This development has raised eyebrows in the business and financial sector, as the accused individuals are key figures within the company, known for their influential roles in shaping Fenchurch Group's operations.
The Inspector General of Police filed a two-count charge of conspiracy and perjury against Fenchurch Energy Nigeria Limited and its directors, Babafunsho Adeyemi (Group Chief Operating Officer) and Olufemi Bakare (Group Chief Executive Officer). The charges were filed before a Federal High Court in Lagos, alleging that the defendants conspired to commit perjury in February 2023.
According to the charge, the defendants allegedly made false statements in an affidavit to mislead the court, stating that the shareholding of the 1st Plaintiff/Applicant and Bastanchury Limited in the 1st Defendant had not been registered at the Corporate Affairs Commission, when in fact they knew this to be false.
The arraignment of Babafunsho Adeyemi and Olufemi Bakare, directors of Fenchurch Energy Nigeria Limited, was recently stalled due to the absence of Justice Daniel Osiagor, the presiding judge of the Federal High Court in Lagos. The Inspector General of Police had filed a two-count charge of conspiracy and perjury against the directors and the company.
The charges allege that the defendants conspired to commit perjury in February 2023 by making false statements in an affidavit to mislead the court. Specifically, they claimed that the shareholding of the 1st Plaintiff/Applicant and Bastanchury Limited in the 1st Defendant had not been registered at the Corporate Affairs Commission, when in fact they knew this to be false.
Fenchurch Group, led by Chief Femi Akingbe, has been a prominent player in the energy sector, with interests in oil and gas exploration, production, and marketing. Chief Akingbe, a seasoned businessman and financial expert, serves as the Chairman of Agusto & Co, the foremost pan-African credit rating agency, and holds various directorships in other companies, including Emerald Energy Resources Limited, Helios Tower Nigeria, and Academy Press Business Forms Limited.
His leadership and expertise have been instrumental in driving the growth of Fenchurch Group, with a focus on strict compliance with best practices and standards of good governance. However, the current allegations against the directors of Fenchurch Energy Nigeria Limited have raised concerns about the group's integrity and reputation.
The case has been adjourned until May 20, 2024, pending the availability of Justice Daniel Osiagor. The defendants' legal team is expected to enter a plea and begin their defense against the charges.
The outcome of this case will have significant implications for Fenchurch Group and its leadership, as well as the wider business community in Nigeria. As the legal proceedings unfold, stakeholders will be watching closely to see how this matter is resolved.
