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
Genotype incompatibility: Bauchi couple cancels wedding days to ceremony
A Bauchi State resident, Muhammad Ibrahim, has cancelled his wedding ceremony after medical tests revealed he is not genetically compatible with his fiancée, Fatima Abdulqadir.
In a Facebook post shared on November 21, 2024, Ibrahim announced the decision to call off the wedding, which was scheduled for November 29, 2024.
He explained that both he and his fiancée were AS genotype carriers, posing a significant risk of having children with sickle cell disease.
Ibrahim, a Zoology graduate from Bauchi State University, disclosed that they discovered this only last month after undergoing tests at two separate hospitals to confirm the results.
Saturday PUNCH gathered that the couple had been in a three-year relationship but had not prioritised genotype testing, assuming there would be no issues.
In the Facebook post, Ibrahim wrote, “Dear friends and family, it’s with an incredibly heavy heart that I regretfully announce the cancellation of my upcoming wedding.
“Due to unforeseen genetic compatibility issues, my partner and I have made the difficult decision to go our separate ways.”
He described the news as a “devastating shock”, adding that their inability to proceed with the wedding had left him heartbroken.
Ibrahim in a chat said some family members encouraged him and his fiancée to proceed with their plans, but they declined.
He noted that the decision was made out of concern for potential health risks associated with having children who might inherit the sickle cell gene.
Meanwhile, the couple’s decision drew sympathy from their social media friends, with many commending their courage.
Ibrahim concluded his post by asking for prayers and understanding during what he described as a “dark hour.”
“It’s for the unborn children not to suffer,” one commenter wrote.
Another added, “This is a wake-up call for everyone to prioritise genotype testing early in relationships.”
News
Angry mob sets two revenue collectors ablaze in Anambra
By Kayode Sanni-Arewa
An angry mob has reportedly set ablaze two yet-to-be-identified revenue collectors of the Anambra State Government for causing a tipper driver to ram and kill a bystander at the Old Market Road along Venn Road by Egerton Bus Stop in Onitsha, Anambra State.
The incident, which occurred on Friday, caused confusion, thereby leading to gridlock in the area.
Eyewitnesses near the scene said the tipper driver lost control of the vehicle and rammed into the bystander as the revenue touts were dragging the steering of the vehicle with him.
According to sources, the revenue collectors were chasing the tipper driver over a payment they wanted him to make before he rammed into the man.
One of the sources said, “There was chaos in Onitsha as an angry mob set ablaze about two revenue touts, while four others were lucky as they managed to escape. The revenue collectors, numbering about six were chasing the tipper driver over a certain amount they asked him to pay.
“As they were chasing him, some of them were dragging the steering with him, but unfortunately, in the process, the tipper driver lost control and rammed into a passerby, killing him instantly.
“Immediately, the revenue collectors saw the damage they had caused; they tried to flee the scene, but the Onitsha mob got angry and descended on them, setting ablaze two of them instantly while four of them managed to escape.
“This is one death too many that has been going on in Anambra in the last two years. The person who the tipper driver rammed into was a known person. We cannot continue like this anymore. These revenue touts of the state government have killed more Ndi Anambra than non-state actors.”
Another source and a trader in the area also said, “Onitsha was hot this morning at Egerton by Old Market Road. Revenuemen were dragging steering with a tipper driver because he refused to bribe them, and in the process, the vehicle ran over an innocent man.
“Then, seeing the result of their stupid action, they tried to run away. But the angry people chased and caught two of them and set them on fire.”
The videos of the incident showing the burnt corpses of the revenue collectors have been making the rounds on social media to corroborate the story.
The Chairman of the association, Ebuka Unekwe, who also confirmed the development, lamented that the revenue collectors have been a pain on the neck of tipper drivers in the last two years.
When contacted on the development, on Saturday, the Anambra State Police Command’s spokesman, SP Tochukwu Ikenga, confirmed the development, saying the police have responded swiftly to bring the situation under control.
He said, “Anambra Police responded swiftly on the receipt of the fatal accident that happened within that area.
“We are already working with the relevant authorities to ascertain what happened and find an amicable solution to such, especially on future occurrences.
News
Igbos to boycott Arise TV over Abati’s uncouth statement
The Indigenous People of Biafra lawyer, Ifeanyi Ejiofor, has called on Ndigbo to boycott Arise TV until its anchor, Reuben Abati, tenders an unreserved apology.
The former Special Adviser on Media and Publicity to former President Goodluck Jonathan, Reuben Abati, recounted during a morning programme how a former minister could not buy land for his wife in Igbo land.
Abati’s statement that Ndigbo does not sell land to non-indigenes generated condemnation from the people of the South East region.
Most X users of Igbo extraction accused Abati of committing ethnic bigotry against the group.
In reaction on Friday, on his X handle, Ejiofor alleged that he had previously taken on the former presidential spokesman for his alleged anti-Igbo statement.
“When I confronted Abati frontally on a live television interview (TheMorningShow) a few years back about his deep-rooted hatred for Igbos and our struggle for freedom from enslavement within Nigeria’s political arrangement, I was fully seized of the disturbing facts of his ethnic bigotry. It is inborn in him; thank God he could not hide it any longer,” he narrated.
The IPOB lawyer demanded Arise TV’s owner, Nduka Obaigbena, mandate Abati to apologize to Ndigbo. He called on South East indigenes to boycott the station if Abati failed to tender a public apology.
“Reuben Abati must tender an unreserved public apology to Ndi Igbo, but if Nduka Obaigbena condones his anti-Igbo sentiment (Igbophobia), then, this should be a convenient point for Igbos to boycott, in its totality, the promoting of all programmes on Arise TV platforms,” Ejiofor stated.
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