Aquitane Oil & Gas Accuses Zenith Bank of Forgery, Alleges ₦1.4 Billion Dividend Theft, Unauthorized Sale of Collateral Shares

Segun Atanda/

In a scandal shaking Nigeria’s financial sector, Aquitane Oil & Gas Ltd., a key player in the country’s downstream oil industry, has leveled grave accusations against Zenith Bank Plc, alleging forgery, unlawful asset sale, and the diversion of ₦1.4 billion in dividends.

Aquitane claims that Zenith Bank, along with Veritas Registrars and Quantum Zenith Securities, was involved in a scheme that saw the unauthorized sale of pledged shares, manipulation of bank statements, and deliberate withholding of dividends for over a decade.

According to Aquitane’s statement, 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.

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