M.S.C Aviomoh**, the Executive Director of Finance & I.T at African Petroleum PLC, made a significant statement regarding the financial affairs of the company. In July 2010, he addressed the press at the Protea Hotel Ikeja, shedding light on concerning practices within the organization. According to Aviomoh, **Mr. Femi Otedola**, the Chairman of African Petroleum, had been exploiting the company for his personal gain over the past two years. Aviomoh, as the Finance Director, raised several alarms about this issue, but received no response from the company’s directors, the Securities and Exchange Commission, or the Stock Exchange. He even involved the Economic and Financial Crimes Commission (EFCC) through a formal petition. Here are the key points from Aviomoh’s statement:
1. **Financial Manipulation**: In 2009, African Petroleum incurred a loss of approximately **N15 billion**. Aviomoh attributed this loss to the fact that Mr. Otedola’s companies (Zenon Petroleum and Gas Company Limited, Platinum Fleet Limited, and Fineshade Energy Limited) were selling products to African Petroleum at inflated prices—sometimes even higher than the retail pump prices at gas stations.
