FEMI OTEDOLA ACCUSES JIM OVIA OF FRAUDULENT TRANSACTIONS IN ZENITH ACCOUNT
Billionaire businessman Femi Otedola has accused Jim Ovia, Chairman of Zenith Bank Plc, of using an account belonging to his company, Seaforce Shipping Limited, for unauthorized trading in 2011. Otedola has submitted his findings to the Force Criminal Investigation Department (FCID) of the Nigerian Police, and it is expected that Ovia may be called for questioning.
BACKGROUND
Seaforce's account, which had not been operated since 2010, was allegedly used for trading without authorization. According to Otedola's petition, over N16 billion in transactions were recorded without the company ever applying for a loan from Zenith Bank. The fraud was discovered through a whistleblower.
SHOCKING TRANSACTIONS
A letter from Zenith Bank to Seaforce's auditors on March 19, 2018, showed discrepancies between the account's recorded debt and the company's bank statements. Various credits were recorded in 2011, which Otedola claims he was unaware of.
AFTERMATH
Several legal measures are being taken to resolve the issue. Otedola and his associated companies have secured a federal high court injunction against Zenith Bank and related entities, preventing them from trading shares or paying dividends. Key bank officials have been interrogated by FCID operatives, and further developments are expected.
Billionaire businessman Femi Otedola has accused Jim Ovia, Chairman of Zenith Bank Plc, of using an account belonging to his company, Seaforce Shipping Limited, for unauthorized trading in 2011. Otedola has submitted his findings to the Force Criminal Investigation Department (FCID) of the Nigerian Police, and it is expected that Ovia may be called for questioning.
BACKGROUND
Seaforce's account, which had not been operated since 2010, was allegedly used for trading without authorization. According to Otedola's petition, over N16 billion in transactions were recorded without the company ever applying for a loan from Zenith Bank. The fraud was discovered through a whistleblower.
SHOCKING TRANSACTIONS
A letter from Zenith Bank to Seaforce's auditors on March 19, 2018, showed discrepancies between the account's recorded debt and the company's bank statements. Various credits were recorded in 2011, which Otedola claims he was unaware of.
AFTERMATH
Several legal measures are being taken to resolve the issue. Otedola and his associated companies have secured a federal high court injunction against Zenith Bank and related entities, preventing them from trading shares or paying dividends. Key bank officials have been interrogated by FCID operatives, and further developments are expected.