Femi Otedola Demands 10 Billion Naira as Relief

Femi Otedola Sues Zenith Bank, Demands 10 Billion Naira as Relief

Nigeria’s prominent business magnet and group chairman of First Bank plc, Mr. Femi Otedola has dragged Zenith bank and Jim Olivia,

chairman of Zenith Bank plc to the federal high court in Lagos, for illegal and unauthourized charges in its accounts as well as illegal and forceful recovery of his shares in the bank.

The said account is Zenon Petroleum limited

Otedola in the suit No; FHC/L/C/425/24 Which id dated 6th march 2024, where zenith bank, Quantum zenith securities, veritas

Registrar and central securities are joined as defendants is seeking relief in the following orders;

1.An order directing zenith bank limited to release and credit to Zenon Petroleum limited forth with their zenith bank shares totaling 1billion

2.An order directing zenith bank plc to refund the sum of N 205,346,537 which was debited from Zenon account wrongly on January 27th 2011 plus the accrued interest.

3.An order to that will forever restrain Zenith Bank plc and other defendants from further withholding, selling, registering ,trading, and transferring the shares of Zenon petroleum Limited.

4.An order directing Zenith Bank plc and other defendants to jointly and severely pay and or remit the total sum of 88 billion naira which is

the unpaid dividends accrued on the shares of zenon limited and was illegally recovered by zenith bank plc from 2011 to date.

5.An order directing the defendants jointly and severely to pay accrued interest at the rate of 10 percent per annum on the sum of 88 billion naira from 18th April 2012 until judgement is delivered.

6.An order directing the defendants to refund any wrongful debit and pay the plaintiff the accrued unpaid dividends in the account and

shareholding of the Zenon Petroleum to be determined by an independent audit plaintiff.

The plaintiff also requested the court to grant it damages of 800 million naira.