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Zenith Bank: Justice Olubunmi Abike-Fadipe Releases Certified True Copy (CTC) of her Judgment, Call Out Fake and Junk Journalist

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Contrary to the widely reported fake news by some faceless online news platform that Justice Olubunmi Abike-Fadipe of the Ikeja Special Offences Court in his recent judgement allegedly accused foremost financial management in Nigeria, Zenith Bank of fraud and bribery, the astute judge who is bitter with such report have released the original certified True Copy. 

 

In the original certified True Copy, it was confirmed that the respectable Justice never said something of such while delivering her judgement.

 

According to Justice Olubunmi Abike-Fadipe, all what the online media platforms said she delivered, were all fake and wondered how and where they got their own reports.

 

The certified True Copy (CTC) of the judgment is now in the open for anyone to see.

 

These online platforms had reported that the Justice accused Zenith Bank Plc of bribing both the judges and lawyers for 11 years to pervert justice, with several online media outlets alleging that Justice Olubunmi Abike-Fadipe made the claim on Tuesday, March 8, 2022 while delivering judgment in a suit marked LD/ADR/186/2014 between Real Integrated and Hospitality Limited as claimant and Zenith Bank Plc and State Universal Basic Education (SUBEB) as first and second defendants respectively.

 

One such publication quotes the judge as saying “My recommendation is that Zenith Bank is a fraud and people must be very careful in their dealings with the bank.”

 

Some of the other quotes read: “Zenith Bank bribed the lawyers in the matter.

 

“This they have done for 11 years. So many lawyers and judges have been bribed in this matter just perverting justice. What is more embarrassing, the current governor of Central Bank of Nigeria, Godwin Emefiele was the one who came to navigate and begged for the deposit. He has not been able to do anything to Zenith Bank because he was the managing director of the bank at the time of this transaction.”

 

However, nowhere in the Certified True Copy (CTC) of the judgment that was made available to credible news platforms showed that the Judge did not make such statements.

 

While the Judge did make a scathing criticism of the bank, Justice Fadipe did not accuse Zenith bank of bribing judges and lawyers for 11 years to fraudulently alter the course of justice, as claimed by the online mediums.

 

There was also no mention of the Central Bank of Nigeria, Godwin Emefiele in the CTC of the judgment.

 

The judge’s comments, as contained in the judgement, include: “The 1st defendant has been the beneficiary of the malevolent game of chess it plunged both claimant and the 2nd defendant into, holding the sum of N872,780,552.84 in its custody without paying interest thereon from 17th February 2011 until 2nd February 2016 when the Court ordered that the money be paid into an interest yielding account in the names of the claimant and the 2nd defendant pending determination of the suit, which order was curiously varied by the consent of all the parties on 20th September 2016 so that the money remained in the 1st defendant’s custody without interest.

 

“The act of the 1st defendant was unconscionable and detrimental to the goodwill of the claimant and its trade credit with its customers. It was a deliberate and malicious act against the interest of the claimant and the 1st defendant continues to enjoy the largesse in bad faith. Exhibits C4 and C5 clearly state that the funds to be transferred were to offset part of the claimant’s indebtedness for the importation of dictionaries, but the 1st defendant was impervious to this need. I therefore find and hold that the claimant is entitled to substantial damages against the 1st defendant for the injury caused to it.”

 

The judge made the comments while granting the claimants four reliefs.

 

The reliefs are that the 1st defendant (Zenith) was in breach of contract when on 7th October, 2011 it refused the claimant to draw from its account No. 1012465427 “despite the fact that the said account was in enough credit to cover the withdrawals sought to be made on the said date.”

 

The judge further restrained the bank “from disturbing or refusing the claimant from operating its account No. 1012465427 in the 1st defendant’s bank or from honouring the claimant’s transfer or payment obligations to third parties from the said account as long as same is in credit.”

 

It granted an “interest of 15% per annum on the sum of N872,780,552.84 from 7th October 2011 when the 1st defendant denied the claimant access to the funds in its account which was in credit at that date till judgment.

 

“Interest on the judgment sum at the rate of 10% per annum from judgment date till final liquidation thereof.

 

“Costs of this action in the sum of N2.5million.”

 

Of a truth, Zenith Bank has had a record of open and transparent operations, this earned the organization four SERAS CSR Africa Awards that include “Best Company in Reporting and Transparency”, “Best Company in Infrastructure Development”, “Best Company in Gender Equality and Women Empowerment”, and the coveted “Most Responsible Organisation in Africa”.

