Billionaire businessman Femi Otedola has leveled serious accusations against Jim Ovia, Chairman of Zenith Bank, claiming that unauthorized transactions were conducted through his Seaforce Shipping Company account without his knowledge or approval. This alleged financial misconduct has reportedly been ongoing for over 13 years, drawing widespread attention and concern across various news platforms and social media channels.
Otedola, visibly aggrieved by the situation, has already submitted his findings to the Force Criminal Investigation Department (FCID) of the Nigerian Police. Sources familiar with the matter suggest that Jim Ovia may soon be summoned for interrogation.
In his petition to the police, Otedola revealed that Seaforce’s account at Zenith Bank, which has not been operated since 2010, continued to be used for trading activities. The company has never applied for any loan from Zenith Bank, yet unauthorized transactions amounting to billions of Naira have been recorded.
A whistleblower within the bank recently tipped off Otedola, allowing him to uncover the fraud. Transactions totaling over N16 billion have been recorded on Seaforce’s account from 2011 to 2024. When Otedola confronted the bank officials, they reportedly apologized for the oversight.
In a critical piece of evidence, Otedola presented a letter dated March 19, 2018, from Zenith Bank to Seaforce’s auditors. The letter, signed by Taofik Bashir (Internal Audit Control) and Edwin Kind Olie (Group Head, Telecom), stated a debt of only N2,278,420. This figure starkly contradicted the N5 billion recorded in the bank statement reviewed by TheCable. On the day the letter was written, the bank statement showed a debt of N2.9 billion, highlighting a significant discrepancy.
Otedola questioned, “Who made payments to reduce the purported debt from N16,927,628,581.84 to N11,010,924,522.71, as I was unaware of these transactions?” Furthermore, he noted significant credits recorded on various dates in 2011, complicating the account’s financial history. Currently, Seaforce has a debt of N5,916,704,059.13, much of which is attributed to interest charges.
In response to these events, Otedola and his associated companies—Zenon, Seaforce, Luzon Oil and Gas, and Garment Care Limited—have secured a federal high court injunction against Zenith Bank, Quantum Zenith Securities and Investment, Veritas Registrar, and Central Securities Clearing System. This injunction restrains these entities from trading with shares or paying dividends until the hearing of the motion on notice for an interlocutory injunction.
