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Just In : Otedola, Zenith Bank opt for out-of-court settlement

By Kayode Sanni-Arewa
The Federal High Court of Nigeria, Lagos Division, dismissed the case on Thursday on receiving a notice of discontinuance from the plaintiffs.
Femi Otedola, the chairman of FBN Holdings and majority shareholder of Geregu Plc, and some of his companies have opted for an out-of-court settlement with Zenith Bank Plc.
Mr Otedola was involved in a legal dispute with the bank over alleged “fraudulent transactions” on his company’s accounts.
Court papers obtained by PREMIUM TIMES showed the Federal High Court of Nigeria, Lagos Division, where Mr Otedola and his companies filed the suit against the lender on 12 March, dismissed the case on Thursday, 13 June, on receiving a notice of discontinuance from the plaintiffs.
Zenon Petroleum & Gas Limited, Seaforce Shipping Co. Limited, Luzon Oil & Gas Limited, Garment Care and Mr Otedola were the plaintiffs, while Zenith Bank, Quantum Zenith Securities & Investment Limited, Veritas Registrars Limited and Central Securities Clearing System Plc were the defendants.
According to a court document, Justice A.O. Faji discontinued the lawsuit after the counsel for the first to third defendants and the counsel for the plaintiffs asked for the matter to be dismissed, with the “counsel for the fourth defendant not objecting.”
Mr Otedola and his companies initiated legal action against Zenith Bank and the other defendants in March, claiming that the lender disposed of his shares in the bank without authorisation, manipulated the companies’ bank accounts and fabricated some documents to conceal the alleged crimes.
He accused the lender of wrongfully calculating his debts before selling them to the Asset Management Corporation of Nigeria (AMCON), which the bank set up to buy the non-performing loans in the books of banks with the intention of recovering them thereafter.
Zenon had claimed that the letters of credit that led to the bad loans AMCON acquired were opened before the corporation took over the debt in December 2011. The company stopped operating the account after AMCON’s intervention.
According to a document seen by PREMIUM TIMES, the overdue on Zenon’s account at the point AMCON took over the liabilities was N39 billion. Zenon said Zenith Bank offered the debt to the corporation at N49 billion. AMCON ended up paying the bank N44.1 billion for the debt.
Sources with knowledge of the matter told PREMIUM TIMES in May that Mr Otedola chose to take legal action against the bank after several failed reconciliation attempts. During the month, both parties held three meetings, none yielding the desired results.
“It is clear that Zenith Bank Plc is not sincere in resolving this issue out of court and as such a time-wasting exercise,” one of the sources said.
At this juncture, we have resolved to pursue our claims via the judiciary, law enforcement, the CBN and the court of public opinion as we know that our claims are very genuine.”
According to a document detailing the deliberations of both parties at a meeting held on 20 May, Zenith Bank agreed to refund the N205 million it wrongfully debited to Zenon’s account with compounded accrued interest using a bankdraft.
Seaforce Shipping Company Limited, owned by the billionaire tycoon, said Zenith Bank presented some statements of account claiming that it owed the bank N5.9 billion as of February 2024. It added that Zenith Bank abandoned the claim after the company showed proof that Seaforce’s account was in credit as of 2018.
A source said Zenith Bank sold the 415 million shares that Zenon held in Zenith Bank for N4.9 billion in December 2010, noting that the shares were repurchased in the following month for N5.4 billion, triggering a net loss of N142.9 million.
He further disclosed that related transactions were carried out on Mr Otedola’s account, causing a net loss of N61.5 million and a combined loss of N205.4 million in both cases.
Isyaku Mohammed, the commissioner of police in charge of administration at the Force Criminal Investigation Department, summoned the managing director of Zenith Bank on 16 May over what he described as an alleged unauthorised debit to Zenon’s account.
