Otedola, Ovia’s Zenith Bank Settle Out Of Court

The controversy between billionaire investor, Femi Otedola and Zenith Bank, over an alleged financial fraud has been resolved out of court.

Sources said Otedola, who is the chairman of FBN Holdings and majority shareholder of Geregu Power, opted to withdraw the case from court.

Otedola had filed the suit at the Federal High Court of Nigeria, Lagos Division on 12 March, alleging fraudulent transactions on an account in Zenith Bank, belonging to his company, Seaforce Shipping Limited.

According to him, it involved unauthorised transactions and initiation of a loan of about N6 billions of which he was not aware of.

Sources said the withdrawal of the case followed an understanding reached by Otedola and Ovia.

According to a report by Premium Times, the court dismissed the case on Thursday, 13 June, on receiving a notice of discontinuance from the plaintiffs.

The plaintiffs in the suit were Mr Otedola, Seaforce Shipping Co. Limited, Luzon Oil & Gas Limited, Garment Care, and Zenon Petroleum & Gas Limited, while the defendants were Zenith Bank, Quantum Zenith Securities & Investment Limited, Veritas Registrars Limited and Central Securities Clearing System Plc.