A high-stakes financial clash has erupted between billionaire businessman Femi Otedola and Jim Ovia, chairman of Zenith Bank, over alleged unauthorized transactions amounting to billions of naira, according to TheCable.
Otedola has formally accused Ovia of using his company Seaforce Shipping Limited’s Zenith Bank account for trading without his permission. The account, dormant since 2010, was allegedly reactivated for substantial financial activities without Otedola’s knowledge.
The issue came to light when a whistleblower from Zenith Bank alerted Otedola to these unauthorized transactions. Despite requests, Zenith Bank has not provided documentation to justify these activities.
In a striking example, Otedola noted that in 2018, Zenith Bank acknowledged a debt of only ₦2,278,420 in correspondence with Seaforce’s auditors. However, a bank statement from the same period showed a debt of ₦2.9 billion. Further investigation uncovered transactions totaling over ₦16 billion from 2011 to 2024, many of which Otedola claims were unauthorized.
Currently, Seaforce is burdened with a debt of around ₦5.9 billion, largely due to interest charges. In response, Otedola and his affiliated companies—Zenon, Luzon Oil and Gas, and Garment Care Limited—have obtained a federal high court injunction against Zenith Bank and several other financial institutions. This injunction prohibits these entities from trading shares or paying dividends linked to the disputed accounts until a further hearing.
The Force Criminal Investigation Department (FCID) has already begun questioning senior officials at Zenith Bank as they delve into this significant case of alleged financial misconduct.
See the transactions below:
