A serious dispute has erupted between billionaire businessman Femi Otedola and Jim Ovia, chairman of Zenith Bank, concerning an alleged multibillion-naira fraud. Otedola has accused Ovia of misusing the Zenith Bank account of his company, Seaforce Shipping Limited, for unauthorized trades without his knowledge or permission, a breach of trust.
The Force Criminal Investigation Department (FCID) is currently investigating these allegations, while attempts are being made to resolve the matter amicably. The online newspaper, TheCable, has reached out to Ovia and Zenith Bank for their comments.
The shocking news came when it was discovered that Seaforce Shipping’s account, despite its inactivity since 2010, was still being used for trading activities without Otedola’s knowledge. Otedola claims that Seaforce had never applied for or received a loan from Zenith Bank, yet unauthorized trading worth billions of naira continued in the account.
Despite requests for documentation to support the alleged loans, Zenith Bank could not provide offer letters, raising concerns about the transparency of their operations.
Otedola learned about these suspicious activities 13 years after the transactions occurred when a whistleblower within Zenith Bank informed him. Upon confronting Zenith Bank officials, they issued an apology.
Otedola presented a letter from Zenith Bank to Seaforce’s auditors, indicating a debt of only N2,278,420, in contrast to the N5 billion shown in the bank statement obtained by the online newspaper. Interestingly, the same bank statement indicated a debt of N2.9 billion on the same day, raising further questions about the accuracy of the bank’s records.
Seaforce’s account had transactions totaling over N16 billion from 2011 to 2024. Otedola expressed confusion about who made payments to reduce the debt from N16,927,628,581.84 to N11,010,924,522.71, as he was unaware of these transactions.
Significant progress has been made in the investigation, with a senior bank official already being questioned by the police. This development marks a crucial step in uncovering the truth behind Seaforce’s financial discrepancies.
In the meantime, an injunction has been obtained against Zenith Bank, Quantum Zenith Securities and Investment, Veritas Registrar, and Central Securities Clearing System. This injunction prevents them from trading shares or paying dividends until the hearing of the motion for an interlocutory injunction. This legal action further intensifies the ongoing dispute between the parties involved.
