If You’re Using Zenith Bank, Read This Immediately As Police Uncover Fraud, Take Unexpected Action
The Nigerian police in Abuja are investigating Zenith Bank Plc over allegations of falsifying a shareholder’ s bank statement. The probe follows a complaint by Aquitane Oil and Gas Limited, which claims the bank fabricated account statements for its affiliate companies that purchased Zenith Bank shares in 2008.
Aquitane Oil and Gas, which filed the complaint with the Force Criminal Investigations Department (FCID), accuses the bank of altering the account records to hide the non- payment of dividends on its shares.
The company alleges that it acquired the shares through two affiliate firms, Southern Grace Investment Ltd and Globular Trading Investment Services Ltd, but has not received any dividends for the past 26 years.
Aquitane further claims that Zenith Bank falsified its affiliate accounts to cover up this failure to pay dividends. According to the complaint, after purchasing the shares, the company discovered in 2020 that its affiliates had not received any dividends.
When the affiliates contacted the bank’ s registrar, Veritas Registrars Ltd, for clarification, they received no response. In a statement, Aquitane Oil revealed that a bank statement obtained in August 2020 showed no dividend payments had been received.
However, the company claims that Zenith Bank later produced fraudulent documents, including letters from June and July 2008, which falsely claimed dividends had been deposited into Aquitane’ s accounts. In February 2021, the bank allegedly fabricated a new statement showing dividend payments and a large debit balance, which contradicted earlier bank records.
The police have questioned two Zenith Bank representatives from the Oil and Gas and Legal departments, but no arrests have been made as they were not directly involved in the investigation. The police have also indicated they are looking into other bank officials, including the chief compliance officer and the account manager handling Aquitane’ s account.
Zenith Bank’ s spokesperson, Ayoola Kusimo, declined to comment on the allegations when contacted, stating, ” I’ m not aware. ” The Investigating Police Officer, Superintendent Anota Oluseye, also refrained from commenting on the ongoing investigation.
The investigation was initiated following a petition submitted by Aquitane Oil and Gas to the Inspector- General of Police on October 11, 2024, requesting an inquiry into the alleged concealment of illegalities regarding its shares in Zenith Bank.
