Zenith Bank embroiled in fresh N1.4bn fraud, forgery

Aquitane Oil & Gas Ltd., a prominent Nigerian downstream oil firm, has levied severe accusations against Zenith Bank Plc, alleging forgery, unauthorized sale of assets, and the diversion of ₦1.4 billion in dividends.

The claims have stirred Nigeria’s financial industry, drawing public and regulatory attention.

According to Aquitane, Zenith Bank, alongside Veritas Registrars and Quantum Zenith Securities, allegedly executed a scheme to sell pledged shares without permission, tampered with financial records, and withheld dividends for over a decade.

Aquitane’s claims center on shares pledged as collateral for a loan, which, according to the company, were sold prematurely, despite Aquitane’s consistent loan repayments.

Quantum Zenith Securities, a subsidiary of the bank, is alleged to have facilitated the unauthorized sale, while Veritas Registrars stands accused of withholding dividends intended for Aquitane and other stakeholders.

During an investigation, Aquitane claims that Zenith Bank submitted falsified account statements, which a forensic audit later suggested were altered to hide unauthorized transactions and asset sales.

Aquitane’s Managing Director has warned of the potential damage these actions could inflict on public trust, emphasizing a need for regulatory intervention to uphold integrity in Nigeria’s financial sector.

The case calls attention to regulatory oversight and may prompt heightened scrutiny of the country’s banking institutions.

As investigations progress, demands for accountability and transparency are likely to increase, underscoring the urgent need for robust checks within Nigeria’s banking sector to restore confidence in its financial institutions.