• Saturday, May 25, 2024
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Afren fires CEO, COO, 2 execs in Nigerian oil field payment scandal

Afren will start legal proceedings against founder and Chief Executive Osman Shahenshah, Chief Operating Officer Shahid Ullah and associate directors Iain Wright and Galib Virani to recover money related to the payments
Afren will start legal proceedings against founder and Chief Executive Osman Shahenshah, Chief Operating Officer Shahid Ullah and associate directors Iain Wright and Galib Virani to recover money related to the payments

Oil and gas producer Afren Plc said it had dismissed its chief executive, chief operating officer and two associate directors after an independent review into unauthorised payments found evidence of gross misconduct by the executives.

The probe also found that seven more current and former employees also received payments and Afren has begun disciplinary actions against these employees, the company said.

Afren will start legal proceedings against founder and Chief Executive Osman Shahenshah, Chief Operating Officer Shahid Ullah and associate directors Iain Wright and Galib Virani to recover money related to the payments.Shahid Ullah

Afren suspended Shahenshah and Ullah as it began a review in July and the two associate directors in August as the review expanded to search for further incidences of unauthorised payments.

Afren said in September that no further incidents were identified.

The review, conducted by law firm Willkie Farr & Gallagher, began after the company discovered unauthorised payments linked to transactions related to the Okoro field in Nigeria.

The company, which has notified British watchdog Financial Conduct Authority (FCA), said its partners in Nigeria were not aware of any wrong-doing.

The company said Toby Hayward will remain as interim chief executive while its board searches for replacements. Egbert Imomoh will remain as executive chairman.

Afren shares were up 2.4 percent at 99.75 pence at 0712 GMT on the London Stock Exchange. The stock has fallen be nearly a third since the review began.