AP shareholders petition SEC, seek postponement of meeting

Thursday, 21 October 2010 By Moses Ebosele

SHAREHOLDERS of African Petroleum Plc have petitioned the Securities and Exchange Commission (SEC), seeking a postponement of the company’s yearly general meeting scheduled to hold in Abuja, on the October 29.

Under the aegis of Proactive Shareholders Association of Nigeria, the shareholders in the petition made available to journalists yesterday, said the general meeting should be put on hold until the ongoing investigation by SEC is concluded.
SEC recently commenced full-scale investigation into the allegation and counter allegation of fraud within the company.

The petition, addressed to SEC by the Legal Practitioners representing the shareholders, Okeke & Co. and made available yesterday said: “You are aware that several allegations have been leveled against the Chairman of AP Plc, Mr. Olufemi Otedola, bordering on financial misconduct, by the erstwhile Executive Director (Finance and Information Technology) of the company, Mr. Avimoh Clement.”

Explaining further, the lawyer said: “This allegation, particularly in view of the scope of financial misconduct involved, has generated a lot of public interest and attention.   
“It is gladdening that SEC is investigating the various allegations made against the Chairman, and it goes without saying that the result of the investigations by SEC is of critical interest to our client.

“It is therefore shocking that while the allegations bordering on financial misconduct is being investigated by SEC, the company has scheduled an AGM for October 29, 2010 in Abuja.”

The shareholders noted that it was not proper for the company to hold such a meeting especially when results of the investigation have not been made public.

The petition, signed by Mr. Nnodu Okeke, added that the shareholders would have no choice but to go to court if SEC failed to stop the meeting as requested, adding that, “we hope this would be avoided.”

Contacted yesterday, SEC’s head of media, Mr Lanre Oloyi, said he would investigate to confirm if the petition was with SEC or not, before reacting to the turn of event.



Source: Guardian


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