Breaking News: Billionaire Femi Otedola Accuses Zenith Bank Chairman Jim Ovia of Fraudulent Trading - Watchtower media

Breaking News: Billionaire Femi Otedola Accuses Zenith Bank Chairman Jim Ovia of Fraudulent Trading
Billionaire businessman Femi Otedola has accused Jim Ovia, Chairman of Zenith Bank Plc, of engaging in fraudulent trading activities using an account belonging to his company, Seaforce Shipping Limited, without his knowledge or consent. The shocking revelation has sparked a legal battle that has caught the attention of the Nigerian business community.

According to sources close to the matter, Otedola has lodged a formal complaint with the Force Criminal Investigation Department (FCID) of the Nigerian Police, alleging that unauthorized trading worth billions of Naira occurred using Seaforce's dormant account at Zenith Bank.
Investigations have revealed that Seaforce's account, which was inactive since 2010, was mysteriously used for trading activities without the company's authorization. Transactions amounting to over N16 billion have been recorded on the account from 2011 to the present day, leaving Otedola astonished and determined to seek justice.

Furthermore, documents suggest that Zenith Bank had communicated discrepancies in the account to Seaforce's auditors in 2018, indicating debts and credits that Otedola claims to have been unaware of. This led to suspicions of fraudulent activities within the bank, prompting Otedola to take legal action against Zenith Bank and other entities involved in the transactions.
In response to the allegations, Otedola and his companies have obtained a federal high court injunction against Zenith Bank, Quantum Zenith Securities and Investment, Veritas Registrar, and Central Securities Clearing System. This legal move aims to prevent further trading with shares or dividend payments until the matter is resolved.

As the investigation unfolds, key officials of Zenith Bank have been questioned by FCID operatives, raising speculations about the extent of the alleged fraudulent activities and implicating top personalities in the Nigerian financial sector. The case has sent shockwaves through the business community and remains a topic of intense scrutiny across the country.

The unfolding legal battle between Otedola and Zenith Bank may reshape the landscape of corporate governance in Nigeria and set a precedent for holding financial institutions accountable for fraudulent practices.

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