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Afren CEO and COO in fraud scandal [DETAILS]

First Bank Nigeria

ceo-cooOil and gas Company, Afren PLC has temporarily suspended its Chief Executive Officer (CEO), Osman Shahenshah, and Chief Operating Officer (COO), Shahid Ullah.

According to the company, these men have been suspended based on investigation into unauthorised payments potentially for their personal benefits.

“These payments were not made by the company. The investigation has not found any evidence that any other board members were involved. No conclusive findings have yet been reached and the investigation is ongoing,” Afren said in a statement.

The company announced Egbert Imomoh as the new executive chairman, with Toby Hayward, currently senior independent director, as interim CEO, while the investigation is conducted.

Afren said it would postpone half-year results which were due on August 4, though it said the board has no reason to believe the investigation will negatively affect the company’s financial or operational position.

In May, Afren reported first-quarter net production of 35,465 barrels of oil per day, lower than its target of 40,000.

The London-listed oil explorer which has its main assets in Nigeria, is targeting double-digit production growth over the next five years.

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