Aquitane Oil & Gas Ltd., a major downstream oil industry player in Nigeria, has made explosive allegations against Zenith Bank Plc, accusing the bank of forgery, unauthorized asset sale, and diverting ₦1.4 billion in dividends. This scandal has sent shockwaves through Nigeria’s financial sector.

According to Aquitane, Zenith Bank, in collusion with Veritas Registrars and Quantum Zenith Securities, orchestrated a scheme involving the illegal sale of pledged shares, manipulated bank statements, and deliberately withheld dividends for over 10 years.

The allegations suggest a deeply ingrained and long-standing conspiracy, which, if proven, could have far-reaching consequences for Zenith Bank and its affiliates.

In a statement released to the press, Aquitane said the controversy revolves around FinBank shares that were initially pledged to Zenith Bank as collateral for a loan. The oil company claims that these shares, worth more than ₦1.8 billion, were sold without consent and ahead of schedule despite regular loan repayments.

Quantum Zenith Securities, a subsidiary of the bank, is accused of facilitating the sale, while Veritas Registrars allegedly withheld dividends owed to Aquitane and other shareholders.

The allegations of misconduct took a serious turn with claims of forgery. Aquitane reports that during a police investigation, Zenith Bank provided allegedly falsified account statements in response to official inquiries. A forensic audit conducted by Aquitane further uncovered inconsistencies in the bank statements, suggesting data manipulation designed to obscure unauthorized transactions and asset sales.

Aquitane’s Managing Director has highlighted the potential damage to public trust that such actions, if true, could inflict on Nigeria’s financial system. This case raises questions about regulatory oversight within the banking sector and may lead to broader scrutiny of the country’s major financial institutions.

As police delve deeper into Aquitane’s petition, which has already sparked public interest, calls for transparency and accountability are expected to intensify.

The case underscores a pressing need for robust financial checks, as Nigeria’s banking sector faces calls to prove that no institution is above the law.