…Alleges Attempt To Cover Theft Of Zenith Shares Dividends
In a striking revelation, Aquitane Oil & Gas Ltd., a prominent player in Nigeria’s downstream oil and gas industry, has brought forward serious allegations of financial misconduct against Zenith Bank Plc.
Aquitane accuses Zenith Bank and its affiliated companies, Veritas Registrars and Quantum Zenith Securities, of orchestrating a complex scheme involving unauthorized sale of pledged shares, manipulation of financial records, and unlawful withholding of dividends worth over ₦1.4 billion.
The allegations suggest a coordinated effort by Zenith Bank and its affiliates, involving the illegal sale of FinBank shares initially pledged as collateral for a loan. According to Aquitane, the shares—valued at over ₦1.8 billion—were sold prematurely, despite ongoing loan repayments and without consent from Aquitane or its subsidiaries.
According to the firm, Quantum Zenith Securities allegedly facilitated this unauthorized sale, while Veritas Registrars purportedly withheld dividends from shareholders for over a decade.
The police, now actively investigating a forgery complaint against Zenith Bank, have reportedly received falsified account statements from the bank in response to official requests. Aquitane’s petition describes how, following a forensic audit, multiple inconsistencies were found in account statements, raising questions about intentional data manipulation by Zenith Bank to conceal unauthorized transactions.
Aquitane’s Managing Director has raised the alarm, suggesting that such misconduct by a prominent financial institution could severely erode public confidence in Nigeria’s banking sector. This unfolding case calls into question the regulatory oversight of major banking players and has ignited calls for accountability and transparency.
The allegations—now under police scrutiny and expected to attract widespread regulatory interest—underscore the critical need for robust checks within the financial sector, ensuring that no institution, regardless of its stature, is beyond the law.
Meanwhile, efforts to get officials response from the management of Zenith Bank on the allegations against them proved abortive at the time of filing this report.
