By Isah Hussein
Billionaire businessman, Femi Otedola has petitioned the Force Criminal Investigation Department (FCID) against Jim Ovia, Chairman of Zenith Bank Plc, alleging fraudulent activities in his company’s account, Seaforce Shipping Limited.
Background of the Fraud
Seaforce Shipping Limited’s account in Zenith Bank had been inactive since 2010, but mysteriously resumed trading activities in 2011 without Otedola’s knowledge or consent.
Shocking Transactions
Account statements reveal unauthorized credits and debits between 2011 and 2018, totalling over N16 billion. Specific transactions include:
- N77,169,375.00 on April 18, 2011
- N119,822,762.50 on December 1, 2011
- N316,537,329.30 on December 8, 2011
- N266,361,181.73 on December 15, 2011
- N444,304,524.50 on December 12, 2011
Discrepancies in Account Balance
A letter from Zenith Bank to Seaforce’s auditors on March 19, 2018, shows a debt of N2,278,420, contradicting the account’s credit balance of N5 billion.
Court Injunction
Otedola and related companies (Zenon, Luzon Oil and Gas, and Garment Care Limited) have obtained a federal high court injunction against Zenith Bank, Quantum Zenith Securities and Investment, Veritas Registrar, and Central Securities Clearing System, restraining them from trading with shares or paying dividends.
Investigation and Next Steps
FCID operatives have already interrogated key Zenith Bank officials, and the investigation is ongoing.
