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Femi Otedola accuses Zenith Bank of illegal sale of N25b Shares

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Billionaire businessman, Mr. Femi Otedola, along with his company, Zenon Petroleum and Gas Limited and three other companies, has taken Zenith Bank to court over the alleged illegal sale of shares worth over N25 billion.

The Plaintiffs, which include Seaforce Shipping Co Limited, Luzon Oil and Gas Limited and Garment Care, have accused the bank of unlawfully deducting a sum of 205,346,373 from its account.

The Defendants in the suit, filed on March 6, 2024, include Zenith Bank Plc, Quantum Zenith Securities and Investment Limited, Veritas Registrars Limited, and Central Securities Clearing System Plc.

The case is pending before Justice Deinde Isaac Dipeolu at the Federal High Court, in Lagos State.

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The Plaintiffs are seeking the court’s determination on whether Zenith Bank and others are entitled to dispose of its shares, as well as whether the defendants can withhold, trade, transfer, or sell the shares belonging to the plaintiffs without their prior consent and approval.

Additionally, they want the court to address whether Zenith Bank is entitled to benefit from its failure to disclose and deliver all assets of Zenon Petroleum and Gas Limited used as security under the loan facility agreement to AMCON.

In their prayers before the court, Otedola and the other plaintiffs seek several declarations and orders, including a declaration that Zenon Petroleum and Gas Limited remains discharged from any further obligation to Zenith Bank, a declaration that the offer letter did not confer any right on the bank to withhold, transfer, or sell the plaintiffs’ shareholdings, and an order directing Zenith Bank to refund the wrongfully debited sum and to release and return the shares illegally taken from the company.

The Plaintiffs also seek damages and the cost of instituting the action.

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The suit is supported by a 40-paragraph affidavit, deposed to by Philip Akinola, the Managing Director of Zenon Petroleum and Gas Limited, detailing how the bank allegedly illegally debited his company’s account and sold its shares.

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BREAKING: Jubilation As PDP Wins All 30 LGs In Osun State(See winners)

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By Kayode Sanni-Arewa

The Osun State Independent Electoral Commission, OSSIEC, has announced that the Peoples Democratic Party, PDP, won all the local government and councillorship positions in the just concluded local government elections in the state.

The Chairman of the Commission, Hashim Abioye, made this announcement via a Facebook Live broadcast on Saturday evening.

Abioye stated that PDP candidates secured all the councillorship seats in all 332 wards in the state, as well as the chairmanship elections in all 30 local government council areas.

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The names of the PDP chairmanship candidates and their respective local government council areas:

Babalola Wasiu Kayode – Boripe

Okunade Oluwafemi Adesanya – Egbedore

Adeyenuwo Rotimi John – Ife Central

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Agboola Francis Olajire – Obokun

Azeez Lateef Adeniran – Isokan

Aina Abayomi Adesina – Boluwaduro

Sodiq Samuel Oluwapelumi – Ola Oluwa

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Ajibade Oluwatoyin S. – Irepodun

Adebanjo Oladiti Tunmininu – Ilesa West

Ibironke Alade Adegboye – Atakumosa East

Aroke Muyiwa Aderemi – Ife South

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Kolade Obafemi Kolawole – Olorunda

Moshood Adekunle Kabiru – Iwo

Awotunde Abiodun Sarafadeen – Ifelodun

Akande Taiwo Adekunle – Osogbo

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Dada Feyisayo Ajibola – Atakumosa West

Amodu Taiwo – Ede North

Atolagbe Kayode Olayinka – Ifedayo

Akande Michael O. – Ife North

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Adeyekun Taiwo Adebayo – Oriade

Adeniran Adenike Felicia – Ayedaade

Afolabi Oyekola Lukman – Ede South

Odunyemi Haruna Bukola – Ife East

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Jooda Ambali Babajide – Irewole

Adewale Adeyinka Oluwaseun – Odo Otin

Ogunbiyi Solomon Akinyemi – Ayedire

Raimi Adenike Nafisat – Ejigbo

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Adebisi Jayeola Nasir – Ila

Ilesanmi Taiwo Sunday – Ilesa East

Alade Aderemi Fatai – Orolu

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DSS arrests three for assaulting operatives during LSHA crisis

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By Kayode Sanni-Arewa

The Department of State Services (DSS) has arrested three persons linked to the alleged assault on its officers during the crisis that rocked the Lagos State House of Assembly, following the removal Mudashiru Obasa, as Speaker

Apparently sensing danger, some lawmakers had mobilized their supporters to the Assembly Complex, but these supporters allegedly attacked some DSS officers who were invited by the Assembly leadership to secure the facility. Security sources revealed that “after extensive analysis of CCTV footage, we were able to clearly identify three of the suspects”.
“The suspects, Ibrahim Olanrewaju Abdulkareem, a photographer and two others attached to the Assembly’s Seargent at Arms, Adetu Adekunle Samsudeen and Adetola Oluwatosin Fatimoh, a lady, were consequently tracked and arrested during the week in different parts of Lagos,” The trio have since confessed to the crime and will soon be charged to court, the source said.

It would be recalled that the Lagos Assembly had in a leaked memo dated 14th February, 2025 and addressed to the DSS Director in the State, and Heads of other Security Agencies in Lagos State, told the Security Agencies in Lagos that, there was credible information to the effect that, Obasa had planned to forcefully reinstate himself today, February 18, 2025.
Accordingly, the Assembly management, held the view that, the development posed “a potential security threat” to it and its members.

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Police seal OSSIEC office, officials nabbed, says chairman

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By Kayode Sanni-Arewa

The chairman of the Osun State Independent Electoral Commission (OSSIEC), Hashim Abioye, has claimed that the police have sealed off the headquarters in Osogbo.

In a video post on the OSSIEC X handle, Abioye accused the police of also arresting election officials and blocking journalists from covering the local government election.

According to him, several OSSIEC officials were detained while on their way to polling units on Saturday.

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Attempts by our correspondent to reach Abioye for further details proved abortive as his telephone line was switched off.

The OSSIEC chair, in the post, assured voters that materials had been deployed to affected areas.

So far so good, the reports have been positive and the conduct has been very smooth and peaceful as against the false alarm raised by the police. Everywhere is calm,” Abioye said.

“The only thing is that in some of the areas in which materials are supposed to have arrived for voters to cast their votes, we had reports of police arresting our officials.

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“I don’t know on whose order because there is no court order that warranted the arrest of officers of our officials.

“As it is, we have deployed materials to those units because we have enough on the ground.

For our people in the media community, I want to apologise for the inadequacy of the tags and the jackets because we have enough but the police sealed our office and that was not warranted at all.”

Abioye’s comments come after police had called for the local government election to be called off by the state government, citing a security threat.

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In a statement by its Public Relations Officer, Olumuyiwa Adejobi, on Friday, the Police said it received credible intelligence indicating a likelihood of violence and significant security threats should the planned elections proceed.

The police explained that reports gathered from joint intelligence gathering revealed that various groups, including political elements and other interested parties, are mobilising to instigate unrest, disrupt public peace and undermine the democratic order.

However, the Osun State government acknowledged the police’s advice but insisted on going on with the election.

Channels Television reports that the election eventually went on as scheduled on Saturday.

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