News
Femi Otedola tackles Jim Ovia, reveals ‘fraudulent transactions’ in Zenith Bank account
By Kayode Sanni-Arewa
The face-off between Femi Otedola, billionaire businessman, and Jim Ovia, chairman of Zenith Bank, over an alleged multibillion naira fraud has taken a turn for the worse, TheCable understands.
Otedola had accused Zenith Bank of unlawfully using the account of his company, Seaforce Shipping Limited, to trade in 2011 without his knowledge or consent.
Although this and other allegations are being investigated by the Force Criminal Investigation Department (FCID) of the police, moves are being made to resolve the matters amicably.
TheCable has contacted Ovia and Zenith Bank for comments.
UNAUTHORISED TRANSACTIONS
Despite having not been operated since 2010, Seaforce Shipping’s account continued to be used for trading — completely unknown to Otedola, according to his petition to the police.
Although Otedola said Seaforce never applied for nor took a loan from Zenith Bank, unauthorised trading running into billions of naira continued on the account.
When asked to provide documentation — including offer letters to support the grant of the said loans — Zenith Bank reportedly failed to do so.
Otedola discovered the suspicious activities only recently — 13 years after the transactions — when he was tipped off by a whistle blower in Zenith Bank.
When he confronted Zenith Bank’s officials, TheCable learnt, they apologised.
Otedola produced a letter written on March 19, 2018 by Zenith Bank to Shofolawe-Bakare & Co, Seaforce’s auditors, stating a debt of only N2,278,420 on the same account, as against the N5 billion recorded in the bank statement seen by TheCable.
Curiously, on the day the letter was written, the bank statement showed a debt of N2.9 billion — compared to the N2 million stated in the letter signed by Taofik Bashir (internal audit control) and Edwin Kind Olie (group head, telecomm).
Transactions of over N16 billion were recorded against Seaforce’s account from 2011 to 2024.
Otedola queried who made the payments to reduce the purported debt from N16,927,628,581.84 to N11,010,924,522.71 because he was not in the know of the transactions.
There were credits of N77,169,375.00 on April 18, 2011, N119,822,762.50 on December 01, 2011, N316,537,329.30 on December 8, 2011, N266,361,181.73 on December 15, 2011 and N444,304,524.50 on December 12, 2011.
Seaforce now has a debt of N5,916,704,059.13 as a result, a chunk of it being interest charges.
A senior official of the bank has already been questioned by the police.
Meanwhile, Zenon, Seaforce, Luzon Oil and Gas, Garment Care Limited, and Otedola have secured a federal high court injunction against Zenith Bank, Quantum Zenith Securities and Investment, Veritas Registrar, and Central Securities Clearing System, restraining them from trading with shares or paying dividends.
This injunction subsists until the hearing of the motion on notice for interlocutory injunction.
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Occurrences In Edo Election Deeply Disturbing—Dr Tanko
The National Coordinator of the Obidients Movement, Dr Yunusa Tanko has slammed the malpractices that characterized the just concluded Edo State Governorship election describing it as deeply troubling.
Dr Tanko in a statement issued in Abuja stressed that the outcome of the election has revealed a disconcerting occurrence that did not not reflect the true wishes of the people.
Those with a conscience must stand firm against the individuals and agencies abusing their positions to weaken our democratic institutions. Edo State election is a clear signal that electoral reforms are urgently needed, and we must prioritize the protection of our democratic processes.
It is time to collectively push for a true independent electoral commission, transparent campaign financing, voter education and empowerment.
It is time to ensure that individuals and organizations are made to be strictly held accountable for electoral misconducts and Offences as a way of safeguarding our democracy.
As Obidients, we urge Nigerians irrespective of party affiliations to come together and defend our democracy from this type of brigandage for the future of our nation to ensure that power stays in the hands of the people, not in the grasp of a select few.
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Edo: Obi finally speaks on Akpata’s defeat, says it’s a ‘state capture’
Labour Party presidential candidate, Mr Peter Obi has described the results of the just concluded Edo State elections as a case of “state capture.”
Recall the Independent National Electoral Commission (INEC) announced that Senator Monday Okpebholo of the All Progressives Congress (APC) won the election, with Asue Ighodalo in second place and Olumide Akpata from the Labour Party finishing third.
In a tweet on Monday afternoon, Obi criticized the electoral process, saying that the elections in Edo do not reflect a genuine democratic system.
He disclosed that politics should focus on serving the nation rather than merely seizing power.
Obi pointed out that the flawed leadership recruitment process in the country is leading to dire consequences, urging those in authority to rectify the situation rather than rely on it to maintain their positions.
He disclosed the significant investments made in the INEC’s IReV and BVAS systems, stressing that these tools must be properly utilized to combat electoral fraud.
Obi called on agencies and individuals undermining democracy to consider the long-term implications of their actions, warning that society will ultiultimately seek justice for the damage done.
He tweeted:
“What happened over the weekend in the name of election in Edo State does not in any way represent the democratic process we chose as a method of electing our political leadership.
“Instead, it was a blatant example of ‘state capture’ and continued gross undermining of our democratic process and values.
“Any nation whose leadership recruitment process is so fatally flawed is doomed, and we are all seeing the effect in our country.
“I urge those in authority not to allow this situation to stand, or depend on it to remain in power.
“As a country, we have invested significantly in IReV and BVAS, and they must be allowed to function and used properly in order to free our electoral process from the massive falsification that has plagued it and worsening.
“To the agencies and individuals being used to undermine our democracy simply because they hold positions of authority, please remember that your time in office is not eternal. The society that you are helping to destroy today will eventually take her revenge on you tomorrow.
“To the lecturers and others complicit in perpetuating this charade, you must reflect deeply on the roles you are playing in damaging the very foundation of our democracy.
“The damage you are causing today will inevitably take revenge on you tomorrow and affect your children in the future.
“This kind of action has no place in a true democracy. That is why I have always maintained that today’s politics is not about capturing power, but about saving the country and making it work for everyone, regardless of their background.”
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