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Aquitane Oil & Gas Ltd has accused Zenith Bank of fraud, alleging unauthorized share sales and other serious misconduct. The bank faces a major crisis of confidence #ZenithBankFraud Zenith Bank and its directors face grave allegations of fraud, including unauthorized share sales, document falsification, and diversion of dividends totaling over #1.4 billion. The bank's integrity is under scrutiny #ZenithBankFraud As Zenith Bank faces allegations of serious irregularities from Aquitane Oil & Gas, the question arises: How much faith can investors have in the banking system? The battle for transparency and accountability is underway
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Aquitane Oil & Gas Ltd., a major downstream oil industry player in Nigeria, has made explosive allegations against Zenith Bank Plc, accusing the bank of forgery, unauthorized asset sale, and diverting ₦1.4 billion in dividends. This scandal has sent shockwaves through Nigeria's financial sector. According to Aquitane, Zenith Bank, in collusion with Veritas Registrars and Quantum Zenith Securities, orchestrated a scheme involving the illegal sale of pledged shares, manipulated bank statements, and deliberately withheld dividends for over 10 years. The allegations suggest a deeply ingrained and long-standing conspiracy, which, if proven, could have far-reaching consequences for Zenith Bank and its affiliates. In a statement released to the press, Aquitane said the controversy revolves around FinBank shares that were initially pledged to Zenith Bank as collateral for a loan. The oil company claims that these shares, worth more than ₦1.8 billion, were sold without consent and ahead of schedule despite regular loan repayments. Quantum Zenith Securities, a subsidiary of the bank, is accused of facilitating the sale, while Veritas Registrars allegedly withheld dividends owed to Aquitane and other shareholders. The allegations of misconduct took a serious turn with claims of forgery. Aquitane reports that during a police investigation, Zenith Bank provided allegedly falsified account statements in response to official inquiries. A forensic audit conducted by Aquitane further uncovered inconsistencies in the bank statements, suggesting data manipulation designed to obscure unauthorized transactions and asset sales. Aquitane’s Managing Director has highlighted the potential damage to public trust that such actions, if true, could inflict on Nigeria’s financial system. This case raises questions about regulatory oversight within the banking sector and may lead to broader scrutiny of the country’s major financial institutions. As police delve deeper into Aquitane’s petition, which has already sparked public interest, calls for transparency and accountability are expected to intensify. The case underscores a pressing need for robust financial checks, as Nigeria’s banking sector faces calls to prove that no institution is above the law. Source >> https://newsunplug.com/2024/11/06/corruption-forgery-scandal-rocks-zenith-bank-as-firm-alleges-n1-4bn-diversion/ |
Justice S.I. Sonaike of the Lagos High Court, TBS has adjourned the arraignment of two lawyers, Ademola Owolabi, the managing partner of Ademola Adetokunbo & Co., and Adebayo Akeju, who is a partner in a law firm called Adon Partners, Lagos, as well as a real estate developer, Alex Ochonogor, to November 28. Ochonogor is the owner and managing director of Bluecrest Homes Limited, where Owolabi is also the company secretary. The adjournment followed the absence of the suspects and their counsel in court on Monday, when the matter was called before justice Sonaike. The suspects are facing a five count charge of conspiracy to commit forgery, forgery, and willful damage to property pressed against them by the Lagos State government in suit marked LD/23611C/2024. When the matter was called, the Director of Public Prosecution (DPP) of the Lagos ministry of Justice, Dr Babajide Martins announced his appearance. He told the court that the AG directed him to call a meeting on the matter. He said in view of the directive, the court should adjourn the matter. Consequently, the court adjourned the matter till November 28, 2024 for arraignment/further report from the DPP office. Prior to this, a mild drama ensued when the matter was called. The case file was not before the court. This reporter gathered that the Deputy Chief Registrar requested for it on Friday. As a result, the judge called for it and waited until it was retrieved. Meanwhile, while the defendants have refused to appear in court for arraignment in previous dates, instead they petitioned the Attorney General of Lagos to discontinue the charge and also induced the Police to re-investigate the case which is already in court. In addition, the defendants are also intimidating the complainant’s witness through the Police. In a petition to the AG dated October 11, copied to the DPP, the witness, Alao AbdulFatai explained that officers attached to General Investigation Section (G.I) of the Force CID Annex, Alagbon, Ikoyi Lagos invited him surreptitiously into the unconstitutional act of fresh interrogation on a matter before the court. He mentioned the officers who interrogated him as CP. Ronke Okunade Nurat, CSP. Olatunbosun Olawale and Inspr. Suleiman Umaru. AbdulFatai, who is a lawyer wrote: “When I got there, I was staggered when confronted with the same facts that I had made a statement on and already before the court, which was different from the Letter of Invitation Police sent to me. “Unfortunately, I had to make a statement on the same issue, under reservation of the unconstitutionality of reinvestigating a matter that is already before the court, the said re-investigation, being on the request