I didnt know which section to post this so I put it in the general section.

Here is some interesting piece of info on how Otedola has Milking African Petroleum in favour of his company (Zenon).

I didnt take this serious until I heard from an inside source how much Otedola has been trying to cover this up from the general public.

Source

Well i dont think their is anything bad in it, Just tell me what you think is bad their if is

For starters

Another Extract

Good Morning Ladies and gentlemen of the Press.

I have facts and data that show without any doubt that Mr Femi Otedola has been
Milking African Petroleum 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 AP, the DG of the Securities and Exchange Commission, The President of
the Stock Exchange and the Police and we have received no response. My lawyer
has also written a petition to the 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. I am not a wealthy man with
friends in high places, but I am a professional accountant and I refuse to be a
part of falsehood. I am currently being persecuted because I refused to cook the
books as requested by Femi Otedola, I also refused to allow Mr Otedola to
continue to siphon money out of AP for the benefit of himself and his other
companies. AP is quoted on the Nigerian Stock Exchange and the shareholders
need to know what s going on!

Now, please let me fill you in with the facts.
Please bear with me that I may not be eloquent, but the facts speak for
themselves.
[b]In 2009, African Petroleum plc made a loss of about N15 Billion, this was due
to the fact that the Chairman’s companies (Zenon Petroleum and Gas Company
Limited, Platinum Fleet Limited and Fineshade Energy limited) started selling
products to African Petroleum Plc at Higher prices than normal, at times higher
than the retail pump price at gas station.[/b]In September 2009, the Finance Director 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 also suggested that we warehouse N15Billion as un-reconciled
inventories and to seek board approval to amortized it over five years. This was
not acceptable to me as Finance Director because the causes of loss making were
known.

Prior to this time, I have requested that the companies of the Executive
Chairman refund the N15B owed or supply the products as this was the cause of
the loss.
The Executive Chairman ensured that his companies supplied products to African
Petroleum Plc without contract or agreed prices.

As a result of this and many other issues, the chairman was asked to step down
as chief executive officer and he did.

The reasons for the losses recorded in 2009 are:

1. The executive Chairman forced African Petroleum Plc to take products
from his companies at prices higher than the normal.

2. The Executive Chairman forced the company to pay for products in
advance. The amount outstanding as at 31st December 2009 was N10B

3. The loss on Petroleum Products Price Regulatory Authority (PPPRA)
rebate on imported products is N32 Billion because the purchase was from the
Chairman instead of direct import that would have been more profitable.

4. The loss due to Chairman’s companies over loaded invoices is
approximately N4 Billion.

5. African Petroleum paid rent of N1B for the use of the Zenon house in
Victoria Island

6. Mixing up Zenon transactions with Africa petroleum PLC
a. The Chairman forced the company to use his Tank Farms for storage of
African Petroleum’s products

b. As at 31st December 2009 the differences on premium motor spirit( PMS)
was 28, 347,742 litres valued at 1.9billion
The Union in AP i.e. NUPENG and PENGASSAN have also demanded the removal of the
chairman and the black listing of his companies as suppliers to AP :
As the Executive Director, Finance and IT of African Petroleum, I have queried
various transactions and this has led to so many suspensions and various
allegations without the right response from the authority concerned at this time
we are trying to ensure that our values are restored, considering the fight
against corruption.

I have made presentations to the board of African Petroleum PLC on these abuses;

I have written memos to the Managing Directors and copied all directorsof AP on
these abuses.

On the 5th of July 2010, there was a scheduled board meeting of AP Plc; the
chairman stormed the venue with 150 armed mobile police men. He entered the lift
with too many security operatives thereby overloading the lift. Thereafter the
lift got stuck and we got a report from CFAO and the maintenance engineer that
clearly stated that there was no foul play. Instead of following the
instructions of the rescuers, Mr Otedola was busy banging his head on the lift
door and pressing various buttons (we were told). He came out from the lift and
he ordered the Managing Director, Mr. Tunde Falasinnu, the finance director, Mr.
Clement Aviomoh and the company secretary Mrs. Elizabeth Idigwe out of the
scheduled board room.
He rose from the board room in the evening about 7PM and sent a suspension
letter to me and the company secretary; he made the MD to resign.

Someone with the relevant authority and power should please stop Femi from
Milking AP dry. Also please help me as I am being persecuted by a rich, powerful
and influential man who has done so much harm to the company. Authorities please
help before it is too late. Justice delayed may be justice denied!

Aviomoh M.S Clement, MBA, FCA:

I ve always known dis otedola guy be a no good man, well its God dat will judge, one day all will face d wrath of God

Later them go dey say this and that.

Pls I dnt get nairaland replies again,wat happened?

Its sad really, that even our so-called enterpreneurs aren't as 'clean' as they appear to be.