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Femi Otedola accuses Zenith Bank of illegal sale of N25b Shares
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.
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.
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.
President Bola Tinubu has said that the 2025 budget forecasts that inflation will decline from current 34.6% to 15% next year.
He said this during his presentation of the N47.9 trillion 2025 budget proposal to a joint session of the National Assembly on Wednesday.
The President also said that the exchange rate will improve from approximately N1,700 per dollar to N1,500.
According to Tinubu, “this is an ambitious but necessary budget to secure our future.”
“The Budget projects inflation will decline from the current rate of 34.6 per cent to 15 per cent next year, while the exchange rate will improve from approximately 1,700 naira per US dollar to 1,500 naira, and a base crude oil production assumption of 2.06 million barrels per day,”Tinubu said.
He said the budget projections are based upon observations such as reduction of petroleum products importation, increased export of finished petroleum products, bumper harvest driven by enhanced security, reducing reliance on food imports, among others.
Tinubu listed highlights of the budget to include defence and security – N4.91tn, infrastructure – N4.06tn, health – N2.4tn, education – N3.5tn, among others.
Nigerians are grappling with economic hardship following incessant increase in inflation and volatile exchange rate that has seen dollar exchange as high as N1,700 in recent days.
On Monday, the National Bureau of Statistics (NBS) said Nigeria’s headline inflation rate rose to 34.60% in November 2024 from 33.88% in October 2024.
The November inflation rate showed an increase of 0.72% points compared to the October 2024 inflation rate, according to NBS’s latest Consumer Price Index (CPI) report which measures the rate of change in prices of goods and services.
“On a year-on-year basis, the Headline inflation rate was 6.40% points higher than the rate recorded in November 2023 (28.20%). This shows that the Headline inflation rate (year-on-year basis) increased in November 2024 compared to the same month in the preceding year (i.e., November 2023),” the Bureau said.
Significantly, food inflation rate in November 2024 was 39.93% on a year-on-year basis, 7.08% points higher than the rate recorded in November 2023 (32.84%).
The Peoples Democratic Party (PDP) Oguduokwor Ward in Onicha Local Government Area of Ebonyi State has formally announced the expulsion of the suspended National Vice Chairman (NVC) of the party in the Southeast, Mr. Ali Odefa from the party.
Ali Odefa was suspended from the party on September 11, 2024 by the Ward Executives of the party for his engagement in various anti party activities. The Federal High Court sitting in Abakaliki while ruling on suit NO: FHC/AI/CS/182/2024 further affirmed the suspension on November 29, 2024.
Announcing the expulsion of Mr. Odefa at a well- attended press conference on Wednesday, the Acting Chairman of the PDP Oguduokwor, Hon. Onyedikachi Herbert Ovuta flanked by other Ward Executives stated that the expulsion of the erstwhile NVC follows the recommendation of the Party’s disciplinary committee that affirmed the allegations of anti-party activities leveled.
According to the party chairman, “The expulsion of Chief Ali Odefa follows the report, findings and recommendations of the Ward Disciplinary Committee of the party which is in line with the provisions of the party constitution.”
The party announced that Mr. Ali Odefa by the virtue of his suspension, therefore “ceases to be a member of the party.”
The party’s statement reads in part:
“The Peoples Democratic Party (PDP), Oguduokowor Ward, Onicha Local Government Area of Ebonyi State hereby announce the expulsion of Chief Ali Odefa, the suspended National Vice Chairman of the PDP, South East Zone from the party which takes immediate effect.
“The expulsion of Chief Ali Odefa follows the report, findings and recommendations of the Ward Disciplinary Committee of the party which is in line with the provisions of the party constitution.
“Recall that Chief Ali Odefa was suspended from the party by the Ward leadership on 11th September 2024.
“Consequent upon the judgement of the Federal High Court Abakaliki in suit number FHC/AI/CS/182/2024 which affirmed the suspension of Chief Ali Odefa, the Disciplinary Committee of PDP Oguduokwor Ward after their sittings on the above subject matter unanimously recommended that Chief Ali Odefa the Suspended PDP National Vice Chairman South East Zone be expelled from the party.
“The Executive Committee of PDP Oguduokwor Ward on 11th December 2024 after receiving the report, findings and recommendations of the Disciplinary Committee of PDP Oguduokwor Ward unanimously approved the expulsion of Chief Ali Odefa from the party which is compliance to section 58(1) and section 59(1) of the PDP constitution.
“Henceforth Chief Ali Odefa, seizes to be a member of our party the Peoples Democratic Party (PDP)
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