₦airaland Forum

JUST IN!!! Police Probe Zenith Bank Over Unpaid Dividend

The Nigerian police in Abuja are investigating Zenith Bank Plc over alleged falsification of a shareholder’s bank statements and withholding of share dividends.

The investigation was prompted by a petition from Aquitane Oil and Gas Limited which accused the Zenith Bank of falsifying the oil firm’s account statement.

Aquitane Oil also accused the bank of refusing to pay over N1.4billion dividends accrued from 10,775,299 and 17,425,300 shares units belonging to its affiliate firms – Southern Grace Investment Ltd and Globular Trading Investment Services Ltd respectively.

Aquitane Oil, which petitioned the Force Criminal Investigations Department (FCID) in Abuja, accused the bank of falsifying its account statement in an elaborate effort to conceal the non-payment of the dividends of the shares of the two subsidiary firms.


The company said the two subsidiaries had not been paid their dividends since the purchase of the shares about 2008 and that the bank falsified its own account statements to “conceal” the failure to pay the accumlated dividends.

Premium Times learnt that the police interrogated two representatives of Zenith Bank regarding the case at the FCID Abuja on Wednesday. The Zenith Bank officials were said to be from the oil and gas and legal departments of Zenith Bank.

The police did not detain the officials because they were not direct subjects of investigation.

A source said the police would still interrogate other officials of the bank, like the chief compliance officer and the account officer handling the accounts of the bank.

When contacted for his comment over the telephone on Thursday, Zenith Bank’s spokesperson, Ayoola Kusimo, rather asked, “How did you get that information?”

When encouraged to respond to the issues and care less about the source of the information, Mr Kusimo said, “I’m not aware.”

The Investigating Police Officer, Anota Oluseye, a superintendent of police, said he “cannot comment on an ongoing investigation.”

The FCID launched the investigation after Aquitane Oil and Gas Limited to sent a petition dated 11 October 2024 to the Inspector-General of Police Olukayode Egbetokun.

In the petition, submitted through Lukman O. Fagbemi & Co, the petitioner called on the IGP to investigate Zenith Bank for attempting to “conceal the illegalities” concerning the company’s shares in the bank.

Aquitane Oil and Gas Limited stated that “dividends of 10,775,299 and 17,425,300 units of Zenith Bank shares bought by Southern Grace Investment Ltd and Globular Trading Investment Services Ltd respectively, have not been paid to the firms since 2008.”

The Zenith Bank shares were bought during the Initial Public Offer held by Zenith Bank in 2008 with Veritas Registrars Ltd as the registrar.

Aquitance Oil said in 2020, Southern Grace and Globular Trading realised that the dividends for their shares had not been paid by Zenith Bank since 2008.

Following the discovery, the oil company said its subsidiaries contacted Veritas Registrars Ltd, the registrars of Zenith Bank, to enquire about their dividends, however, Veritas reportedly did not provide any information.

“Our client also holds a bank Account No. 1011453742 with Zenith Bank Plc as a customer,” the petition read.

Aquitane Oil said a bank statement obtained on 21 August 2020, from a Zenith Bank branch, showed the financial institution had not been receiving dividends from the lender.

However, the company alleged that Zenith Bank falsely claimed in letters dated 17 June 2008, and 22 July 2008, that dividends had been paid into Aquitane Oil accounts with the lender and “fabricated and concocted a false Statement of Account with Zenith produced sometime in February 2021 in respect of Aquitane’s Account No: 1011453742,” to show dividend payments into the bank account of Aquitane and a debit balance of about N1 billion.

“Surprisingly, in an attempt to conceal the illegalities committed with regard to the shares dividend, Zenith Bank subsequently produced documents including two letters dated 17 June 2008 and 22 July 2008 to create the false and spurious narrative that the dividends from the said shares were paid into Aquitane Accounts with Zenith Bank,” the company noted.

It added that, “Zenith Bank thereafter fabricated and concocted a false Statement of Account produced sometime in February 2021 in respect of Aquitane’s Account No. 1011453742 which now showed dividend payments into the Bank account of Aquitane and a debit balance well in excess of N1 billion Naira,” noting that the statement of account materially “conflicts with and contradicts the Statements of Account issued earlier by the same Zenith Bank on 21st August 2020” in the normal course of business upon request from a branch.

