Businessman Femi Otedola has accused the chairman of Zenith Bank, Jim Ovia, of engaging in fraudulent activities involving the bank account of his company, Seaforce Shipping Limited.
The billionaire business mogul has also released his bank account statements as evidence of the alleged fraudulent acts.
According to a report by The Cable, the allegations, bother on unauthorised transactions and the creation of a fictitious loan running into billions of Naira.
Otedola, according to the reports, alleged that Zenith Bank unlawfully utilised Seaforce Shipping’s account to conduct trading activities without his knowledge or consent, beginning in 2010 and continued unabated despite the account not being operated since then.
A whistleblower within Zenith Bank reportedly tipped Otedola off about these activities, leading to his discovery of the fraudulent transactions.
Otedola alleged that Zenith Bank fabricated a loan of N6 billion on Seaforce Shipping’s account, which he asserts never existed, and was followed by a series of debits and credits, creating the illusion of financial activity.
The account statements show that apart from the debt of N6 billion on February 7, 2008, there is another of N4.475 billion on February 7, 2009, among others, all conducted without Seaforce Shipping’s authorisation or awareness.
A major point of contention is the discrepancy in the reported debt amounts.
In a letter dated March 19, 2018, Zenith Bank informed Seaforce Shipping’s auditors, Shofolawe-Bakare & Co., that the account had a debt of only N2,278,420.
However, the released bank statement shows a closing balance of N5,916,704,059.13, with total debits amounting to N16,927,628,581.84 and total credits of N11,010,924,522.71.
Consequently, Otedola has taken legal action. Seaforce Shipping, along with Zenon, Luzon Oil and Gas, Garment Care Limited, and Otedola himself, has secured a federal high court injunction against Zenith Bank, Quantum Zenith Securities and Investment, Veritas Registrar, and the Central Securities Clearing System.
The injunction, according to the report, prevents these entities from trading shares or paying dividends until a motion for an interlocutory injunction is heard.
The reports further indicate that the Force Criminal Investigation Department (FCID) of the police is investigating the allegations and that senior officials of Zenith Bank had already been questioned as part of the ongoing probe.
