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Otedola Accuses Zenith Bank Chairman Jim Ovia of Fraudulent Activities

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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.

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Business

CBN Restores BDC Access to FX Market, Caps Weekly Purchases at $150,000

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By Huldah Shado

The Central Bank of Nigeria (CBN), has approved the participation of licensed Bureau De Change (BDC), operators in the Nigerian Foreign Exchange Market (NFEM), allowing each BDC to purchase up to $150,000 weekly.

The approval was contained in a circular dated February 10, 2026, signed by the Director of the Trade and Exchange Department, Dr. Musa Nakorji, and addressed to authorised dealer banks and the general public.

The CBN said the move is aimed at improving foreign exchange liquidity in the retail segment of the market and meeting the legitimate needs of end users, amid a widening gap between the official and parallel market exchange rates.

Under the new arrangement, licensed BDCs can access foreign exchange from the NFEM through any authorised dealer bank of their choice at the prevailing exchange rate.

The apex bank directed banks to carry out full Know-Your-Customer (KYC), and due diligence checks on BDC clients before selling foreign exchange to them.

It also imposed reporting and transparency requirements, mandating BDCs to submit returns electronically to the CBN.

In addition, the bank prohibited third-party transactions and limited cash settlement to a maximum of 25 per cent of each transaction.

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Abuja Reports

Ultraviolet MFB MD Visits Equity Circle, Eyes Strategic Partnership

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By Samson Adeyanju 

The Managing Director and Chief Executive Officer of Ultraviolet Microfinance Bank, Bayonle Omoyele, has paid a working visit to Equity Circle, one of Abuja’s fast-growing real estate companies, as part of efforts to strengthen strategic partnerships within Nigeria’s real estate sector.

During the visit, Equity Circle’s Co-Founder and Chief Marketing Officer, Fabian George, conducted Omoyele on a tour of the company’s facilities and outlined its growth trajectory.

He disclosed that the firm recorded significant milestones over the past four years, culminating in an ₦8 billion revenue in the 2025 financial year.

Discussions between both parties focused on establishing a strategic credit relationship, with proposed areas of collaboration including invoice discounting, structured credit solutions, and cash-flow management support to help Equity Circle sustain and scale its operations.

Addressing Equity Circle staff during an interactive session, Omoyele emphasised the importance of strong marketing fundamentals, highlighting the 4Ps of marketing-Product, Price, Place, and Promotion, as key drivers of long-term competitiveness and brand leadership.

He also urged the team to adopt a long-term growth mindset, remain focused, and ensure that every unit contributes meaningfully to the organisation’s strategic goals, noting that disciplined execution is critical in Nigeria’s evolving real estate market.

The visit underscores Ultraviolet Microfinance Bank’s commitment to supporting high-growth enterprises through tailored financial solutions and partnerships that promote sustainable economic development.

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Moniepoint Strengthens Africa’s Tech Talent Pipeline with DreamDevs Cohort 2

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By Omoniyi David

Moniepoint Inc has reaffirmed its commitment to building Africa’s technology talent pipeline, announcing the opening of applications for the second cohort of its flagship DreamDevs initiative.

Co-Founder and CTO Felix Ike described DreamDevs as a programme that equips recent graduates with industry-ready skills and hands-on experience to bridge the continent’s tech talent gap.

“The success of our first cohort validated that Africa’s young tech talent can compete globally. This year, we aim to convert half of our participants into full-time employees,” Ike said, adding that the initiative creates sustainable career pathways that drive Africa’s digital economy.

DreamDevs complements Moniepoint’s other talent development programmes, including HatchDev, in collaboration with NITHub, University of Lagos, which trains about 500 specialised developers annually, and the Women-in-Tech programme, now in its fifth year.

The initiative also aligns with the Federal Government’s 3 Million Technical Talent (3MTT), programme, with Moniepoint serving as a key sponsor, offering graduates a specialised pathway from training to employment.

DreamDevs underscores Moniepoint’s broader mission to leverage technology to empower Africa’s youth and advance the continent’s digital economy.

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