG KILS KFEM KTDM KESS KNUC KPA KOMCCO KCEM KRCS KWBGSY KNPPIS KNNPMNUC KWN KERG KLTN KALM KCCP KSUMPHUM KREL KGH KLIP KTLA KAWK KWMM KVRP KVRC KAID KSLG KDEMK KX KIF KNPR KCFC KFTFN KTFM KPDD KCERS KMOC KDEMAF KMEPI KEMS KDRM KEPREL KBTR KEDU KNP KIRL KNNR KMPT KISLPINR KTPN KA KJUSTH KPIN KDEV KTDD KAKA KFRP KWNM KTSD KINL KJUSKUNR KWWMN KECF KWBC KPRO KVBL KOM KFRDKIRFCVISCMGTKOCIASECPHUMSMIGEG KEDM KFLD KLPM KRGY KNNF KICR KIFR KM KWMNCS KAWS KLAP KPAK KDDG KCGC KID KNSD KMPF KPFO KDP KCMR KRMS KNPT KNNNP KTIAPARM KDTB KNUP KPGOV KNAP KNNC KUK KSRE KREISLER KIVP KQ KTIAEUN KPALAOIS KRM KISLAO KWM KFLOA
PHUM PINR PTER PGOV PREL PREF PL PM PHSA PE PARM PINS PK PUNE PO PALESTINIAN PU PBTS PROP PTBS POL POLI PA PGOVZI POLMIL POLITICAL PARTIES POLM PD POLITICS POLICY PAS PMIL PINT PNAT PV PKO PPOL PERSONS PING PBIO PH PETR PARMS PRES PCON PETERS PRELBR PT PLAB PP PAK PDEM PKPA PSOCI PF PLO PTERM PJUS PSOE PELOSI PROPERTY PGOVPREL PARP PRL PNIR PHUMKPAL PG PREZ PGIC PBOV PAO PKK PROV PHSAK PHUMPREL PROTECTION PGOVBL PSI PRELPK PGOVENRG PUM PRELKPKO PATTY PSOC PRIVATIZATION PRELSP PGOVEAIDUKNOSWGMHUCANLLHFRSPITNZ PMIG PREC PAIGH PROG PSHA PARK PETER POG PHUS PPREL PS PTERPREL PRELPGOV POV PKPO PGOVECON POUS PGOVPRELPHUMPREFSMIGELABEAIDKCRMKWMN PWBG PMAR PREM PAR PNR PRELPGOVEAIDECONEINVBEXPSCULOIIPBTIO PARMIR PGOVGM PHUH PARTM PN PRE PTE PY POLUN PPEL PDOV PGOVSOCI PIRF PGOVPM PBST PRELEVU PGOR PBTSRU PRM PRELKPAOIZ PGVO PERL PGOC PAGR PMIN PHUMR PVIP PPD PGV PRAM PINL PKPAL PTERE PGOF PINO PHAS PODC PRHUM PHUMA PREO PPA PEPFAR PGO PRGOV PAC PRESL PORG PKFK PEPR PRELP PREFA PNG PGOVPHUMKPAO PRELECON PINOCHET PFOR PGOVLO PHUMBA PRELC PREK PHUME PHJM POLINT PGOVPZ PGOVKCRM PGOVE PHALANAGE PARTY PECON PEACE PROCESS PLN PRELSW PAHO PEDRO PRELA PASS PPAO PGPV PNUM PCUL PGGV PSA PGOVSMIGKCRMKWMNPHUMCVISKFRDCA PGIV PRFE POGOV PEL PBT PAMQ PINF PSEPC POSTS PHUMPGOV PVOV PHSAPREL PROLIFERATION PENA PRELTBIOBA PIN PRELL PGOVPTER PHAM PHYTRP PTEL PTERPGOV PHARM PROTESTS PRELAF PKBL PRELKPAO PKNP PARMP PHUML PFOV PERM PUOS PRELGOV PHUMPTER PARAGRAPH PERURENA PBTSEWWT PCI PETROL PINSO PINSCE PQL PEREZ PBS

Browse by classification

Community resources

courage is contagious

Viewing cable 07LAGOS10, CADBURY: NIGERIA'S ENRON?

If you are new to these pages, please read an introduction on the structure of a cable as well as how to discuss them with others. See also the FAQs

Understanding cables
Every cable message consists of three parts:
  • The top box shows each cables unique reference number, when and by whom it originally was sent, and what its initial classification was.
  • The middle box contains the header information that is associated with the cable. It includes information about the receiver(s) as well as a general subject.
  • The bottom box presents the body of the cable. The opening can contain a more specific subject, references to other cables (browse by origin to find them) or additional comment. This is followed by the main contents of the cable: a summary, a collection of specific topics and a comment section.
To understand the justification used for the classification of each cable, please use this WikiSource article as reference.

