efcc Quizzes Dangote, Anenih Over ap Shares

Aliko Dangote, Chairman of Dangote Group of Companies, was on Tuesday questioned by the Economic and Financial Crimes Commission (EFCC) over the alleged manipulation of the shares of African Petroleum (AP).

An EFCC source confirmed his appearance in the office, but could not say if he was taken into custody.

Nova Finance and Securities Managing Director, Eugene Anenih, was also arrested and quizzed.

It was learnt that their invitation followed issues raised last week by AP Chairman, Femi Otedola, when he was interrogated on his petition against Dangote.

He accused Dangote and Nova Finance of unethical practices which led to the devaluation of the shares of AP, now seeking the payment of N117.18 billion to recoup losses incurred between August 21, 2008 and March 26, 2009.

The arrests on Tuesday came ahead of the probe of the affair by the House of Representatives Committee on Capital Market and Structures scheduled for today.

Otedola had petitioned the EFCC on the report published last week by the Securities and Exchange Commission (SEC).

He alleged that the shares scam cost him more than half his assets, having allegedly lost an estimated $700 million.

He reportedly kicked against the exoneration of Dangote and the indictment of Anenih in the report, saying: '"It is like holding the servant and leaving the master.'"

Although EFCC Spokesman, Femi Babafemi, declined comment on Tuesday, Dangote's image maker, Joe Nwokoma, confirmed the arrest but said there is nothing unusual about it because Dangote is not above the law.

Both Dangote and Otedola had repeatedly shunned peace talks initiated first by former President Olusegun Obasanjo, then by President Umaru Yar'Adua, long before the crisis of confidence between them hit the roof.

The two billionaires, who regard Obasanjo as their father, honoured his invitation for a peace parley, but they never sat together with him at a roundtable.

Also on Tuesday, the EFCC picked up suspended Nigerian Electricity Regulation Commission (NERC) Chairman, Ransome Owan, and six Commissioners, all of whom are to be arraigned today.

The Commissioners include Abdul-Rahman Ado, Muhammed Baba Gana Bunu, O.C. Iloeje, Muhammed Alimi Abdul-Rasaq, Abimbola Odubiyi, and Grace Eyoma.

Babafemi confirmed that '"they will be arraigned at the FCT (Federal Capital Territory).'"

Owan and the others were first arrested by the EFCC in February over allegations of N1.5 billion fraud and abuse of office.

EFCC officials raided their homes where they found documents on the alleged siphoning into private accounts of public funds ranging between N100 million and N500 million.

In March, the EFCC again raided the NERC over alleged underhand dealings in the award of a N2 billion contract for consultancy, out of which between 60 and 100 per cent was paid upfront.

'"Some of the contracts were awarded in January this year and back dated to June last year because of the deadline placed on award of contracts in government agencies,'" the source recounted.