Proshare Alleges Police Raided Office Over Otedola

SAN FRANCISCO, April 30, (THEWILL) - The management of Proshare has alleged that officers of the Nigerian Police Force invaded its Omole office in Lagos and carted away computers and documents following a petition received from businessman Femi Otedola over the publication of what it said was a court document on a suit Otedola filed against five banks -- Access Bank, FCMB, GT Bank, UBA and Zenith Bank.

In a statement on Friday, Proshare said the invading team was led by Superintendent Marcus, who did not tender an arrest warrant or a letter of invitation to its MD/CEO, Mr. Femi Awoyemi.

“The team led by Superintendent Marcus issued no invitation letter or warrant of arrest but proceeded to hold all the staff members of the firm hostage until the CEO, Mr. Olufemi Awoyemi was produced.

“The MD/CEO was fortunately on assignment at the stock exchange and was planned to travel to Abuja over the weekend for an outstanding assignment; hence he was not in the force, ” the company wrote.

Mr. Owoyeni, a stock analyst by trade and Mr. Otedola, the Chairman of Zenon Oil and AP have had disagreements over the former’s nonstop publication of the status of the credit facilities granted the two companies by the local banks.

THEWILL gathered that Otedola had written a petition to the Police Inspector General, Mr Hafiz Ringim, alleging that Mr. Awoyemi had orchestrated a plan to embarrass and malign his person in the media following the credit facilities which has gone bad.