Excel Optoelectronics Company Limited and its Chief Executive Officer, Amb. Emmanuel Shoon Patrick, have rejected allegations of fraud and financial impropriety contained in recent media reports, describing them as misleading, unverified and damaging to their reputation.
In a detailed Right of Reply issued in response to publications dated December 16, 2025 and February 5, 2026, the company faulted reports claiming that the Federal Competition and Consumer Protection Commission (FCCPC) had referred Excel LED and Amb. Patrick to the Inspector-General of Police over alleged diversion of funds linked to airport LED installation projects.
The reports had alleged that payments meant for corporate accounts were diverted into personal accounts, resulting in tax evasion, non-performance of contracts and delays in airport LED upgrades nationwide. They further suggested possible investigations by the Economic and Financial Crimes Commission (EFCC) and portrayed Amb. Patrick as a local intermediary facilitating questionable transactions between a Chinese firm and Nigerian concessionaires.
However, Excel Optoelectronics described the claims as a misrepresentation of a private commercial dispute, insisting that neither it nor its CEO engaged in criminal conduct.
The company accused several media platforms, of breaching basic journalistic ethics by publishing serious allegations without seeking its response, noting that this violated constitutional provisions on fair hearing and the Nigerian Union of Journalists’ Code of Ethics.
Excel Optoelectronics also alleged editorial bias, stating that while the accuser’s identity was shielded, its CEO was fully named and portrayed in criminal terms. The company claimed the reports were triggered by a business disagreement and amplified through media platforms linked to an interested party, amounting to what it described as “trial by media.”
Providing its own account, Excel said the matter arose from a commercial engagement in December 2025 with Folio Media Group Ltd., owned by Daily Times publisher Mr. Fidelis Anosike, who requested LED screens on credit for installation at Port Harcourt International Airport.
According to the company, it declined full credit terms in line with policy but agreed, as a goodwill gesture, to release one unit upon payment of a ₦10 million deposit against a formal invoice of ₦28.3 million, inclusive of VAT. Excel stated that the terms, including a non-refundable payment clause, were accepted by Folio Media.
The company said the deposit was paid, but disagreements later arose over the outstanding balance, leading to a breakdown in relations. Excel alleged that Mr. Anosike subsequently threatened to use his media platform against the company and refused to provide refund details, escalating what it described as a purely commercial dispute.
Excel Optoelectronics maintained that no additional payments were received, no public funds were involved, and all applicable tax obligations were preserved. It added that the matter is now subject to ongoing legal proceedings, urging media organisations to exercise restraint and avoid presenting disputed claims as established criminal facts.
Amb. Patrick also reaffirmed that Excel Optoelectronics is a Nigerian-owned company with international partnerships, particularly with Chinese technology providers, stressing that the firm has delivered LED and digital infrastructure projects across aviation, corporate and public sectors.
In the statement, the company demanded corrective action from the media outlets involved, including publication of its Right of Reply with similar prominence, withdrawal or amendment of the offending reports, and a public apology.
Excel Optoelectronics warned that failure to address its concerns would prompt further legal and regulatory action, including petitions to professional bodies and civil suits for defamation and malicious falsehood.
The company said its objective remains the correction of the public record, adding that it would not allow media platforms to be used to advance private commercial disputes or cause reputational harm.
