Femi Otedola Goes On Exile

F. Otedola

The hottest news in the country right now is the purported self-exile of one of Nigeria’s richest men, Femi Otedola.
According to news reports, the billionaires travails is not unconnected to the crisis rocking oil marketing firm, African petroleum (AP) of which he is chairman.
The owner of AP’s major investor, Zenon Petroleum and Gas limited, is currently on self-exile in England, allegedly to escape avoid another attempt on his life, according to a report on Next newspaper.
Mr Otedola had alleged threats to his life last year when an elevator in his company’s headquarters malfunctioned mid-way, with him in it.
The incident with the elevator was reported to the police, with the management alleging sabotage.
A senior official of the company, Clement Aviomoh, the executive director, finance and information technology was fingered but he denied involvement, explaining how Mr. Otedola’s actions caused the incident.
“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,” Mr. Aviomoh stated.
However, forensic examination of the lift indicates it was tampered with, sources quoted by Next said.
The AP crisis was first brought to the fore in July last year when Access Bank, one of the company’s creditors, alleging the company’s insolvency, asked a court to wind up AP following its inability to pay its debt.
“The company is insolvent and unable to pay its debts. In the circumstances, it is just and equitable that the company should be wound up,” a statement by the bank said.
Mr. Aviomoh’s problem with the management can be traced back to his claims that;
“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.”
Mr. Aviomoh’s claim earned him a suspension.
Though no statement from Mr. Otedola has been heard on the present exile story, it is hoped that the issue is less serious than it looks.
The billionaire was named by Forbes magazine as being among the world’s richest billionaires last year.