EXCLUSIVE: Otedola, Zenith Bank opt for out-of-court settlement

The Federal High Court of Nigeria, Lagos Division, dismissed the case on Thursday on receiving a notice of discontinuance from the plaintiffs.

SCORECARD: Under Tinubu, Nigeria’s education sector yet to see renewed hopeSPECIAL REPORT: Rising cost of sanitary pads impedes menstrual hygiene among Nigerian womenSPECIAL REPORT: Enugu community where residents rely on polluted river, deplorable PHCCelebrating Father Ehusani on Father’s Day, By Majeed DahiruBlood on UniformsSCORECARD: Under Tinubu, Nigeria’s education sector yet to see renewed hopeSPECIAL REPORT: Rising cost of sanitary pads impedes menstrual hygiene among Nigerian...

According to a court document, Justice A.O. Faji discontinued the lawsuit after the counsel for the first to third defendants and the counsel for the plaintiffs asked for the matter to be dismissed, with the “counsel for the fourth defendant not objecting.

Sources with knowledge of the matter told PREMIUM TIMES in May that Mr Otedola chose to take legal action against the bank after several failed reconciliation attempts. During the month, both parties held three meetings, none yielding the desired results. According to a document detailing the deliberations of both parties at a meeting held on 20 May, Zenith Bank agreed to refund the N205 million it wrongfully debited to Zenon’s account with compounded accrued interest using a bankdraft.

He further disclosed that related transactions were carried out on Mr Otedola’s account, causing a net loss of N61.5 million and a combined loss of N205.4 million in both cases. The letter stated that Zenith Bank wrongfully opened some letters of credit after AMCON acquired the debt in 2011, which led to unsolicited loan disbursement that further plunged Zenon into indebtedness.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

PremiumTimesng /  🏆 3. in NG

Nigeria Latest News, Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Femi Otedola tackles Jim Ovia, exposes 'fraudulent transactions' in Zenith Bank accountNigeria's independent online newspaper
Read more »

Zenith Bank retains ‘Most Sustainable Bank’ awardThe Nation Newspaper Zenith Bank retains ‘Most Sustainable Bank’ award
Read more »

BREAKING: Femi Otedola fires Jim Ovia, exposes ‘Fraudulent’ charges in Zenith Account [PICS]A Trusted Nigerian Newspaper
Read more »

Zenith Bank’s GMD Onyeagwu emerges Banking CEO of the year in AfricaThe Nation Newspaper Zenith Bank’s GMD Onyeagwu emerges Banking CEO of the year in Africa
Read more »

Zenith Bank GMD, Onyeagwu caps stellar tenure with Best Banking CEO in Africa awardMr Ebenezer Onyeagwu bagged the prestigious ‘Best Banking CEO of the Year in Africa’ award at the International Banker 2024 Banking Awards for the second consecutive year
Read more »

Zenith Bank GMD/CEO, Onyeagwu emerges ‘Best Banking CEO of the Year” in AfricaThe Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dr. Ebenezer Onyeagwu, has been named the ‘Best Banking CEO of the Year in Africa’ at the International Banker 2024 Banking Awards, retaining the title for the second consecutive year.
Read more »