A bitter dispute has erupted between billionaire businessman Femi Otedola and Jim Ovia, chairman of Zenith Bank, over alleged unauthorized transactions totaling billions of naira.
Otedola accused Zenith Bank of fraudulently using his company, Seaforce Shipping Limited’s account, without his knowledge or consent.
According to Otedola’s petition to the police, the account was inactive since 2010 but was used for trading between 2011 and 2024, with transactions totaling over N16 billion.
Otedola claimed he was unaware of these activities until a whistleblower tipped him off in 2024.
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According to reports, Zenith Bank has failed to provide documentation supporting the alleged loans, and Otedola has obtained a federal high court injunction restraining the bank from trading with shares or paying dividends until the matter is resolved.
It was said that the Force Criminal Investigation Department (FCID) is investigating the allegations, and a senior bank official has already been questioned.
Efforts are being made to resolve the matter amicably, but the dispute has raised questions about corporate governance and accountability in Nigeria’s banking sector.
