Femi Otedola Sues Zenith Bank Over Illegal Acquisition Of Its Shares

Collage 20240522 205447

– Demands over N100 Billion as relief.

One of Nigeria Prominent Business Magnates and Group Chairman of First Bank Plc ; Mr Femì Otedola has dragged Zenith Bank Plc and Jim Ovia, Chairman of Zenith Bank to the Federal High Court Lagos, not only for illegal and unauthorized charges in its account, but also for the illegally and forcefully recovering his shares in Zenith Bank.

In the suit No : FHC/L/Cs/425/24 dated 6th March , 2024,
where Zenith Bank, Quantum Zenith Securities, Veritas
Registrars and Central Securities Clearing System are
joined as defendants, Otedola is seeking the court’s relief
to make the following orders:

1. An order directing Zenith Bank plc to refund the sum of N205,346,573 which was wrongfully debited on 27th January 2011 from the account of Zenon Petroleum Limited account 1010385211 plus accrued interest.

2. An order directing Zenith Bank limited to release, return, and credit to Zenon Petroleum limited forthwith their of Zenith Bank shares totalling (1,300,000,000) One billion , three hundred million shares being shares illegally stolen from Zenon in 2011.

3. An order of perpetual injunction restraining Zenith Bank and other defendants from further withholding, selling, transferring, trading and registering the shares of Zenon petroleum limited.

4. An order directing Zenith Bank plc and the co-defendants jointly and severally to pay and or remit the total sum of N88 Billion being unpaid dividends accrued on the shares of Zenon limited illegally recovered by Zenith Bank plc from 2011 to date.

5. An order directing the defendants jointly and severally to pay accrued interest at the rate of 10 percent per annum on the sum of N88 Billion from April 18th, 2012 until judgement is delivered.

6. An order directing the defendants to refund any
wrongful debits and pay the plaintiff accrued and unpaid dividends on the account and shareholding of Zenon Petroleum to determined by an independent audit firm.

7. The Plaintiff also requested the court to grant it damages of N800 million.

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