Court Fixes Oct. 6 For Adoption Of Suit Against Zenith Bank Over Alleged N6.4bn Illegal Charges

Adejugbe also stated that three different transactions leadings to this litigation occurred in his company’s current account whereby excess and illegal interest and charges were discovered. And that upon discovery of the said charges, the company demanded a reversal but the bank bluntly refused.

He also stated that a forensic accounting firm was engaged to scrutinize and analyse his company’s account and it was then discovered that between August 2006 and December 2013, excess interest and charges on the company by Zenith Bank Plc as accumulated to the tune of N1, 842, 471, 801. 99 billion.

Adejugbe further stated that by a letter dated February 19, 2008, Zenith Bank granted his Company commercial paper facility of N2,568,644,276.09 billion, to finance the purchase of 30,000MT of Petroleum products, but N2,501,270 billion was credited into the company’s account.

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