Your publication with the subject published on the 8th of September, 2015 refers.
We wish to state that while we are aware of the contents and attachments to the publication pointing out that the report does not represent the facts and would like to clarify the matter for the record as follows:
· We have an existing mutually-beneficial commercial relationship with the Petroleum and Pipelines Marketing Company (PPMC) across product lines where we have consistently met our obligations contrary to what was portrayed in the subject publication
· We find the publication of an ongoing commercial dispute between PPMC on one hand and Fineshade Energy Limited and Zenon Petroleum and Gas Limited on the other hand as being preemptive and designed to derail the resolution of same.
· The documents published to buttress the claims of your sources clearly shows that the sponsors are desirous of a predetermined end to taint the integrity of Mr. Otedola due to his unwavering belief in the entrenchment of transparency in the Petroleum Sector
· We have had several meetings with PPMC on the alleged indebtedness with the sole aim of resolving the issues in an amicable manner
· The matter is a subject of an ongoing investigation by the Economic and Financial Crimes Commission (EFCC) at our behest dating back to April 2013. We resorted to this after several attempts to bring the matter to a closure with our trading partners and would not want to jeopardise same. (Please find our petition to the EFCC and their acknowledgement thereof attached)
· Upon completion of the ongoing investigation, the EFCC intervention is expected to yield documentary evidence to show that we acted in good faith and provide closure for all the parties concerned in the matter.
