Zenith bank’s Jim Ovia, Forte’s Otedola, locked in escalating fraud dispute
By Innocent Raphael
In a rapidly intensifying dispute, billionaire businessman Femi Otedola has clashed with Jim Ovia, chairman of Zenith Bank, over an alleged multibillion naira fraud.
Otedola has accused Zenith Bank of unauthorized trading using the account of his company, Seaforce Shipping Limited, dating back to 2011.
Otedola’s complaint centers on claims that Zenith Bank conducted transactions on Seaforce Shipping’s account without his knowledge or consent, even though the account had been inactive since 2010.
According to Otedola, Seaforce never applied for or received a loan from Zenith Bank, yet trading activities amounting to billions of naira were recorded on the account.
A police investigation by the Force Criminal Investigation Department (FCID) is currently underway. Despite the seriousness of the allegations, efforts are reportedly being made to resolve the issue amicably.
Otedola’s discovery of the unauthorized transactions came 13 years later, prompted by a whistleblower within Zenith Bank. Upon confronting bank officials, Otedola claims they issued an apology. He has also provided evidence including a letter from March 19, 2018, in which Zenith Bank stated that Seaforce’s account held a debt of only N2,278,420. However, the bank statement on the same day showed a debt of N2.9 billion, contradicting the earlier figure.
The disputed account recorded transactions totaling over N16 billion from 2011 to 2024. Otedola has questioned the source of payments that reduced the account’s purported debt from N16.9 billion to N11 billion, asserting he was unaware of these transactions.
Significant credits were recorded in 2011, including N77 million on April 18 and N444 million on December 12.
Currently, Seaforce Shipping’s account holds a debt of N5.9 billion, primarily due to interest charges. A senior Zenith Bank official has already been questioned by the police regarding the case.
In response to the ongoing dispute, Otedola and his associated companies—Zenon, Seaforce, Luzon Oil and Gas, and Garment Care Limited—have secured a federal high court injunction.
This order restrains Zenith Bank, Quantum Zenith Securities and Investment, Veritas Registrar, and Central Securities Clearing System from trading shares or paying dividends until a motion for an interlocutory injunction is heard.
