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COSON vs COSON: Peace may reign as KPMG has stepped in
By Our ReporterDec 24, 2019, 10:22 am
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COSON
The auditing is one of the conditions Newdawnngr gathered is one of the conditions handed down to COSON by NCC, if its operating licence suspended last year by NCC will be lifted. The licence was suspended under the the former director general, Afam Ezekude, following a petition by some members of the Society led by Mr. Efe Omorogbe, that called for forensic probe of COSON’s books.
ncc
The crisis rocking the society and, which has led to the unilateral freezing of COSON’s accounts by some banks, without any known court order, started December 2017 when some aggrieved members attempted to impeach Chief Tony Okoroji as the pioneer chairman of COSON on allegation of financial impropriety among other sundry allegations and subsequently called for a forensic probe to prove them right or wrong.
In its initial reaction to the crisis, NCC, the copyright regulator in Nigeria, suspended the licence of COSON even before the probe. And what followed was an avalanche of court cases against NCC, Omorogbe by COSON.
The crisis has also led to the disputation of the published ‘audited’ account of COSON by Premier Music and Ivory Music, the two biggest owners of foreign and local repertoire in Nigeria.
In announcing to the world of the invitation of KPMG in a statement issued and signed by its Director, Public Affairs, Mr. Vicent Oyefeso, NCC among others things said, “… in a related development, the Commission has commissioned KPMG to conduct an audit of the accounts of the Copyright Society of Nigeria (Ltd/Gte) (COSON).”
The audit, according to the Governing Board of the Commission, is a precondition for the renewal of COSON’s operating licence. COSON had applied to the Commission for a renewal of its licence, which lapsed in May, 2018.
“It is hoped that the steps being taken by the Commission would, among other things, guarantee transparency and restore the confidence of concerned stakeholders in Nigeria’s collective management system,” remarked the Director-General.
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