of the accused persons. “This is strange because all over the world, an accused and his lawyers are always happy on shoddy Police Investigation because it gives them the leeway to get exonerated in court. However, in this case, the accused asked police to reinvestigate to exoneration them. “At the said re-investigation, the talking point of the officers from what I saw was that they were making a case for the accused, meaning that they were either influenced to conduct the investigation that way, or there was a petition to that effect, of which the intention is to intimidate me as a witness, or thwart the matter in court. no petition was shown to me. “I had written a petition of threat to life against the trio, because I am now in fear of my life and I copied your office. kindly find your copy as attached, most especially that Bayo Akeju has gone to press to libel and defame me by stating in a publication that I have been disbarred.” This reporter gathered that the Principal Secretary to the President of Nigeria, Hakeem Muri-Okunola, popularly called HMO, is the one pulling the strings from Abuja to aid the accused persons to evade justice, although HMO had vehemently denied the allegation too. Counsel to the complainant, Anthony Omaghomi had also expressed concern that Ochonogor perfected titles when there was a registered caution on the property. He has consequently asked the Registrar of Title, Lagos State Land Bureau Alausa Ikeja, Lagos State to provide him with the outcome of investigation and deregistration of consent “issued to Ochonogor registered as No: 40/40/2525 over all that parcel of land situate, lying and being at Lekki known and referred to as Plot No. 10 Block 133 Lekki Peninsula Residential Scheme 1, Eti-Osa Area of Lagos State of Nigeria containing an Area of approximately 1139.98 Square Meters with Certificate of Occupancy registered as No. 36 at page 36 Volume 1994W.” According to charge against the trio, the statement of offence in count one says: “Conspiracy to commit a felony to wit: Forgery contrary to Section 411 of the Criminal Law,Ch.C17, Vol.3, Laws of Lagos State, 2015.” Particulars of offfence states: “Ademola Owolabi (M), Adebayo Akeju (M), Alex Ochonogor (M) and others (now at large) sometimes in year 2015 at B604, Safe court Apartments, Ikate, Lekki, Lagos State in the Lagos Judicial Division conspired among yourselves to commit a felony to wit: Forgery.” In count 2, they were charged with forgery contrary to Section 365 (1) of the Criminal Law, Ch. C17, Vol.3, Laws of Lagos State, 2015. “Ademola Owolabi (M), Adebayo Akeju (M), Alex Ochonogor (M) and others (now at large) sometimes in year 2015 at B604, Safe court Apartments, Ikate, Lekki, Lagos State in the Lagos Judicial Division with intent that it be acted upon as genuine did forge an affidavit of loss of certificate of occupancy purportedly sworn at the Registry of Ministry of Justice, Alausa, Lagos State on 23rd day of September, 2014 to falsely indicate that the original of Certificate of Occupancy Number 36/36/1994W issued to one Hamza Al- Mustapha got missing. Also, contrary to Section 365 (1) of the Criminal Law, Ch.C17, Vol.3, Laws of Lagos State, 2015, the suspects were accused of forging a Demolition Notice Number 0000025 titled “Audit of Illegal structures within Government Schemes Acquisition and Revocation Areas” purportedly issued by the Governor’s Office, Lands Bureau, Directorate of Land Regularisation, Secretariat, Alausa with the intent for it to be acted upon. They were also accused of procuring a forged Memorandum of Loss of Certificate of Occupancy purportedly dated September 25, 2014 to falsely indicate that original of Certificate of Occupancy Number 36/36/1994W issued to one Hamza Al-Mustapha Certificate got missing as well as willfully and unlawfully destroying a bungalow located on Plot 10, Block 133, Lekki Peninsular Residential Scheme 1, Lagos State, property of one Dr. Obidigwe Eze, who resides abroad. The background to the charge is that Owolabi and Akeju both lawyers materially aided Ochonogor a businessman, in dispossessing Dr Eze of his property known as Plot 10 Block 133, Lekki Penninsula Residential Scheme 1, Lagos State. USP Communications Limited sold the land to Dr Eze in May 12, 2005, where he erected a bungalow and has been in peaceful possession. Upon invasion of the property by the accused persons for land grabbing purposes, the Police waded in and investigated the root of their title. The investigation revealed that Owolabi and Akeju had forged series of documents to establish that the property still belonged to Major Hamza Al-Mustapha, who was the original allottee, but has since sold the property in 2002 to Continental Properties, who in turn sold to USP Communications that finally sold to the current owner, Dr Eze. Relying on the premise of alleged missing title documents to the land, Akeju allegedly approached Major Hamza Al-Mustapha, while still in Prison, on the basis of assisting him in facilitating the sale of the property to Ochonogor, who had indicated interest in purchasing the land and provided funding for all the false documentation, forgeries and demolition of Dr Eze’s home. Al-Mustapha reportedly informed Akeju that he has sold a property in that location, instructing him to confirm from his lawyer, Abdulfatai Thomas to ensure that the property is not the same he had sold, but the suspect did not contact Thomas as instructed. He went ahead to concoct documents, demolished Dr Eze’s home and sold the land to Ochonogor, who immediately began construction against court injunction to stop. https://thenigerialawyer.com/court-adjourns-arraignment-of-two-lawyers-businessman-accused-of-forgery-damage-to-property-nov-28/
