Aquitane Oil & Gas Ltd., a prominent player in Nigeria’s oil industry, has leveled serious allegations against Zenith Bank Plc, accusing the bank of forgery, unauthorized sale of assets, and the diversion of ₦1.4 billion in dividends.
The accusations have sent shockwaves through the nation’s financial landscape.
Aquitane claims that Zenith Bank, in collaboration with Veritas Registrars and Quantum Zenith Securities, orchestrated an illegal scheme that included the unauthorized sale of pledged shares, manipulated bank statements, and the withholding of dividends for over a decade.
The oil company asserts that the controversy revolves around FinBank shares pledged to Zenith Bank as collateral for a loan. These shares, valued at more than ₦1.8 billion, were allegedly sold without consent and ahead of schedule, despite the company making regular loan payments.
Quantum Zenith Securities, a subsidiary of Zenith Bank, is accused of facilitating the illicit sale, while Veritas Registrars is said to have withheld dividends due to Aquitane and other shareholders.
The allegations took a more serious turn with claims of forgery. Aquitane states that during a police investigation, Zenith Bank submitted what appeared to be falsified account statements in response to official inquiries. A forensic audit commissioned by Aquitane further revealed discrepancies in the bank’s records, suggesting efforts to hide unauthorized transactions and asset sales.
Aquitane’s Managing Director expressed concerns about the potential damage to public trust, should these allegations prove true. This case raises important questions about regulatory oversight in the banking sector and could lead to greater scrutiny of Nigeria’s financial institutions.
As investigations continue and public interest grows, calls for transparency and accountability are expected to intensify. The case highlights the urgent need for stronger financial oversight in Nigeria’s banking sector, with calls for proof that no institution is above the law.
