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.
News
Alleged money laundering: EFCC produces Aisha Achimugu in court

By Francesca Hangeior
The operatives of the Economic and Financial Crimes Commission (EFCC), on Wednesday, arrived at the Federal High Court in Abuja with the businesswoman, Aisha Achimugu, as ordered by the court.
Achimugu, who was sandwiched by two female EFCC officers, arrived in court at about 11:35 am.
It could be recalled that Justice Inyang Ekwo had, on Monday, ordered the industrialist, alleged to have fled the country, to honour the invitation by the anti-graft agency on Tuesday at noon.
Justice Ekwo, who gave the order in a short ruling, also ordered the EFCC, upon the appearance of Achimugu at its office, to return with her to court on Wednesday for a report.
Achimugu was, however, said to have been arrested by the EFCC’s operatives on her arrival abroad at about 5 am and kept in custody.
News
US threatens to quit Russia-Ukraine effort unless ‘concrete proposals’

By Francesca Hangeior
Secretary of State Marco Rubio has warned that the United States would give up on mediation unless Russia and Ukraine put forward “concrete proposals,” as US patience wanes on an early priority for Donald Trump.
The US president had vowed to end the war in his first 24 hours back in the White House but, as Trump celebrates 100 days in office, Rubio has suggested the administration could soon turn attention to other issues.
“We are now at a time where concrete proposals need to be delivered by the two parties on how to end this conflict,” State Department spokesperson Tammy Bruce told reporters, in what she said was a message from Rubio.
“If there is not progress, we will step back as mediators in this process.”
She said it would ultimately be up to Trump to decide whether to move ahead on diplomacy.
The president suggested on Tuesday that his Russian counterpart Vladimir Putin still wants to negotiate a peace agreement with Ukraine.
Asked in an interview with ABC television if Putin wants peace, Trump said: “I think he does.”
Putin recently proposed a three-day ceasefire around Moscow’s commemorations next week for the 80th anniversary of the end of World War II.
But he has rebuffed a Ukrainian-backed US call for a 30-day ceasefire.
The United States wants “not a three-day moment so you can celebrate something else — a complete, durable ceasefire and an end to the conflict,” Bruce said.
It remains unclear if Rubio is actually ready to turn the page or is seeking to pressure the two countries.
The United States already put together a framework proposal which Ukrainians feel bows to Russian demands.
Trump has suggested an official recognition of Russia’s takeover in 2014 of Crimea, an annexation rejected by nearly all the world, in addition to land swaps.
“We all want this war to end in a fair way — with no rewards for Putin, especially no land,” Ukrainian President Volodymyr Zelensky told an event in Poland by videoconference on Tuesday.
Russia has also not moved on the proposal with many experts believing Moscow now sees an upper hand — on the battlefield and diplomatically, with Trump eager to reconcile.
Russia’s ambassador to the United Nations, Vassily Nebenzia, sought to blame Zelensky and said that Russia would keep speaking with the United States.
Zelensky “is bent on escalating the conflict. He’s recklessly rejecting the United States’ balanced peace proposals,” Nebenzia told a UN Security Council meeting.
US diplomat John Kelley told the session that both sides would benefit from working off the US framework and condemned Russian strikes into Ukraine.
“Right now, Russia has a great opportunity to achieve a durable peace,” Kelley said.
Trump in turn berated Zelensky in a February 28 White House meeting. He and Vice President JD Vance accused the wartime leader of ingratitude for US weapons sent under Biden.
Ukraine quickly tried to make amends by backing US diplomatic efforts and pursuing a deal in which the United States would control much of the country’s mineral wealth.
US Senator Jeanne Shaheen, the top Democrat on the Senate Foreign Relations Committee, said Tuesday that recognizing “Russia’s illegal annexation of Crimea would invite additional aggression from Moscow and Beijing.”
“I have endeavored to give President Trump the space to negotiate a just and lasting peace in Ukraine, which is a goal we both share,” she said.
“However, President Trump and his team have fatally mismanaged these negotiations — offering concession after concession to Russia, throwing away our leverage and fracturing the united front with our allies that is critical to ending this war,” she said.
Ukraine ordered on Tuesday the evacuation of seven villages in the eastern Dnipropetrovsk region which used to be remote from the frontlines but are now under threat as Russian forces close in.
Last week a ballistic missile ripped into a residential area of Kyiv in one of the deadliest attacks on the capital since the invasion.
Trump, who has claimed that Putin would not have attacked Ukraine if he were in power in 2022, wrote, “Vladimir, STOP,” on social media after the attack.
News
NAFDAC unveils tools to check fake drugs in N’East

By Francesca Hangeior
The National Agency for Food and Drug Administration and Control has launched innovative mobile technologies aimed at combating counterfeit drugs in Nigeria’s North-East region.
The a two-day sensitisation workshop in Gombe, stakeholders from various healthcare sectors were introduced to the “Scan 2 Verify” and “Green Book App” tools designed to authenticate medicines and ensure public safety.
Speaking on Wednesday, NAFDAC’s Director-General, Professor Mojisola Adeyeye, who was represented by the Director of Post-Marketing Surveillance, Bitrus Fraden, reassured participants that all drugs registered by NAFDAC are safe and available only through legitimate outlets.
Adeyeye further explained that the Green Book App serves as a digital registry listing certified medicines approved by the agency.
“Users can quickly verify a drug’s authenticity, with any product not listed being deemed counterfeit,” Adeyeye said.
The workshop, which targeted key stakeholders, including pharmaceutical vendors, medical doctors, and healthcare professionals, harped on the need to adopt the technologies to ensure only genuine medicines reach consumers.
Participants such as patent medicine dealers and shop owners praised NAFDAC for the timely initiative.
Yakubu Yusuf and Hauwa Musa, participants at the workshop, described the training as a significant step toward resolving the challenges of counterfeit drugs.
NAFDAC also emphasised its ongoing efforts to shut down counterfeit drug markets in Lagos, Onitsha, and other parts of the country, reaffirming its commitment to public health and safety.
The agency highlighted the importance of public awareness in the fight against fake drugs, urging individuals to verify medicines before use and make informed health choices.
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