Nigeria-focused explorer Afren has temporarily suspended its chief executive and chief operating officer over allegations of unauthorised payments.
An independent review by law firm Wilkie Farr & Gallagher has found evidence Osman Shahenshah and Shahid Ullah received payments of undisclosed value, “potentially” for their benefit.
Egbert Imomoh, the firm’s non-executive chairman, has been appointed executive chairman and Toby Hayward, currently senior independent director, has become interim chief executive, while the investigation continues.
The revelation has led the company to postpone its half-year results to a later date in August. The payments are not expected to have affected the firm’s the balance sheets, as they were made by a third party.
“The board has notified the relevant regulatory authorities that the review is taking place and will update the market as appropriate,” Afren said in a statement.
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