A Review of the Nigerian Energy Industry

Afren sacks CEO and COO for ‘Gross Misconduct’

14 October 2014, Sweetcrude, London – Afren (AFR.L) has announced this morning that the Chief Executive Officer Osman Shahenshah and Chief Operating officer Shahid Ullah have been fired following the conclusion of ongoing investigation at the company regarding unauthorised payments to senior employees.

The independent review found that both employees had received such payments.

Afren CEO, Osman ShahenshahIn addition, two other board members, Iain Wright and Galib Virani along with seven other employees or former employees were also found to have received unauthorised payments. The two board members were removed immediately.

The company has now started legal proceedings to recover the money from these people. Although they also state that it has not resulted in a material loss for the company.

Executive Chairman of Afren, Egbert Imomoh, commenting said: “The decisive and comprehensive actions we have set out today should leave no-one in any doubt about how seriously Afren takes the issues uncovered in July and our commitment to rebuild the confidence of shareholders, partners, staff and our other stakeholders.

“Our focus is now on delivering the significant opportunities we have before us with an open and transparent approach to our business based upon mutual respect, the highest standards of ethics, governance and business conduct.”

The FCA has been notified of the findings of the investigation.
*Afren statement

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