By: Chioma Madonna Ndukwu
A major controversy has erupted involving Zenith Bank and a fraudulent sale of Aquitane Oil & Gas’s ₦1.4 billion dividend.
The oil company accuses Zenith Bank of unauthorized asset sales, including FinBank shares pledged as loan collateral, and diverting its dividends.
Quantum Zenith Securities, a subsidiary of the bank, is said to have facilitated the illegal sale, while Veritas Registrars allegedly withheld dividends.
The allegations involve manipulation of bank statements and possible forgery, with a forensic audit revealing discrepancies in Zenith’s records.
The scandal could severely damage public trust in Nigeria’s financial system and raise concerns over regulatory oversight. Calls for transparency and accountability are growing as the investigation continues.
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