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After two weeks of reports emerging over allegations of diversion of share dividends and forgery of its bank statement against Zenith bank levelled by Aquitane, the bank is yet to settle the dividends controversy involving companies affiliated to Aquitane even as the claim by the oil and gas company regarding the company’s account statement with the bank said to have been falsified remains unresolved
According to findings from the media investigations, these matters remain pending with the police as Zenith Bank is yet to put forward a detailed defense and have not yet resolved the matters.
Recall that two weeks ago Premium Times and other news platforms had reported that two staff of Zenith Bank were quizzed by the police over the ongoing investigation of allegations against the bank following petition to the police by Aquitane oil and gas.
Zenith versus Aquitane Oil & Gas
In what has become a disturbing development in Nigeria’s banking sector, Aquitane Oil & Gas Ltd., a key player in the country’s downstream oil industry, had levelled grave accusations against Zenith Bank Plc, alleging forgery, unlawful asset sale, and the diversion of ₦1.4 billion in dividends.
Aquitane claims that Zenith Bank, along with Veritas Registrars and Quantum Zenith Securities, was involved in a scheme that resulted in the manipulation of their bank accounts and statements and deliberate withholding of dividends for over a decade, despite repeated demands.
Quantum Zenith Securities, a subsidiary of the bank, is accused of facilitating the illegal and unauthorised sale of their Zenith Shares, while Veritas Registrars allegedly withheld dividends owed to its sister companies. The allegations of Zenith Bank’s misconduct are egregious including strong claims and evidence of forgery.
A forensic audit conducted by Aquitane revealed inconsistencies in the bank statements, suggesting deliberate data manipulation aimed at concealing unauthorised transactions and asset sales amounting to hundreds of millions of Naira. These alleged actions by Zenith Bank pose significant risks to public trust and could have serious implications for the integrity of Nigeria’s financial system.
This case also raises serious questions about the credibility of the regulatory oversight within the banking sector and may lead to broader scrutiny of the country’s major financial institutions.
As police delve deeper into Aquitaine's petition, which has already sparked intense public interest, calls for transparency and accountability in the investigation are expected to intensify. The case underscores a pressing need for robust financial checks, as Nigeria’s banking sector faces renewed call for sound corporate governance.
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