BREAKING: Aquitane Oil and Gas accuses Zenith Bank of forging its bank statements, alleges attempt to cover theft of Zenith shares dividends
Accusations Surface
of Unlawful Sale of Collateral Shares, Diverted Dividends, and Falsified
Financial Records
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.
Alleged Collusion and
Deception
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. Quantum Zenith Securities allegedly facilitated this
unauthorized sale, while Veritas Registrars purportedly withheld dividends from
shareholders for over a decade.
Forgery Claims and
Police Involvement
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.
Public Trust and
Financial Integrity at Stake
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.