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Breaking Scandal:Zenith Bank Embroiled in Ovia-Otedola 13-Year Fraudulent Trial Exposed
Ovia-Otedola Saga: 13-Year Fraudulent Trail Exposed*
Lagos, Nigeria – A shocking scandal has rocked the financial industry, as allegations of fraud and corruption surface against Zenith Bank, chaired by Jim Ovia, and billionaire businessman, Femi Otedola.
Background
The Ovia-Otedola Saga, as it has come to be known, revolves around the alleged unauthorized and fraudulent use of Otedola’s company, Seaforce Shipping Limited, account in Zenith Bank. The account, which has been dormant since 2010, was reportedly used for trading from 2011 to 2024.
Investigation
The police Force Criminal Investigation Department (FCID) has launched an investigation into the matter, with two Zenith Bank officials currently on bail. Documents obtained by our sources reveal a trail of fraudulent activities, including discrepancies in account records and unauthorized trading.
Discrepancies in Accounts
According to sources, Seaforce Shipping account had a credit balance between 2018 and 2024, but Zenith Bank’s records show a debt of N2.278 billion on the same account. The bank has apologized for the discrepancy, fueling speculation of a massive cover-up.
International Attention
The United Kingdom Financial Services Authority and Fitch Rating Agency have written to Zenith Bank, demanding explanations over the fraudulent activities carried out against Otedola’s Seaforce Shipping. The international community is watching closely, as the scandal threatens to tarnish Nigeria’s financial reputation.
Accusations Against Ovia
Sources close to the investigation claim that Jim Ovia is notorious for manipulating documents and accounts of billionaire customers of the bank. He is also accused of using depositors’ funds to trade, sparking concerns about the bank’s governance and accountability. As the investigation unfolds, one thing is clear: the Ovia-Otedola Saga has exposed a web of deceit and corruption that will have far-reaching consequences.
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