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In a shocking twist that has sent ripples through the financial sector, Lotus Bank has reported a staggering loss of N1,134,491,604.31 due to a major system glitch that allowed customers to execute transfers without proper debit instructions on their accounts. This major blunder has prompted the bank to take legal action, as they have filed an application before the Federal High Court in Lagos against 45 financial institutions across the country. Lotus Bank is determined to recover the lost funds, leaving other banks on high alert. According to an affidavit sworn by Gbenga Ojerinde, a Fraud Investigation Officer at Lotus Bank, and filed by Lagos lawyer Adebayo Oyagbola, the bank is taking this matter very seriously. Mr. Ojerinde disclosed that, due to his position, he has the authority to represent the bank’s interests in court. In his statement, he reassured stakeholders that Lotus Bank is a duly registered company with the Corporate Affairs Commission and holds a license from the Central Bank of Nigeria to provide financial services. The Respondents are banks and other financial institutions licensed by the Central Bank of Nigeria to provide payment services, banking and financial services and/or mobile money services. On the 20th July 2024, the Lotus Bank experienced a system glitch due to a rollback fix carried out on its e-Bills Pay platform to address a complaint.This fix led to unexpected behaviour which allowed customers with no-debit instructions on their accounts to initiate transfers without their accounts being debited,as a result of the foregoing,some customers of the bank made multiple transfers to the Respondents financial institutions listed before the court beyond the balances in their accounts. This glitch affected 718 customers of the bank who made successful withdrawals and transfers from their accounts without those accounts being debited. The initial financial exposure of the bank from this incident is about N1,134,491,604.31 One Billion, One Hundred and Four Hundred and Ninety-One Thousand, Six Hundred and Four Naira. Thirty-One Kobo) as is more comprehensively detailed in the schedule of accounts Exhibited before the court. Subsequently, Lotus bank seeks the Order of the Court to place restrictions on the said accounts pending the determination of the bank’s motion on Notice dated 22nd July 2024. Unless the bank’s application is granted an accelerated hearing, there is an imminent risk that the sums fraudulently transferred into the respective bank accounts domiciled with the Respondents financial institutions would be dissipated. Any delay in the hearing of this application will severely and irreparably affect the business of the bank. The bank undertakes to pay damages if this application turns out to be frivolous. An interim order of this court directing, mandating and compelling each of the Respondents financial institutions to attach the amounts standing to the credit of the named accounts held with each of them, as listed in the schedule of the accounts contained in Exhibit attached to the Affidavit in Support of this Application, deposed to by Gbenga Ojerinde, which amounts were domiciled with the different Respondents in respect of the un-debited transaction amounts carried out due to a system glitch on 20th July 2024 and which said amounts are in the aggregate sum of N1,134,491,604.31 (One Billion, One Hundred and Thirty-Four Million, Four Hundred and Ninety-One Thousand, Six Hundred and Four Naira, Thirty-One Kobo) pending the hearing and determination of the Motion on Notice in this suit. Consequently, the court has acceded to the request of the bank. This shocking development raises concerns about the security measures in place at financial institutions and the potential implications for customers. As this situation unfolds, all eyes will be on the court proceedings and the future of Lotus Bank in a volatile market. https://thelegendnewsng.com/lotus-banks-n1-13-billion-loss-customers-demand-assurances-on-security-measures-the-legend-news/ |
zenith Bank Chairman Jim Ovia Acknowledges Fraudulent Transactions, Seeks Out-of-Court Resolution with Femi otedola Authoritative sources within zenith Bank have confirmed that billionaire businessman, Femi otedola, and the Chairman of zenith Bank PLc, Mr Jim Ovia, have successfully settled their disagreement out of court. It was however gathered that the two businessmen agreed to resolve the matter amicably, so as not to jeopardise their years of harmonious business and personal relationships. The out-of-court settlement was a sequel to the dismissal of the case by the court on Thursday, June 13, following an application for withdrawal by otedola While the terms of the resolution remain confidential, sources privy to the development hinted that the businessmen embraced alternative dispute resolution so both parties could preserve their professional relationship and continue to grow their respective ventures. https://www.thecapital.ng/out-of-court/
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I found it surpring that Olam Farms one of the largest farms in the country has been involved and accused of slavery and human rights violation multiple times. Why is it that African firms are always at the forefront of things like this? There was one against them in Kaduna too sometime ago. Why only Olam? What is happening? This is when the EU threatened to drop them as a cocoa supplier Cocoa trader Olam says new EU law may force it to drop some suppliersThis is one from Ghana Ghanaian children accuse cocoa supplier Olam of breaching child labour lawsThis is Kaduna, Nigeria 🇳🇬 STAFF CRY OUT OVER INHUMANE TREATMENT METE OUT TO THEM AT OLAM FARMS IN KADUNA, HOW WORKERS ARE FORCED INTO LOCKDOWN DENIED THEIR RIGHTS
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