Billionaire businessman Femi Otedola has leveled serious allegations against Jim Ovia, the chairman of Zenith Bank, accusing him of engaging in fraudulent activities involving the bank account of his company, Seaforce Shipping Limited. These accusations, initially reported by TheCable and supported by account statements published online, have sent shockwaves through Nigeria’s financial sector.
According to Otedola, Zenith Bank allegedly misappropriated Seaforce Shipping’s account to conduct trading activities without his knowledge or consent. The purported unauthorized transactions date back to 2010 and have persisted despite the account being dormant since then.
Otedola claims to have been alerted to these activities by a whistleblower within Zenith Bank, prompting him to investigate further. The investigation revealed what Otedola describes as a fabricated loan of NGN 6 billion labeled as “CP Facility,” along with a series of questionable debits and credits, all executed without Seaforce Shipping’s authorization.
The discrepancies in reported debt amounts are striking. While Zenith Bank previously informed Seaforce Shipping’s auditors of a debt of only NGN 2,278,420, the bank statement indicates a closing balance of NGN -5,916,704,059.13, with total debits amounting to NGN 16,927,628,581.84 and total credits of NGN 11,010,924,522.71.
In response to these revelations, Otedola has taken legal action. Seaforce Shipping, along with other entities associated with Otedola, has secured a federal high court injunction against Zenith Bank and related parties. This injunction prohibits trading of shares or payment of dividends until further legal proceedings take place.
Furthermore, the Force Criminal Investigation Department (FCID) of the police is conducting an investigation into the allegations. Senior officials of Zenith Bank have reportedly been questioned as part of the ongoing probe.