Discussing cables
If you find meaningful or important information in a cable, please link directly to its unique reference number. Linking to a specific paragraph in the body of a cable is also possible by copying the appropriate link (to be found at theparagraph symbol). Please mark messages for social networking services like Twitter with the hash tags #cablegate and a hash containing the reference ID e.g. #07LAGOS10.
Reference ID Created Released Classification Origin
07LAGOS10 2007-01-08 15:27 2011-08-25 00:00 UNCLASSIFIED Consulate Lagos
VZCZCXRO2069
RR RUEHMA RUEHPA
DE RUEHOS #0010/01 0081527
ZNR UUUUU ZZH
R 081527Z JAN 07
FM AMCONSUL LAGOS
TO RUEHC/SECSTATE WASHDC 8337
INFO RUEHZK/ECOWAS COLLECTIVE
RUEHUJA/AMEMBASSY ABUJA 8174
RUEHWR/AMEMBASSY WARSAW 0062
RUEHCD/AMCONSUL CIUDAD JUAREZ 0036
RUEHIT/AMCONSUL ISTANBUL 0043
RUEATRS/DEPT OF TREASURY WASHDC
RUCPDOC/DEPT OF COMMERCE WASHDC
UNCLAS SECTION 01 OF 02 LAGOS 000010 
 
SIPDIS 
 
SIPDIS 
 
DEPT PASS TO EX-IM KVRANICH AND BUBAMADU 
TREASURY FOR ASEVERENS AND SRENENDER 
USDOC FOR 3317/ITA/OA/KBURRESS 
PASS OPIC FOR ZHAN AND MSTUCKART 
PASS TDA FOR NCABOT 
PASS USTR FOR ASST USTR FLISER 
 
E.O. 12958: N/A 
TAGS: ECON EINV EFIN PGOV NI
SUBJECT: CADBURY: NIGERIA'S ENRON? 
 
 
LAGOS 00000010  001.2 OF 002 
 
 
1. (U) Summary: Since 2003, Cadbury Nigeria, Plc. had 
overstated its financial position by naira 13bn to naira 
15bn. This information came to light following the company's 
discovery of accounting irregularities in November. After a 
special audit conducted by PricewaterhouseCoopers (PWC), the 
company fired its Chief Executive Officer and Finance 
Director. Cadbury's handling of this mismanagement is a show 
of corporate responsibility and could signal a growing 
awareness of Nigerian firms of good corporate practice. End 
summary. 
 
2. (U) Since 2003, Cadbury Nigeria, Plc., the local 
subsidiary of Cadbury Schweppes, had overstated its financial 
position by naira 13bn to naira 15bn. During that period, 
Deloitte and Touche was doing the company's regular annual 
audits. This massive discrepancy came to light during the 
scheduled transition from then-Chief Executive Officer (CEO) 
Bunmi Oni to an incoming CEO. Both Oni and Finance Director 
Ayo Akadiri were set to retire in November. Heretofore, Oni 
personally and Cadbury Nigeria had acquired not only a 
reputation of profitability but of corporate integrity and 
probity. In September 2006, Oni was named the most respected 
CEO in a poll of Nigerian business leaders conducted by 
Business Day newspaper. These revelations sent shocks through 
the business community as Oni, a leading figure in Nigeria's 
business community, had been discredited. 
 
3. (U) Cadbury's Board of Directors promptly contracted 
accounting firm Pricewaterhousecoopers (PWC) to conduct an 
audit. In response to PWC's findings, Cadbury's Board of 
Directors relieved Oni and Akadiri of duty. Cadbury Chairman 
Imo Itsueli released a statement declaring the company would 
report an underlying loss for 2006 of between naira 1bn and 
naira 2bn. The company reported no evidence of theft from its 
coffers. 
 
4. (SBU) When asked why Cadbury's external auditor, Deloitte 
and Touche, had not caught the irregularities for the past 
three years, a Deloitte representative held that the firm 
could only audit those records to which it had access. The 
records the firm reviewed showed no signs of wrongdoing, he 
asserted. 
 
5. (U) A representative of the Institute of Chartered 
Accountants of Nigeria (ICAN) said a letter had been sent to 
Akadiri requesting the accountant's presence before the ICAN 
Board. Akadiri will respond to an inquiry and may face 
sanctions by the trade organization. ICAN has taken similar 
measures in the past. The organization has yet to determine 
whether it will conduct an inquiry of Deloitte and Touche. 
 
6. (SBU) Meanwhile a few observers in the corporate world are 
claiming that Oni is being scapegoated. They maintain that 
there has been a corporate tug-of-war for control of Cadbury 
Nigeria, with Oni allied with one faction of investors and 
the incoming CEO more closely associated with the other. 
These observers contend that Oni has been a casualty in a 
power-play by the opposing investors who have stirred up 
these allegations to help them wrest control of the company. 
(Comment: While there has been disharmony among the Board of 
Directors, that disharmony does not account for the damaging 
PWC special audit.  The weight of evidence suggests something 
went awry at Cadbury.  End comment) 
 
------- 
Comment 
------- 
 
7. (SBU) The timely way in which Cadbury's Board dealt with 
its discovery of accounting malpractice is an encouraging 
demonstration of corporate responsibility in Nigeria. That 
the company acted swiftly upon the discovery of discrepancies 
and hired an independent auditor to determine the extent of 
the misdeeds could become a standard for other companies to 
follow. Unfortunately, there will be some in the corporate 
world who also see this as the discovery of a new sword with 
which to smite internal competition. Yet, weighing all of 
this in the balance, we view this as a positive indication of 
greater corporate governance. End comment. 
 
LAGOS 00000010  002.2 OF 002 
 
 
 
BROWNE