There is an ongoing bitter legal battle between one of Nigeria’s top banks, Zenith Bank Plc and one of its premium customers, Olusola Anthony Adejugbe, over accusation of loan default against the latter by the bank and counter accusation of unprofessional and unethical conducts on the part of the bank by the customer.
According to information available to LagosTimes, Mr. Adejugbe has since 2012 been in court with the bank, over several allegations, chief amongst which was that the bank wrongly computed its COT and VAT charges on his account and that efforts made by him to reconcile this when it was detected was frustrated by the bank. According to Mr. Adejugbe, a forensic accounting firm was even engaged and it discovered that the excess charges on his account amounted to over N5 billion.
Another ground on which Mr. Adejugbe is also seeking redress in court, according to LagosTimes findings was the discovery that about N200 million was diverted by Zenith Bank for the purchase of its own shares during the bank’s Initial Public Offer (IPO), instead of using the money to finance the purchase of 3,000 metric tonnes of petroleum products, which was the reason for Mr. Adejugbe’s company, Tonique Oil Services Limited.
Zenith Bank through its lawyers denied all the allegations and are battling tooth and nail to exonerate itself from this very intriguing court case which has brought renew interest in how the bank conducts its services to the mind of many. The matter, which is before Justice Olayinka Faji, has been adjourned to the 18th of April, 2018.