News

Femi Otedola tackles Jim Ovia, reveals ‘fraudulent transactions’ in Zenith Bank account

Published

5 months ago

June 5, 2024

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

Police save abduct£d 14-month-old baby from nanny

Published

46 minutes ago

November 16, 2024

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

Operatives of the Edo State Police Command have successfully rescued a 14-month-old baby, Grace Osamagbe, who was abducted by her nanny, Rejoice Chukwu, in April.

Commissioner of Police Umoru Ozigi told newsmen on Saturday in Benin, that the Anti-Kidnapping and Cyber Crime Unit arrested Chukwu, 24, and her boyfriend, Destiny Uchechukwu, 28, in Uyo, Akwa-Ibom

According to Ozigi, the suspects abducted the child in Benin and collected a ransom of N160,000.

I lost my hands, girlfriend, dad’s landed properties survived depression; but I’m alive’0:00 / 0:00

“In spite of receiving the ransom, the suspects allegedly sold the baby for N500,000 to Doris Chiwendu in Owerri, Imo State.

“Following intense interrogation, police tracked down Chiwendu and another suspect, Jane Amaigbo, in Ubomiri, Imo State, and rescued the baby on November 9.”

The police commissioner explained that the suspects would soon be charged in court.

News

Ondo: Hoodlums attack INEC officials in Ogbagi Akoko, destr0y electoral materials, others

Published

1 hour ago

November 16, 2024

Naijablitznews

Some hoodlums have attacked and assaulted officials of the Independent National Electoral Commission (INEC) at Polling Unit 19, Ward 6 Ogbagi in the Akoko area of Ondo State in the ongoing governorship election in the state.

According to a video posted on social media, the Presiding Officer (PO) of the polling unit said that the attackers destroyed all the electoral materials at the polling unit, stole their phones and purses, and physically assaulted them.

The Presiding Officer, who said that the attack happened shortly after a PDP agent at the polling unit was arrested by the police for tearing votes, said that her Assistant Presiding Officer 1 (APO 1) she identified as Bello Samuel, had been missing since they were attacked.

Narrating what happened, the Presiding Officer said, “As the process of the election was going on, a party agent from PDP tore a vote without my consent. I don’t know his name because he had not indicated his name.

“I was trying to address him but he asked me to do my work. In order to resolve the matter, the Kabiyesi of the community (community leader) came but he (the PDP) agent was trying to tear another vote when the officers (police) at the polling unit called the DPO for his arrest.

“They (police) asked me what I wanted and I said he should be removed or the polling unit should be canceled. Then, he was arrested and the election continued.

“Unaware, we discovered a gang of people parking the election materials and they beat us up – I and my APOs. Even till now, I haven’t seen my APO 1, Bello Samuel by name.

“Our phones have been stolen with our purses, and all the electoral materials have been destroyed except the BVAS which I escaped with.”

She said that before the hoodlums attacked them, “I called SPO and the officers called the DPO. After that, I know nothing preserved by grace.”

News

Just in: APC In Early Lead As INEC Uploads Ondo Election Results On IReV Portal

Published

1 hour ago

November 16, 2024

Naijablitznews

INEC has begun to upload Ondo Governorship Election Results to the IReV Portal.

Ondo State electorates have today voted who would govern the South-west state until 2028.

Those who contested in the election include: Governor Lucky Aiyedatiwa of the ruling All Progressives Congress (APC); Social Democratic Party (SDP) candidate, Bamidele Akingboye; Labour Party’s (LP) Olusola Ebiseni, Zenith Labour Party’s (ZLP) Abbas Mimiko; and Hon Agboola Ajayi of the Peoples Democratic Party (PDP).

SEE RESULTS:
Ondo governorship election INEC IReV portal results:

OGOGORO III: OPEN SPACE AT EDEMAS HOUSE OGOGORO

Ward: MAHIN 11
Lga: ILAJE

NNPP: 53
APC: 47
PDP: 1
LP: 0

OKENJO/OKEEJE CAMP/EDEBO /OSAFA 1 & 11, BESIDE AKADIRIS HOUSE

Ward: ISOWOPO II
Lga: AKOKO NORTH EAST

APC: 90
LP: 30
PDP: 25

L.A PRY SCH IGIRIKILE

Ward: APOI III
Lga: ESE-ODO

APC: 69
PDP: 64

ODOSI 1 & 11, COURT HALL AUGA

Ward: ISOWOPO II
Lga: AKOKO NORTH EAST