EXCLUSIVE REPORT: Aquitane Oil & Gas Breaks silence on 16-Year Alleged breach and theft of its shares and forgery of statement of bank account

EXCLUSIVE REPORT: Aquitane Oil & Gas Breaks silence on 16-Year Alleged breach and theft of its shares and forgery of statement of bank account

......Between Zenith Bank, Veritas Registrars, and Quantum Zenith Securities Involving Fraudulent Share Sales, Document Forgery, and Theft of Over ₦1.4 Billion in Dividends

Aquitane Oil & Gas has brought forward an explosive petition detailing what it alleges to be a 16-year financial conspiracy by Zenith Bank Plc and its affiliates, Veritas Registrars and Quantum Zenith Securities, involving forged documents, unauthorized share sales, and a staggering theft of over ₦1.4 billion in dividends. Spanning from 2008 to date, this alleged scheme has eroded public trust and spotlighted deep-rooted issues within Nigeria’s Banking sector. Despite multiple appeals for transparency, Zenith Bank reportedly declined to address Aquitane’s concerns, leaving unresolved grievances that extend to this present date.

After more than a decade of denied dividends, disputed charges, and alleged document forgery, the Nigerian Police have now intervened, launching an investigation that could reveal the full extent of the alleged corporate malfeasance.

A Long-Running Syndicate Scheme: Zenith Bank’s Alleged Collusion with Veritas and Quantum Zenith Securities

According to Aquitane’s petition, Zenith Bank’s alleged collusion with Veritas Registrars and Quantum Zenith Securities dates back to 2008, when the bank extended several credit facilities secured by FinBank shares. Aquitane’s sister companies, Southern Grace Investment Ltd. and Globular Trading Services Ltd., also acquired shares in Zenith Bank that were meant to yield dividends over time.

However, Aquitane contends that Quantum Zenith Securities sold the FinBank shares long before the loan’s maturity, with a loan balance of only ₦700 million at the time. Proceeds from the nearly ₦1.9 billion sale were neither credited to Aquitane’s accounts nor disclosed, while Veritas Registrars allegedly withheld dividends on Zenith Bank shares for over 16 years.

The petition further accuses Veritas and Zenith Bank of collaborating to freeze dividends owed to Southern Grace and Globular Trading under the false pretense that they were used to offset a non-existent debt. Aquitane claims that this protracted freeze has resulted in more than ₦1.4 billion in unpaid dividends, leaving its sister companies financially stranded.

A Legacy of Forgery and Fraudulent Statements Under Scrutiny

Over the years, Aquitane has confronted Zenith Bank with evidence of unauthorized charges and allegedly manipulated account statements. In fact, Aquitane notes that Zenith Bank, in a brazen act, recently provided the Nigerian Police with a falsified statement after the police requested accurate records as part of their investigation into forgery allegations. This action, Aquitane argues, underscores the bank’s efforts to obscure facts and hinder justice.

Undelivered Dividends and Ongoing Theft Allegations Up to November 2024

Even as of November 2024, Aquitane claims that Zenith Bank, Veritas Registrars, and Quantum Zenith Securities continue to evade accountability, denying dividends and concealing the theft of funds that should rightfully belong to Aquitane’s sister companies. This enduring struggle has underscored the urgent need for justice and transparency in Nigeria’s financial sector.

A Demand for Corporate Integrity as Public Outcry Intensifies

The unfolding police investigation is seen by many as a critical step toward unraveling a pattern of alleged abuses that could set a precedent for corporate accountability in Nigeria. Aquitane’s petition has ignited outrage across social media and within the financial community, with calls for stricter oversight to prevent similar breaches in trust.

For Aquitane and its affiliates, this 16-year ordeal represents a systemic betrayal that has yet to be remedied. The company remains hopeful that the current investigation will bring about long-awaited justice and restore the public’s faith in the integrity of Nigeria’s banking institutions.