● Bank Accused of Falsifying Records in Shareholder’s Statement
● Oil Firm’s Long Wait for Dividends Spurs Investigation
● Allegations of Concealed Payments, Fabricated Histories Emerge
The investigation is as intricate as it is damning, a sprawling inquiry that strikes at the bedrock of Nigeria’s financial ecosystem.
Zenith Bank, a name synonymous with corporate credibility, now stands enshrouded in the shadow of scandal, as Nigerian police launch a probe over unpaid dividends worth billions and alleged falsifications. This riveting investigation, sparked by a single voice, raises profound questions about trust, accountability, and the fiduciary responsibilities of financial institutions toward their clients.
The narrative unfurls with Aquitane Oil and Gas Limited’s revelation of long-suppressed dividends from Zenith Bank, as well as an accusation of falsified account statements intended to cloak the missing funds. Aquitane, speaking through its affiliate firms, Southern Grace Investment Ltd and Globular Trading Investment Services Ltd, alleges a betrayal that dates back over a decade, pulling back the veil on what may be one of the most mystifying banking scandals in recent Nigerian history.
Aquitane Oil, through its legal representation, penned a fateful petition, in October, and delivered it in the hands of Nigeria’s Inspector-General of Police, Olukayode Egbetokun. This wasn’t merely a request for investigation—it was a call to justice, a meticulous outline of alleged wrongs orchestrated under the roof of one of Nigeria’s most revered banks.
Aquitane, in its petition makes a fervent plea for justice. Lukman O. Fagbemi & Co., Aquitane’s legal counsel, argued passionately that Zenith Bank’s maneuvers were “concocted,” a ruse designed to shield the bank from its own transgressions. The petition specifically calls out a series of inconsistencies—divergent account statements, fabricated histories, and a debt mysteriously ascribed to Aquitane without prior explanation.
At the heart of Aquitane’s petition lies a long-unanswered question: where is the return on the investment they made sixteen years ago, through the purchase of Zenith Bank shares during an initial public offering? Southern Grace Investment Ltd and Globular Trading, Aquitane’s subsidiaries, invested in Zenith’s promising future, with a combined 28,200,599 units of shares. But what should have been a steady stream of dividends became a glaring void. Aquitane alleges that these dividends—totaling an eye-watering N1.4 billion—never materialized, and the firm has accused Zenith Bank of fabricating documents to cover up the lapse.
The frustration boiled over in 2020, after nearly twelve years of waiting in silence, as Southern Grace and Globular Trading attempted to locate the missing funds. Their inquiries were met with evasiveness, leading them to consult Veritas Registrars Ltd, the official registrar of Zenith Bank, in hopes of clarity. Yet, no explanations came; instead, there was a tangible silence, a refusal to produce any document that could validate or deny Aquitane’s claim. And so, Aquitane’s search for answers went unheeded.
The plot, however, deepened in February 2021. Zenith Bank allegedly produced an account statement intended to refute Aquitane’s claims, a document purportedly reflecting dividend payments going back to 2008. This, Aquitane argues, was an attempt to rewrite the history of transactions—transactions that, if real, would have satisfied the company’s entitlement. Instead, the statement revealed a hefty debit balance exceeding N1 billion, an unexplained figure that Aquitane claims is entirely inconsistent with the previous bank statement they received in 2020, which had no record of any dividend payments.
The timeline itself bears scrutiny, for it is the foundation on which this case is built. The dividends in question trace back to 2008, the year when Zenith Bank, amidst the fervor of an initial public offering, found in Southern Grace Investment Ltd and Globular Trading willing investors, hopeful stakeholders. Yet, since then, these dividends have seemingly never found their way into Aquitane’s accounts. The year 2020 marked a turning point when Southern Grace and Globular Trading, weary of the long silence, demanded accountability—a reckoning that would lead them down an unexpected path.
In August of that year, Aquitane obtained a statement from Zenith Bank, a stark document that bore no trace of dividends. But by February 2021, as if rewritten by unseen hands, Zenith Bank’s narrative changed. Two letters, dated June and July of 2008, surfaced, allegedly showing dividend payments. These letters presented a distorted reflection, a “concocted” account, according to Aquitane, that attempted to validate an impossible history.
When confronted by journalists and the public alike, the bank’s spokesperson, Ayoola Kusimo, offered only silence cloaked in dismissive words, casting doubt upon the very presence of an investigation. His cryptic response, “How did you get that information?” punctuated by a feigned ignorance: “I’m not aware.”
Equally reserved was Anota Oluseye, the Investigating Police Officer, who, when pressed for comment, maintained a steely silence, citing protocol around ongoing investigations.
As the investigation moves forward, the FCID has signaled an intent to leave no stone unturned. Two officials from Zenith Bank, drawn from their oil and gas and legal departments, have already faced questioning. Although no arrests have been made, the inquiry is expected to extend to the bank’s chief compliance officer and the account officer assigned to Aquitane’s accounts—a widening circle that suggests the depth and gravity of the allegations.
As police delve into Zenith Bank’s books, the nation watches closely. For Aquitane Oil and Gas Limited, this probe represents not just a reclamation of lost dividends but a battle for corporate accountability. To them, the unpaid dividends symbolize more than withheld wealth—they signify a breach of trust.
In the end, the question remains: can Aquitane reclaim its lost dividends, or will Zenith Bank emerge unscathed from this crucible of inquiry? Only time, and perhaps justice, will tell.