“This office is investigating an alleged case of fraudulent misrepresentation, wrongful debit and unauthorised transactions referred from the assistant inspector general of police, FCID Annex, Alagbon Close, Ikoyi, Lagos, involving your financial institution,” the letter, a copy obtained by PREMIUM TIMES, read.
“A precis of the petition at disposal reveals that sometime in 2011, an unauthorised withdrawal was carried out on the account of Zenon Petroleum Gas Limited with number 10110385211 to the tune of Two Hundred and Five Million, Three Hundred and Forty-six Thousand, Five Hundred and Seventy-Three Naira (N205,346,573.00) without justification.”
The letter stated that Zenith Bank wrongfully opened some letters of credit after AMCON acquired the debt in 2011, which led to unsolicited loan disbursement that further plunged Zenon into indebtedness.
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How Nnamdi Kanu sit-at-home order led to the killing of retired Judge – Witness

A prosecution witness in the ongoing trial of the leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu on Thursday, told a Federal High Court in Abuja that, Kanu’s broadcast led to the killing of a former Senior Special Adviser (SSA) to ex-President Goodluck Jonathan, Ahmed Gulak, and others.
In a recorded session played before the trial Judge, Justice James Omotosho, the prosecution witness, an official of the Department of State Services (DSS), led by Chief Adegboyega Awomolo, SAN, alleged that Kanu’s broadcast in which he ordered followers to “deal with” anyone violating his sit-at-home directive directly preceded the murder of Gulak on May 30, 2021.
The witness, the second so far called by the prosecution said, he was part of the DSS’ team that investigated the complaint made against Kanu by the then Attorney General of the Federation (AGF), Abubakar Malami, and that, the defendant’s broadcast also led to the killing of a retired judge, Justice Stanley Nnaji and an intending military couple, Sergeant Audu Lucas, Private Glory Matthew.
The witness said Kanu, in one of his broadcasts, ordered his followers to enforce a sit-in at home in all South-Eastern states, and as a result, many people who went out of their houses on that day were killed.
He said investigation revealed that Sergeant Lucas and Private Matthew were not only killed by those who were enforcing Kanu’s sit-at-home order, but they were also beheaded.
The witness said investigation also revealed that before killing Gulak, those enforcing the sit at home directive by Kanu, blamed him (Gulak) for coming out on a day their leader asked people not to go out of their homes.
Kanu, however, denied responsibility for the violence, insisting that his movement is non-violent and that IPOB cannot be involved in any criminality.
He admitted operating a radio programme but denied that his broadcasts led to killings in Lagos during the End SARS protests, arguing that Lagos is not within the Biafran territory.
The prosecution’s witness, codenamed PWBBB, claimed that the video evidence linked Kanu to violent acts, including the burning of police stations and the beheading of officers in Lagos.
Kanu said he was not directly involved in the day-to-day running of both organisations (IPOB and ESN), which he said were managed by their states’ coordinators.
The defendant also said, in the video, that he made broadcasts in respect of the End SARS protest and other broadcasts on Radio Biafra.
Kanu, who said he facilitated the establishment of ESN, explained that the organisation was necessitated by the killings of the people of the South East and faulted the invasion of his house by armed soldiers, which he said accounted for why he left the country for fear of being killed.
He argued that the invasion was unnecessary and also faulted the manner he was arrested in Kenya and brought back to Nigeria.
He said the protest in Lagos during the End SARS protest was outside the Biafran territory and that the destruction witnessed during the protest could not have been due to his broadcast.
Kanu said he does not have authority over his members, adding that if he had authority over them, he would not have subscribed to the referendum; he would have just pronounced Biafra into existence.
In the video, Kanu denied that IPOB is responsible for the violent attacks in some parts of the south east and the killings witnessed, adding that “IPOB is a peaceful movement. The IPOB is a non-violent movement.”
Defence counsel, Paul Erokoro, SAN, objected to the admissibility of the video, requesting time to consult further.
Following agreement by lawyers in the matter, Justice James Omotosho adjourned till May 14, 21 and 22, 2025 for further hearing.
