Aquitane Oil and Gas Limited has petitioned Kayode Egbetokun, the inspector-general of police (IGP), regarding the alleged “falsification” of the company’s account statement by Zenith Bank to hide the bank’s failure to pay dividends.
- In a petition dated October 11, 2024, through its legal counsel, Lukman O. Fagbemi & Co., Aquitane Oil urged the IGP to investigate Zenith Bank for attempting to conceal illegalities related to the company’s shares held in the bank.
- TheCable reached out to Zenith Bank for comments on the allegations, but the bank declined to comment as the matter is currently in court.
- Aquitane Oil stated that it purchased 10,775,399 shares and 17,425,300 shares in Zenith Bank through its subsidiaries, Southern Grace Investment Ltd and Globular Trading Investment Services Ltd, during the bank’s initial public offering (IPO) in 2008.
- The oil company discovered in 2020 that dividends for these shares had not been paid by Zenith Bank since 2008.- Following this discovery, Aquitane Oil’s subsidiaries contacted Veritas Registrars Ltd, the registrars for Zenith Bank, to inquire about their unpaid dividends, but Veritas reportedly did not provide any information.
- Aquitane Oil stated that between January and February 2008, its affiliate companies, Southern Grace Investment Ltd and Globular Trading Investment Services Ltd, purchased 10,775,399 and 17,425,300 units of Zenith Bank shares, respectively, during the bank’s Initial Public Offer, with Veritas Registrars Ltd serving as the registrar.
- In 2020, both Southern Grace and Globular Trading realized that dividends for their Zenith Bank shares had not been paid since 2008 and made inquiries to Veritas Registrars Ltd, but no information was provided.- Aquitane Oil also mentioned that it holds a bank account (No. 1011453742) with Zenith Bank Plc.
- A bank statement obtained on August 21, 2020, from a Zenith Bank branch indicated that the financial institution had not been receiving dividends from the lender.
- The oil company alleged that Zenith Bank falsely claimed in letters dated June 17, 2008, and July 22, 2008, that dividends had been paid into Aquitane Oil’s accounts and “fabricated and concocted a false Statement of Account” in February 2021 to show dividend payments into Aquitane’s account.
- Aquitane Oil described the actions of Zenith Bank Plc as part of an elaborate scheme aimed at dispossessing Southern Grace and Global Trading of their lawful property while falsely implicating Aquitane in the process.
- They referenced Section 4 of the Police Act, Cap P 19, Laws of the Federation of Nigeria, 2004, which empowers the police to act against Zenith Bank and its directors.
- Aquitane Oil urged the Inspector General of Police to investigate Zenith Bank for “Conspiracy, Fraudulent Misrepresentation, and Forgery of Statements of Accounts” related to Aquitane Oil.
- On June 5, billionaire businessman Femi Otedola accused Zenith Bank of unlawfully using his company Seaforce Shipping Limited’s account to trade and secure a loan without his knowledge or consent.
- Otedola claimed that Zenith Bank failed to provide documentation for the loan when requested.
