N88billion Fraud Scandal: Billionaire Femi Otedola Exposes Zenith Bank's Alleged

N88Billion Fraud Scandal: Billionaire Femi Otedola Exposes Zenith Bank's Alleged Fraudulent Schemes!In a shocking turn of events, Nigerian business magnate and Group Chairman of First Bank Plc, Mr. Femi Otedola, has taken legal action against Zenith Bank Plc and its Chairman, Jim Ovia. Allegations of illegal and unauthorized charges in his account have been raised, along with claims of the forceful recovery of his shares in Zenith Bank.In a lawsuit filed at the Federal High Court in Lagos under suit No: FHC/L/Cs/425/24 dated 6th March 2024, Otedola is seeking justice and restitution. The defendants named in the suit include Zenith Bank, Quantum Zenith Securities, Veritas Registrars, and Central Securities Clearing System.Among the relief sought by Otedola are orders for Zenith Bank to refund over N205 million wrongfully debited from Zenon Petroleum Limited's account in 2011, as well as the return of 1.3 billion shares illegally taken from Zenon Petroleum Limited. Additionally, Otedola is seeking the payment of N88 billion in unpaid dividends accrued on the shares taken by Zenith Bank since 2011.Furthermore, Otedola is requesting an order for accrued interest on the unpaid dividends at a rate of 10 percent per annum until judgment is delivered. He also seeks a refund of any wrongful debits and the payment of accrued dividends on Zenon Petroleum's account and shareholding as determined by an independent audit firm. The plaintiff is also asking for damages totaling N800 million.Sources close to Zenon Petroleum Limited revealed that Zenith Bank has attempted to settle the matter out of court, but Zenon is adamant about seeking justice through judicial means. The institution's alleged history of tampering with customers' accounts has reportedly fueled Zenon's decision to pursue legal action.Investigations are reportedly underway to ascertain whether Jim Ovia benefitted from the shares illegally recovered from Zenon and how payment for the shares was made, with suspicions that they may have been acquired without proper compensation.https://dailytimesng.com/femi-otedola-zenon-petroleum-sues-zenith-over-alleged-illegal-acquisition-of-shares/The legal battle between Femi Otedola and Zenith Bank promises to be a high-stakes affair, with significant financial implications for both parties. As the case unfolds in court, the Nigerian business community will be closely watching to see how this dispute is resolved and what impact it may have on corporate governance and accountability in the country.https://dailytimesng.com/femi-otedola-zenon-petroleum-sues-zenith-over-alleged-illegal-acquisition-of-shares/