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Nigeria Needs To Focus on Local Solutions to Fight Poverty – Speaker Abbas

By Gloria Ikibah
Speaker of the House of Representatives, Rep. Tajudeen Abbas, has said the fight against poverty in Nigeria must start at the community level.
Representatives by the Chief Whip of the House, Rep. Isiaka Ibrahim, at the inauguration of a new House Committee focused on community and social development on Wednesday, Abbas stressed that real change will only happen when policies are designed to meet the everyday needs of people in towns and villages.
He also called on the government to create people-friendly programmes that reduce the gap between the rich and the poor.
The event, held at the National Assembly in Abuja, marked the official takeoff of the Committee on Community and Social Development Agency/NG-Cares. Abbas urged members of the Committee to approach their work with honesty and a genuine desire to help struggling Nigerians.
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White smoke rises, new pope elected at Vatican +Video

By Francesca Hangeior
White smoke billowed from the chimney of the Sistine Chapel on Thursday, signalling that cardinals locked inside have elected a new leader for the world’s 1.4 billion Catholics.
Thousands of pilgrims and curious onlookers in St Peter’s Square cheered and applauded as the smoke appeared and bells began to ring, indicating the 2,000-year-old institution has its 267th pope.
All eyes now turn to the balcony of St Peter’s Basilica to see who has been elected to succeed Pope Francis, an Argentine reformer who died last month after 12 years as leader of the worldwide Church.
The new pontiff will be introduced in Latin with his chosen papal name and address the world for the first time.
He faces a momentous task: as well as asserting his moral voice on a conflict-torn global stage, he faces burning Church issues from the continued fall-out from the sexual abuse scandal to the Vatican’s troubled balance sheets.
Some 133 “Princes of the Church” from five continents — the largest conclave ever — began voting on Wednesday afternoon.
Sworn to secrecy, on pain of excommunication, their only means of communicating their progress to the outside world was by sending up smoke through the chimney of the Sistine Chapel.
On Wednesday evening and then again on Thursday lunchtime, the smoke was black, emitting disappointed sighs from the tens of thousands watching.
But on Thursday afternoon just after 6pm (1600 GMT) the smoke emitted was white, confirming that the Catholic Church has a new spiritual leader.
By tradition, he now enters the Room of Tears — where freshly-elected popes give free rein to their emotions — to don a papal cassock for the first time, before returning to the Sistine Chapel so the cardinals can pledge their obedience.
He will then appear on the balcony along with a senior cardinal, who will announce to the waiting crowds “Habemus Papem” (“We have a pope”).
The pope will then give a short speech and impart his first “Urbi et Orbi” (“To the City and the World”) blessing.
The election has come at a time of great geopolitical uncertainty, which was seen as a key voting issue, along with the rifts within the Church.
Francis was a compassionate reformer who prioritised migrants and the environment, but he angered traditionalists who wanted a defender of doctrine rather than a headline-maker.
Some 80 percent of the cardinal electors were appointed by Francis. Hailing from 70 countries around the world, it was the most international conclave ever.
That was no guarantee, however, that the cardinals would pick someone in his vein.
The question was whether to choose a pastor or diplomat, a liberal or conservative, someone versed in the Curia — the Church’s governing body — or a relative outsider from areas of the world where Catholic faith is thriving.
Before the cardinals were locked into the Sistine Chapel Wednesday, their dean Giovanni Battista Re urged them to choose someone able to protect the Church’s unity.
The next pope must also be able to lead “at this difficult and complex turning point in history”, amid raging conflicts around the world and the rise of ultra-nationalist parties.
The Church has also had difficulty in adapting to the modern world, with declining priest numbers and increasingly empty pews in the West.
The papal inauguration usually takes place less than a week after the election with a mass celebrated before political and religious leaders from around the world.
The new pope will likely do a tour of St Peter’s Square in his popemobile for the first time, before delivering a homily outlining his priorities.
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