…Demands over N100 Billion as relief
One of Nigeria’s Prominent Business Magnates and Group Chairman of First Bank Plc, Mr. Femi Otedola, has dragged Zenith Bank Plc and Jim Ovia, Chairman of Zenith Bank, to the Federal High Court in Lagos. The lawsuit is not only for illegal and unauthorized charges in its account, but also for the illegal and forceful recovery of his shares in Zenith Bank.
In the suit No: FHC/L/Cs/425/24 dated March 6, 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:
An order directing Zenith Bank Plc to refund the sum of N205,346,573, which was wrongfully debited on January 27, 2011, from the account of Zenon Petroleum Limited account 1010385211, plus accrued interest.
An order directing Zenith Bank Limited to release, return, and credit to Zenon Petroleum Limited forthwith their Zenith Bank shares totaling (1,300,000,000) One billion, three hundred million shares, being shares illegally stolen from Zenon in 2011.
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.
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.
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 judgment is delivered.
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 be determined by an independent audit firm.
The Plaintiff also requested the court to grant it damages of N800 million.
About Author
