Aquitane Oil & Gas accuses Zenith Bank of forgery, asset misuse

In a high-stakes controversy shaking Nigeria’s financial sector, Aquitane Oil & Gas Ltd., a major player in the downstream oil industry, has accused Zenith Bank Plc of forgery, unauthorized asset sales, and the diversion of over ₦1.4 billion in dividends.

The allegations, disclosed in a petition to the Inspector General of Police by Aquitane’s legal counsel, Lukman O. Fagbemi & Co., have already drawn significant public attention and raised serious concerns over Nigeria’s financial regulatory environment.

At the center of the dispute are shares of FinBank, which Aquitane claims were pledged to Zenith Bank as collateral for a loan. According to Aquitane, the shares, valued at over ₦1.8 billion, were prematurely sold despite the company’s consistent loan repayments. The oil company also alleges that Quantum Zenith Securities, a subsidiary of Zenith Bank, facilitated the sale without their consent, while Veritas Registrars withheld dividends due to Aquitane and other shareholders for more than a decade.

Aquitane’s petition goes further, alleging that Zenith Bank produced falsified bank statements in response to inquiries during the police investigation. A forensic audit commissioned by Aquitane purportedly uncovered inconsistencies in the bank records, indicating potential manipulation aimed at covering up unauthorized transactions.

The accusations have highlighted issues of regulatory oversight in Nigeria’s banking sector, with Aquitane’s Managing Director warning that such incidents, if proven, could erode public trust in the financial system. This case may prompt deeper scrutiny of major Nigerian financial institutions as public calls for accountability and transparency grow louder.