The conflict between billionaire businessman Femi Otedola and Chairman of Zenith Bank, Jim Ovia, has escalated over allegations of a multi-billion naira fraud. Otedola claims that Zenith Bank unlawfully used his company Seaforce Shipping Limited’s account for trading without his knowledge or consent.
In his petition to the police, Otedola stated that Seaforce Shipping’s account, which had not been operated since 2010, was used for unauthorized trading, resulting in transactions worth billions of naira.
According to The Cable, despite Seaforce not applying for or taking any loans from Zenith Bank, the account showed significant debts and suspicious activities. Zenith Bank reportedly failed to provide documentation supporting the alleged loans.
Meanwhile, Otedola and his companies have secured a federal high court injunction against Zenith Bank and its affiliates, restraining them from trading shares or paying dividends until further notice.