 

In recognition of its track record of excellent performance, Zenith Bank was voted as Best Commercial Bank in Nigeria in the World Finance Banking Awards 2021, Best Bank in Nigeria in the Global Finance World’s Best Banks Awards 2020 and 2021, Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020, and Best in Corporate Governance ‘Financial Services’ Africa 2020 and 2021 by the Ethical Boardroom. Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, Number One Bank in Nigeria by Tier-1 Capital in the “2021 Top 1000 World Banks” Ranking by The Banker Magazine and the Retail Bank of the year at the BusinessDay Banks and Other Financial Institutions (BOFI) Awards 2020 and 2021.

 

Zenith Bank has continued to distinguish itself in the Nigerian financial services industry through superior service offerings, unique customer experience and sound financial indices. The bank remains a clear leader in the digital space with several firsts in the deployment of innovative products, solutions and an assortment of alternative channels that ensure convenience, speed and safety of transactions.

 

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Oando set to Redeem Promise to Shareholders

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In its  commitment to enhancing shareholders value Oando  has concluded plans to  reward them  by giving them an incredible 1.28 billion additional shares in the form of stock dividend. This means shareholders will get more shares added to their investment portfolio at no extra cost. The sheer size of the offering, with 1.28 billion shares distributed, makes it the biggest shareholder reward in Oando’s history.

This decision follows the approval of shareholders at the Company’s 45th Annual General Meeting (AGM) held on December 17, 2024, authorising “the Company may cause shares received pursuant to sub-resolution (b) above, and/or their cash equivalent to be distributed to shareholders of record at date(s) as may be determined by the Board of Directors, from time to time, on a pro-rata basis.”

Subsequently, the Board of Directors resolved to distribute the shares in two tranches in a meeting held on January 30, 2025. The total worth of shares valued at 97,562,157,676, based on Oando PLC’s closing share price of 76 as of January 30, 2025, will be distributed to its shareholders beginning with 641,856,301 ordinary shares at the close of business on February 14, 2025, and 641,856,300 ordinary shares at the close of business on June 30, 2025.

Stock dividends are considered more superior to cash dividends as shareholders are being given the choice of either keeping their return on investment or turning it to cash whenever they want; with a cash dividend, that option is unavailable.  In this instance Oando shareholders are getting a return on investment of over 10%. The increase in shares also means an increase in potential future dividends, as the more shares a shareholder owns, the more dividends they can potentially receive.

Furthermore, instead of paying cash, which could weaken the company’s future financial position, Oando is preserving value and ensuring shareholders benefit from future growth through this scheme. By distributing shares, the company can maintain a strong financial position, which is crucial for future growth and investment opportunities.

This positive news for Oando shareholders directly increases minority shareholders’ ownership stakes by one (1) new ordinary share of 50 kobo each for every twelve (12) existing ordinary shares of 50 kobo held by the shareholders without dilution.

This news comes in the wake of Oando’s robust performance in 2024, bolstered by its $783Million acquisition of Nigerian Agip Oil Company (NAOC) in August 2024, which led to a bullish increase of over 500% in its share price. The acquisition also significantly impacted the company’s FY 2024 financial results, resulting in a 45% surge in revenue to N4.1Trillion. This strong financial performance should instil confidence in shareholders about the company’s prospects.

Building on the track record of 2024, Oando announced the award of Block KON 13 in Angola’s Onshore Kwanza Basin in January 2025. The future remains hopeful for shareholders, as the Group Chief Executive (GCE), Wale Tinubu CON, mentioned in a recent statement that the company will prioritise cost optimization, operational efficiency, streamlining processes, enhancing procurement, and leveraging technology to improve productivity across operations.

By distributing the shares in two phases, Oando ensures that its stock price remains strong and stable, avoiding any sudden market drops.

 

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Audullahi Saheed Mosadoluwa: Visionary Leader Redefining Real Estate, Community Development

