Jim Ovia, Chairman of Zenith Bank, has allegedly conducted unauthorized trades for 13 years using the account of Seaforce Shipping Company, owned by billionaire businessman Femi Otedola, without his knowledge or permission.
Reports suggest that the Force Criminal Investigation Department (FCID) is currently investigating this large-scale fraud; two Zenith Bank officials are out on bail as the police continue their investigation.
Seaforce Shipping’s account had been inactive since 2010. However, whistleblowers within the bank informed Otedola about the fraudulent trades.
Despite Seaforce Shipping never taking a loan from Zenith Bank, billions of Naira in unauthorized transactions were recorded over the years.
When Seaforce Shipping presented documents showing the account had been in credit from 2018 onwards, Zenith Bank issued an apology.
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A letter from Zenith Bank to Seaforce’s auditors initially stated a debt of N2,278,420, conflicting with a bank statement showing N5 billion.
Beyond Boders also learned that the UK Financial Services Authority and Fitch Rating Agency have both demanded explanations from Zenith Bank regarding these fraudulent activities.
Jim Ovia has been accused of manipulating documents and accounts of wealthy customers, using depositor funds for trading.
