Aquitane Oil and Gas Limited has petitioned Kayode Egbetokun, inspector-general of police (IGP), over the “falsification” of the company’s account statement by Zenith Bank to “conceal” the lender’s failure to pay its dividends.
In the petition dated October 11, 2024 — through Lukman O. Fagbemi & Co., its legal counsel — Aquitane Oil called on the IGP to investigate Zenith Bank for attempting to “conceal the illegalities committed” as it relates to the company’s shares held in the bank.
TheCable contacted Zenith Bank over the allegations, however, the financial institution said it can not comment as the matter is in court.
Aquitane Oil said 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, respectively, in 2008 when the financial institution held its initial public offering (IPO).
The oil company said in 2020, Southern Grace and Globular Trading realised the dividends for their shares had not been paid by Zenith Bank since 2008.
Following the discovery, the oil company said its subsidiaries contacted Veritas Registrars Ltd, the registrars of Zenith Bank, to enquire about their dividends, however, Veritas reportedly did not provide any information.
“Between January and February 2008, Southern Grace Investment Ltd (Southern Grace) and Globular Trading Investment Services Ltd (Globular Trading), both affiliate companies of Our Client purchased 10,775,399 (Ten Million, Seven Hundred and Seventy-Five Thousand, Nine Hundred and Ninety-Nine) and 17,425,300 (Seventeen Million, Four Hundred and Twenty-Five Thousand, Three Hundred) units of Zenith Bank Shares respectively during the Initial Public Offer held by Zenith Bank in 2008 with Veritas Registrars Ltd as the registrar,” Aquitane Oil said.
“In 2020, Southern Grace and Globular Trading, having realized that dividends in respect of those Zenith Bank shares had not been paid to them since 2008 made inquiries from Veritas Registrars Ltd (“Veritas”), the registrars in respect of those sharcs but no information was provided. Our client also holds a bank Account No. 1011453742 with Zenith Bank Plc as a customer.”
Aquitane Oil said a bank statement obtained on August 21, 2020, from a Zenith Bank branch, showed the financial institution has not been receiving dividends from the lender.
However, 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 accounts with the lender and “fabricated and concocted a false Statement of Account with Zenith produced sometime in February 2021 in respect of Aquitane’s Account No: 1011453742,” to show dividend payments into the bank account of Aquitane and a debit balance of about N1 billion.
“Surprisingly, in an attempt to conceal the illegalities committed with regard to the shares dividend, Zenith Bank subsequently produced documents including two letters dated 17 June 2008 and 22nd July 2008 to create the false and spurious narrative that the dividends from the said shares were paid into Aquitane Accounts with Zenith Bank,” the oil company.
“Zenith Bank thereafter fabricated and concocted a false Statement of Account produced sometime in February 2021 in respect of Aquitane’s Account No. 1011453742 which now showed dividend payments into the Bank account of Aquitane and a debit balance well in excess of NI Billion Naira.
“This statement of account materially conflicts with and contradicts the Statements of Account issued earlier by the same Zenith Bank (on 21st August 2020 in the normal course of business upon request from a branch), which established the fact that the account was in credit and that no dividend payments were lodged into the account at any time.”
‘ZENITH BANK MAKING DEMANDS FOR REPAYMENT OF NONEXISTENT DEBT’
Aquitane Oil also claimed that Zenith Bank is demanding repayment of a “nonexistent debt” about 10 years after the loan alleged had expired.
“It is our brief as strongly believed by our client that other letters were fabricated to support this unfounded narrative including three letters dated 15th July 2020, 25th September 2020 and 3rd November 2020 which purportedly made demands for repayment of a nonexistent debt about 10 years after the loan alleged therein had expired,” Aquitane Oil said.
“None of these letters was delivered to Aquitane nor did Acquitane have notice or knowledge of same but were surreptitiously shown to our client fornthe first time when it became an issue in their office.
“Sir, a meticulous juxtaposition and comparison of the Statement of Account fabricated by Zenith Bank in February 2021 with other statements of accounts (i.e. monthly statements of account issued in 2008, statement of account issued in August 2020 and statement of account issued in May 2022) and letters issued by the same bank demonstrate that the latter Statement of Accounts were illegally concocted, törged and fraudulently laced with inherent falsehoods and manifest Inaccuracies.
“The logical find decipherable effect of the conduct of Zznith Bank Plc and its as recounted above depicts an elaborate scheme and conspiracy, deliberately orchestrated with the sole purpose of permanently dispossessing Southern Grace and Global Trading of their lawful property and pinning the receipt of same on Our Client.
“We are guided by the provisions of Section 4 of the Police Act, Cap P 19, Laws of the Federation of Nigeria, 2004 which robustly empowers your esteemed office with respect to the actions of Zenith Bank Plc and its directors.”
Aquitane Oil urged the IGP to investigate the actions of Zenith Bank relating to “Conspiracy, Fraudulent Misrepresentation and Forgery of Statements of Accounts belonging to and other documents relating to Aquitane Oil”.
Also, on June 5, Femi Otedola, a billionaire businessman, accused Zenith Bank of unlawfully using the account of his company, Seaforce Shipping Limited, to trade and secure a loan without his knowledge or consent.
Otedola said Zenith Bank reportedly failed to provide documentation for the loan granted when asked.
Source – The Cable