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Hon. (Dr.) Audullahi Saheed Mosadoluwa, fondly known as “Mr. Ibile,” embodies the spirit of innovation, resilience, and purpose. His journey from a young entrepreneur to one of Nigeria’s most revered real estate developers is an inspiring testament to visionary leadership and a deep commitment to societal transformation.
Born into an entrepreneurial family, Mosadoluwa developed a sharp business acumen at an early age, a foundation that set the stage for his remarkable career. His ambition and forward-thinking approach eventually led him to establish Harmony Gardens and Estate Development Limited, a company now synonymous with excellence and innovation in Nigeria’s real estate sector.
Under his guidance, Harmony Gardens has flourished into a household name, delivering projects that cater to both luxury seekers and everyday Nigerians. One of the company’s standout developments, the Lekki Aviation Town Estate, is a masterfully designed residential hub strategically located near the upcoming Lekki-Epe International Airport. Spanning over 1,400 hectares, this ambitious project offers state-of-the-art amenities and positions Harmony Gardens as a key player in addressing Nigeria’s housing deficit.
In addition to Lekki Aviation Town, Harmony Gardens boasts other groundbreaking projects such as HarmonyVille Estate, CrestView Estate, and Granville by Harmony. Each of these developments is a testament to Mosadoluwa’s dedication to creating inclusive, sustainable communities that elevate the living standards of Nigerians.
Recently, Mosadoluwa expanded his influence by launching Ibile Holdings Global Limited, a new venture focused on optimizing construction practices and property management in Nigeria. This move underscores his commitment to diversifying the economy, creating jobs, and setting new benchmarks in quality and efficiency.
Beyond his business accomplishments, Mosadoluwa is a devoted philanthropist. He has funded scholarships for underprivileged students, supported affordable housing initiatives for low-income families, and spearheaded free healthcare outreach programs in underserved communities. His generosity and advocacy for equity have touched countless lives, solidifying his reputation as a compassionate leader who prioritizes people over profit.
Mosadoluwa’s contributions have not gone unnoticed. He has received numerous accolades, including an Honorary Doctorate from the Chartered Institute of Public Resources Management & Politics (CIPRMP), Ghana, for his efforts in democracy, education, and affordable housing. His leadership and advocacy have also earned him the Outstanding Real Estate Leader Award and the Pan-African Housing Leadership Award.
While his journey has not been without challenges, including allegations of land disputes that he has consistently addressed through legal channels, Mosadoluwa remains steadfast in his mission to operate transparently and uphold ethical standards in the real estate industry.
Looking ahead, Mosadoluwa envisions a Nigeria where housing is accessible to all. With ambitious plans to build over 750,000 affordable homes by 2030 and attract foreign investments into the country’s housing sector, he is committed to driving sustainable development and economic growth.
Hon. (Dr.) Audullahi Saheed Mosadoluwa is more than a businessman—he is a visionary leader, a philanthropist, and a symbol of hope for countless Nigerians. Through his groundbreaking projects, unwavering dedication to ethical practices, and relentless pursuit of excellence, he continues to inspire and transform lives across the nation.
-Written by Sunday Adebayo

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Oil Tycoon, Wale Tinubu, Begins the New Year with Positive Momentum

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Oil tycoon and highflying businessman, Jubril Adewale Tinubu, has started the year 2025 on a very good and brighter note as he has just led Oando to secure a major oil block in Angola.

The  integrated energy solutions provider this week secured a major win by emerging as the operator of Angola’s Kwanza Basin Block KON 13.

This milestone marks a significant step in the company’s efforts to increase its oil production capacity to 100,000 barrels per day as part of its broader global expansion plans.

Over the weekend, the National Agency for Petroleum, Gas and Biofuels (ANPG), Angola’s upstream petroleum regulator, announced the results of the Limited Public Tender for Block KON 13, located in the Kwanza Onshore Basin.

The tender process began on May 24, 2024, with bidding held on September 3, 2024.

According to ANPG, Oando Energy has been designated the operator with a 45 percent stake in the block.

An additional 10 percent interest remains available for non-operating companies, to be awarded through a restricted competition involving unsuccessful bidders from the operator selection round.

The Angolan regulator stated that the bid process adhered to the requirements outlined in Presidential Decree No. 86/18, which governs criteria for financial and technical capacity for operators and financial capability for non-operators.

Oando’s success in Angola reflects its decade-long ambition to establish a presence in the country’s hydrocarbon sector.

In 2014, Tinubu revealed that Oando had signed joint ventures in Angola and Mozambique. However, financial challenges over the years cast doubt on the company’s ability to sustain its pan-African vision.

That narrative shifted with Oando’s recent acquisition of 100 percent ownership of Nigerian Agip Oil Company Limited (NAOC Ltd) from Eni S.p.A., an Italian oil giant.

This acquisition increased Oando’s stake in four key oil mining leases —OMLs 60, 61, 62, and 63—from 20 percent to 40 percent.

Oando has outlined plans to enhance output through new drilling projects and improved security measures.

The acquisition has also bolstered investor confidence, with a notable rise in the company’s share price and market value.

Definitely, it is not too early to conclude that the world the world class serial investor  has achieved prompt success and  positive developments, while setting a favourable tone for the rest of the year.

 

 

 

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