AP shares scam: Dangote appears before EFCC

Billionaire tycoon, Alhaji Aliko Dangote, on Tuesday appeared before the Economic and Financial Crimes Commission to answer questions about the African Petroleum Plc shares manipulation allegations.

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Aliko Dangote

A source close to commission told our correspondent that Dangote was within the EFCC head office in Abuja at around 6.pm

AP’s Chairman, Mr. Femi Otedola had earlier visited the EFCC office in Abuja last week to state his own side of the story.

Even though, the source could not ascertain the reason for Dangote’s visit to the commission, but our correspondent reliably gathered that, it was not unconnected with the alleged manipulation of AP Plc shares price.

He said,” All I can confide to you is that Dangote honoured the EFCC invitation today. But I cannot be categorical on why he visited the commission.”

Otedola was said to have petition the EFCC on the alleged manipulation of AP’s shares for which the Securities and Exchange Commission slammed a five year ban on the Managing Director of Nova Securities, Mr. Eugene Anenih, who crossed AP shares over an eight week period resulting in a crash from N293 to N54.

AP claimed that Dangote initiated the transactions due to a personal fued between Otedola and Dangote

The EFCC also on Tuesday re-arrested the Chairman of the Nigerian Electricity Regulatory Commission, Dr. Ransome Owan over alleged N5bn fraud.

It was reliably gathered that Owan was picked up by the operatives ofthe EFCC and will be arraigned before an Abuja High Court today.

Six other commissioners were also reportedly arrested by the EFCC.

They will also be charged to court today.

Owan and six commissioners of the commission were first arrested inFebruary this year over alleged N5bn fraud.

An EFCC source said, “We have concluded our investigation and the suspects will be charged to court tomorrow (today)

“We have them in our custody right now.

“They will be arraigned before Justice Salisu Garuba of Court 5 of the Federal High Court Abuja by 9am.”

The commissioners to be charged along with the chairman are: Abdul-RahmanAdo (Vice-Chairman and Commissioner, Market Competition and Pricing); Muhammed Baba Gana Bunu (Finance and Support Services.

Also included are: Prof. O.C. Iloeje (Research and Development); Dr. Muhammed Alimi Abdul-Rasaq (Legal, Licensing and Enforcement); Abimbola Odubiyi (Engineering Standards and Safety); and Dr. Grace Eyoma (Government and Consumer Affairs).