Femi Otedola, the chairman of FBN Holdings and majority shareholder of Geregu Plc, and some of his companies have opted for an out-of-court settlement with Zenith Bank Plc.
Mr Otedola was involved in a legal dispute with the bank over alleged “fraudulent transactions” on his company’s accounts.
Court papers obtained by PREMIUM TIMES showed the Federal High Court of Nigeria, Lagos Division, where Mr Otedola and his companies filed the suit against the lender on 12 March, dismissed the case on Thursday, 13 June, on receiving a notice of discontinuance from the plaintiffs.
