Forgery Scandal: Zenith Bank Faces Heat Over Alleged Dividend Diversion and Asset Manipulation

Two weeks after allegations of forgery and dividend diversion were levelled against Zenith Bank Plc by Aquitane Oil & Gas, the controversy remains unresolved.

The bank has yet to address the accusations involving manipulated account statements and missing dividends associated with companies linked to Aquitane, a prominent player in Nigeria’s downstream oil and gas sector.

Investigative reports reveal that Zenith Bank has not issued a detailed defence or taken steps to resolve the allegations, which remain under police investigation.

Media reports highlighted that two Zenith Bank staff members were interrogated by the police following a petition from Aquitane Oil & Gas. The allegations include the falsification of bank statements and the unauthorized sale of company shares.

Aquitane Oil & Gas Ltd. has accused Zenith Bank, along with its subsidiaries—Quantum Zenith Securities and Veritas Registrars—of forgery, asset manipulation, and the diversion of ₦1.4 billion in dividends spanning over a decade.

The oil and gas firm alleges that Quantum Zenith Securities facilitated the illegal sale of its Zenith shares without authorization, while Veritas Registrars withheld dividends due to its sister companies. Aquitane also claims that the bank manipulated its account statements to hide unauthorized transactions and asset sales amounting to hundreds of millions of Naira.

A forensic audit conducted by Aquitane reportedly uncovered glaring inconsistencies in bank statements, indicating deliberate tampering to conceal these transactions. The company asserts that the alleged acts not only erode trust in Nigeria’s financial institutions but also highlight systemic lapses in regulatory oversight.

The allegations against Zenith Bank raise critical questions about corporate governance and regulatory accountability within the banking sector. As public interest in the case grows, there are mounting calls for transparency and swift resolution to protect the integrity of Nigeria’s financial system.

With the police investigation ongoing, stakeholders are closely watching to see whether this case will prompt stricter financial regulations and greater scrutiny of banking operations in Nigeria.