AP dismisses allegations against Otedola


11/08/2010 13:28:00  


African Petroleum Plc, yesterday debunked the allegations made by a suspended top official against its Chairman, Mr Femi Otedola.It said the allegations were spurious and unsubstantiated.


In a statement in Lagos, the company said it was aware of the campaign of falsehoods triggered by the petition Otedola sent to the Securities and Exchange Commission(SEC) on June 21, on the N24.5 billion which two shareholders were expected to pay to AP. The shareholders, AP said, brought the official to the company. The firm said it would be unfair to prejudge the matter as the Nigerian Stock Exchange (NSE) and SEC have begun investigation into the allegation.


It said: “In view of the circumstances, we are of the opinion that it is unfair to reach any conclusions on the matter or indeed try to anticipate the outcome of the investigation by carrying out a media campaign of calumny against AP Plc and its Chairman.


“We are fully aware that the official was suspended by the board of AP on July 5, due to serious allegations made against him in the course of carrying out his duties.”


The company said it was satisfied that the suspension was to ensure comprehensive preliminary investigation by the board on the allegations made against the official which border on ineptitude. According to the company, the official has forwarded a petition to SEC and also gone to court to contest his suspension. The matter, AP said, came up in court on August 4, and has been adjourned.


AP noted that the official has been involved in a smear campaign against the company and Otedola in different sections of the press, saying: “It appears that the official is carrying out a smear campaign against the company and its chairman as a diversionary tactic in order to unduly influence the investigations being carried out on his affairs by the board.


“We are aware that he is also one of those being investigated by the police in relation to the mysterious circumstances surrounding the attempt on the chairman’s life in an elevator at the AP Head Office.


Source:Business Hallmark



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