A Review of the Nigerian Energy Industry

More suspensions in Afren inquiry

Afren-logo29 August 2014, News Wires – London-listed Afren has suspended two associate directors linked to its investigation of unauthorised payments linked to its top bosses that has already wiped a third off its share price.

In a shock announcement last month, Afren suspended its chief executive Osman Shahenshah and chief operating officer Shahid Ullah in connection with unauthorised payments not made by the company that were potentially for their benefit.

The Africa-focused explorer has now temporarily suspended associate directors Iain Wright and Galib Virani after the two men told the board “they have received payments which are linked to the previously identified unauthorised payments for the benefit of the CEO and COO”.

Afren said the independent inquiry under way by Willkie Farr & Gallagher was ongoing and had not implicated any other board members.

The company’s stock was down around 3% at £1.07 in London on Thursday, having traded at £1.50 before the payments probe was announced.



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