Chairman of FBN Holdings and principal owner of Geregu Power partner, Mr Femi Otedola has agreed to an out-of-court settlement with Zenith Bank Plc over alleged fraudulent transaction running into billions of Naira which case he had instituted at a Federal High Court
According to close sources to the billionaire businessman that his decision to withdraw the case from the court followed an understanding reached between him and the founder of Zenith Bank, Jim Ovia, following series of meeting by both parties to resolve the matter.
Otedola had alleged that the bank used its Zenon Petroleum & Gas accounts to transact businesses, and others without his consent and approval.
According to court papers revealed that a Federal High Court, Lagos Division, dismissed the case on Thursday, 13 June 2024 following a notice of discontinuance from the Counsel to Otedola, who filed the suit against the Zenith Bank on March 12, 2024.
The plaintiffs in the case were Zenon Petroleum & Gas Limited, Seaforce Shipping Co. Limited, Luzon Oil & Gas Limited, Garment Care, and Mr. Otedola, while the defendants were Zenith Bank, Quantum Zenith Securities & Investment Limited, Veritas Registrars Limited, and Central Securities Clearing System Plc.
Further checks indicated that both parties agreed to settle the matter out of court following a high-level meeting between top representatives of both sides which eventually led to an out-of-court settlement, which the judge granted.
It stated; “The dispute has now ended with the settlement reached and the case being withdrawn from the court.
“The ability of both parties to settle the issue amicably and out of court is a significant boost to dispute resolution processes, especially given the speed at which the matter was resolved”.
