Aquitane Oil and Gas Limited has formally petitioned the Inspector General of Police (IGP), Kayode Egbetokun, calling for an investigation into what the company alleges are illegal activities by Zenith Bank, including the falsification of account statements to conceal the bank’s failure to pay dividends on shares held by the company.
The petition, dated October 11, 2024, accuses Zenith Bank of attempting to “cover up” the non-payment of dividends for 12 years, following the purchase of Zenith Bank shares by Aquitane’s subsidiaries, Southern Grace Investment Ltd and Globular Trading Investment Services Ltd, during the bank’s Initial Public Offering (IPO) in 2008.
In 2020, the oil company discovered that dividends on its holdings, totaling 28.2 million shares, had not been paid since the IPO. After reaching out to Veritas Registrars Ltd, the registrar for Zenith Bank, Aquitane claimed it received no information regarding the dividends. A bank statement obtained from Zenith Bank in August 2020 revealed that no dividend payments had been made into the company’s account.
Aquitane Oil alleges that Zenith Bank fabricated letters from 2008 to falsely claim that dividends were paid into the company’s account. The oil company further alleges that in 2021, Zenith Bank produced a fabricated statement showing dividend payments and a debit balance exceeding N1 billion. Aquitane argues that this document contradicted earlier account statements that showed no dividend deposits.
In addition to the dividend discrepancies, Aquitane Oil claims that Zenith Bank has also fabricated letters demanding repayment of a “nonexistent debt,” which allegedly expired over ten years ago. The company argues that the false documents were part of a deliberate effort to deprive it of its rightful assets.
Aquitane Oil has urged the IGP to investigate the matter, citing potential charges of conspiracy, fraudulent misrepresentation, and forgery. The petition adds to a growing list of accusations against Zenith Bank, with notable figures, including billionaire businessman Femi Otedola, also accusing the bank of fraudulent activities, such as unlawfully using company accounts to secure loans without consent.
Zenith Bank has not yet commented on the latest petition, as the matter is currently in court.
