The Management of the African Petroleum (AP) has cleared its Chairman, Mr. Femi Otedola from allegation of financial mismanagement.

The Management of AP, in a statement issued yesterday, said that the unsubstantiated allegations made by Mr. Clement Aviomoh, a suspended Executive Director of Finance , Information Technology of the company was untrue and baseless.

According to management, “We are fully aware that this orchestrated campaign of falsehoods was triggered from the petition which our Chairman, Mr Femi Otedola dutifully wrote to SEC on the 21st of June, 2010, detailing how about N24.5 billion which was due to be paid to African Petroleum by two shareholders still remains outstanding till date.

It is pertinent to state that these same Shareholders brought Mr Clement Aviomoh to African Petroleum.. We welcome the fact that the NSE and SEC are currently carrying out a comprehensive investigation into these allegations.