Femi Otedola, the chair of FBN Holdings and majority owner of Geregu Power, and some of his companies are up in arms against Zenith Bank over a controversial debt involving his former company, Zenon Petroleum & Gas and some other firms in which he has interests.
Mr Otedola is accusing Zenith Bank of perpetrating banking fraud against him and some of his companies. He claims the lender controversially disposed of his shares in the bank, manipulated the company’s bank accounts, and forged documents to cover up the alleged crimes.
The businessman has also triggered litigation and police action against Zenith Bank, with the Force Criminal Investigation Department now probing the matter.
