Femi Otedola In Multi Billion Naira Scam…, May Be Arrested By EFCC If….

Posted by alleyesonafrica International Magazine on July 24, 2010 · Leave a Comment

Femi Otedola

Femi Otedola In Multi Billion Naira Scam…, May Be Arrested By EFCC If….

The Securities and  Exchange Commission (SEC) and the Nigerian Stock  Exchange (NSE) yesterday said they are investigating the  allegations of  fraudulent practices the Executive Director, Finance and Information Technology, Mr. Clement Aviomoh, African Petroleum Plc (AP) made against the Chairman of the company, Mr. Femi Otedola.
Aviomoh recently wrote a six-page petition to Inspector-General of Police (IGP), the Director-General of Securities and Exchange Commission (SEC) and the President of the Nigerian Stock Exchange (NSE), alleging that  AP has lost about N50 billion to the sharp practices of  Otedola.
The Head, Media of the apex regulator of the capital market (SEC), Mr. Lanre Oloyi and his counterpart at NSE, Mr. Soli Oni yesterday confirmed receipt of the petition, saying both organizations are looking into it.

“The Commission has received the petition and  we  are looking into it”, Oloyi said.
On his part, Oni said “On AP, we are aware. We are investigating the matter. As soon as we conclude our investigation, we share make our position known to the public.”

Speaking on earlier  the development in at a press briefing in Lagos yesterday, Aviomoh  insisted that he has facts and data which show that Otedola has been milking AP for  his private gains for the past two years.
“I wrote several memos and petitions about this as the Finance Director of AP to all the directors of AP, the DG of SEC, President of NSE and the police and we have not received response. My lawyer has also written a petition to EFCC on this issue. I am now compelled to come to the public and state the facts so that if anything should happen to me, everyone will know who is responsible and why,” he said.

According to him, AP made a loss of N15 billion in 2009 due to the fact Otedola’s companies started selling products to AP at higher prices than normal, at times higher than the retail pump price at gas station.

Aviomoh said, “In September 2009, I prepared a management account where the company made a  loss of N9.7 billion. The loss was not acceptable to the chairman who brought in others to produce an alternative account that showed a profit of N957 million.

They suggested that we warehouse N15 billion as unreconciled inventories and to seek board approval to amortise it over five years. This was not acceptable to me as Finance Director because the causes of loss making were known. Prior to this, I have suggested that the companies of the chairman refund the N15 billion owed or supply the produces as this the cause of the loss. As a result of this and many  other issues, the chairman was asked to step down as chief executive officer and he did.”

Aviomoh alleged that for daring to challenge chairman’s style of administration, Otedola forced the Managing Director of AP, Mr. Tunde Falasinnu, to resign his office and suspended the Company Secretary, Mrs. Elizabeth Idigbe and himself.

He added that the members of PENGASSAN and NUPENG are already asking for the immediate removal of Otedola as the AP Chairman and the return of the company’s MD.

9ja we hail thee

Incredible! But wait, is this not the same man that was crying foul sometime ago against Dangote. Now we know who the real crook is.