By Gbenga Adedayo
Zenon Petroleum, along with its Founder and Chairman, Femì Otedola, have dragged Zenith Bank Plc to the Federal High Court Lagos, for alleged illegal and unauthorized charges in its account, and also for illegally and forcefully recovering their shares in Zenith Bank.
In the suit No : FHC/L/Cs/425/24 dated 6th March , 2024, where Zenith Bank, Quantum Zenith Securities, Veritas Registrars and Central Securities Clearing System are joined as defendants, Otedola is seeking the court’s relief to make the following orders: An order directing Zenith Bank plc to refund the sum of N205,346,573 which was wrongfully debited on 27th January 2011 from the account of Zenon Petroleum Limited account 1010385211 plus accrued interest.
An order directing Zenith Bank limited to release, return, and credit to Zenon Petroleum limited forthwith of their Zenith Bank shares totalling (1,300,000,000) One billion , three hundred million shares being shares illegally stolen from Zenon Petroleum in 2011.
An order of perpetual injunction restraining Zenith Bank and other defendants from further withholding, selling, transferring, trading and registering the shares of Zenon petroleum limited.
An order directing Zenith Bank plc and the co-defendants jointly and severally to pay and or remit the total sum of N88 Billion being unpaid dividends accrued on the shares of Zenon limited illegally recovered by Zenith Bank plc from 2011 to date.
An order directing the defendants jointly and severally to pay accrued interest at the rate of 10 percent per annum on the sum of N88 Billion from April 18th, 2012 until judgement is delivered.
An order directing the defendants to refund any wrongful debits and pay the plaintiff accrued and unpaid dividends on the account and shareholding of Zenon Petroleum, and to be determined by an independent audit firm. The Plaintiff also requested the court to grant it damages of N800 million.
Media Issues also gathered that Zenith Bank plc has made entreaties to Zenon seeking an out of Court settlement, but Zenon has refused; insisting that it would prefer a Judicial pronouncement given that Zenith Bank plc is known as an institution that has penchant for illegally tampering with customers’ account.
The source also confirmed that investigations are on to determine whether Jim Ovia was the eventual beneficiary of the shares illegally recovered from Zenon and how Jim Ovia paid for the shares, which is believed may have been recovered without payment for them.