Billionaire Otedola accuses Jim Ovia’s Zenith Bank of fraudulent activity on Seaforce shipping account

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Nigerian businessman Femi Otedola has levelled serious allegations of fraud at Zenith Bank, accusing the bank of manipulating the accounts of his company, Seaforce Shipping Limited.

Otedola’s claims, first reported by TheCable and backed by purported bank statements, center on a fabricated loan of NGN 6 billion (US$13.3 million) on Seaforce Shipping’s account. The alleged loan, labelled as a “CP Facility,” is said to have never been agreed upon and appears to be entirely fictitious.

According to Otedola, this fabricated loan was followed by a series of debits and credits designed to create the illusion of legitimate financial activity. The leaked statements reportedly show significant debits, including NGN 6 billion on February 7, 2008, and NGN 4.47 billion (US$10 million) on February 7, 2009.

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Otedola reportedly claims to have been tipped off by a whistleblower within Zenith Bank, leading to his discovery of the alleged discrepancies. He has since published the bank statements online as supposed evidence to support his accusations.

Zenith Bank, under the chairmanship of Jim Ovia, has yet to respond publicly to Otedola’s claims. The allegations have sent shockwaves through the Nigerian financial sector, raising concerns about potential systemic weaknesses and banking malpractice.

This story is likely to develop further. Key questions remain unanswered:

• Will Zenith Bank respond to the accusations and offer any clarification?
• Will there be an independent investigation into the alleged fraudulent activity?
• What legal action, if any, will Otedola pursue against the bank?

The outcome of this case could have significant repercussions for both parties involved. Otedola’s reputation and business interests are at stake, while Zenith Bank faces potential damage to its credibility and financial standing. The case will also be closely watched by regulators and other financial institutions in Nigeria, with potential implications for industry practices and consumer trust.