London, Nov 16 - Britain's Cadbury Schweppes said on Thursday that its 50.02 percent-owned subsidiary in Nigeria had appointed independent accountants to investigate an overstatement of its financial position.
The sweets and soft drinks maker said the overstatement related to Cadbury Nigeria's current and prior financial years.
"At this stage, it is too early to quantify the exact extent of the overstatement," Cadbury said in a statement. "We do not believe it is significant to the group's overall financial performance going forward."
In 2005, Cadbury Nigeria was reported as an associate in Cadbury Schweppes' accounts and contributed a net profit of 6 million pounds ($11 million). The value of Cadbury Nigeria on Cadbury's balance sheet as at June 30 was 70 million pounds.