“This established the fact that the account was in credit and that no dividend payments were lodged into the account at any time,” it added.

Source : https://www.premiumtimesng.com/news/top-news/752997-police-probe-bank-over-unpaid-dividend.html#:~:text=The%20Nigerian%20police%20in%20Abuja,the%20oil%20firm's%20account%20statement.

Won ti kowo je...awon ole oshi

Buy shares at your own risk especially from naija banks

Man102:
JUST IN!!! Police Probe Zenith Bank Over Unpaid Dividend




Source : https://www.premiumtimesng.com/news/top-news/752997-police-probe-bank-over-unpaid-dividend.html#:~:text=The%20Nigerian%20police%20in%20Abuja,the%20oil%20firm's%20account%20statement.

Okay

Trust a woman at your own peril. Especially when she's from that other side.

Nigerian Banks are nothing but thieves. Ever wondered why they are the ones declaring humongous profits in this T-pain era despite their poor service delivery? You got your answer.

Since Jim stepped down as MD that bank has been behaving like Bulaba Bulaba-lububabu

They will never probe Access which breaks all the banking rules.. all of it

Useless bank... Thank God for Opay

Wahala!

Naija....which way,even banks

Man102:
JUST IN!!! Police Probe Zenith Bank Over Unpaid Dividend
Source : https://www.premiumtimesng.com/news/top-news/752997-police-probe-bank-over-unpaid-dividend.html#:~:text=The%20Nigerian%20police%20in%20Abuja,the%20oil%20firm's%20account%20statement.

I think this is efcc job. Let efcc do the job now. Which kind country be this

Useless bank

GT should be next!

Sold shares without any communication till date.

Why are all these banks fraudulent and terrible??

How is that even possible in this day of advances in money market

This may be a sponsored post to defame Zenith Bank, it's good to hear from both sides, but I know Zenith Bank will never do such things.

Zenith is an hournable bank.

Maj196:
Useless bank... Thank God for Opay

Opay and other Fintech banks that are virtual and have no physical presence and you are rejoicing..hmm

Ọmọ this is kinda strange.

Pluto33:
Opay and other Fintech banks that are virtual and have no physical presence and you are rejoicing..hmm

When them run with him cash, premium tears go full him eyes. It's a virtual bank for a reason

I’m regretting opening an account with this bank. Bad news every day.

Na olevel n waec police men go better investigation abii.. if u like no go report for nfiu or icpc..

Is it the responsibility of police to probe banks and financial issues?

Nigeria is really a zoo with a useless president. That is why everyone one and every institution is behaving like an animal.

Police probe? Joke of the century

femi4:
Won ti kowo je...awon ole oshi

Buy shares at your own risk especially from naija banks

says who?

CoronaVirusPro:
GT should be next!

Sold shares without any communication till date.

Please throw more light. As transactions can not be effected on the stock exchange market without the authorization of the shareholder. I have shares and I have understanding about buying and selling.

meobizy:
I’m regretting opening an account with this bank. Bad news every day.

It appears Jim Ovia (with his gorimapa head and thick baboon vajuju lips) is a renown scammer.

😂 🤣

Saturnalia:
H

Another poster claimed he resigned/retired from the bank. It is whoever is in charge today that is to blame for our woes.

NPF is the principal law enforcement agency in Nigeria. If not because of persistent inefficiencies within the force and our penchant for duplicating offices, I don't see any reason why EFCC and NDLEA should be existing. The two aforementioned agencies can be argued to be specialists but the truth is that they are doing the job of the police.

lagosrd:
I think this is efcc job. Let efcc do the job now. Which kind country be this

LandMann:
Is it the responsibility of police to probe banks and financial issues?

Nigeria is really a zoo with a useless president. That is why everyone one and every institution is behaving like an animal.

So whose responsibility should it be
Fyi, it's the duty of the police, and the right department (FCID) is in charge of it.

Blessedarethepe:
Please throw more light. As transactions can not be effected on the stock exchange market without the authorization of the shareholder. I have shares and I have understanding about buying and selling.

I am talking about the last public offer. shares have not been allotted and no communication or whatsoever. I believe it’s almost 3 months since offer closed.