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Zenith Bank and Nigeria’s Supreme Court in $64 Million Contract Scandal

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By Job

“…Judiciary under fire as leaked documents reveal alleged forgery and collusion to exonerate defaulting bank in international trade finance dispute…”

By Truth Live News Investigations Desk

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Truth Live News has obtained exclusive access to confidential documents that expose what legal and civil society experts are calling a shocking case of judicial complicity and commercial fraud. The scandal implicates Zenith Bank Plc and Nigeria’s Supreme Court in a series of actions that allegedly manipulated a multi-million-dollar trade finance dispute to favour the bank, at the expense of international business credibility and judicial integrity.

At the Heart of the Scandal: A Breached $64 Million Letter of Credit

At issue is Contract No. JYOONL-001/KTTA140415, signed between Owigs and Obigs Nigeria Ltd (the Seller) and Zenith Bank Plc (as Confirming Bank). The contract was backed by a confirmed irrevocable Documentary Letter of Credit (LC), an internationally recognized instrument governed by UCP (Uniform Customs and Practice) rules that bind all participating parties: Buyer, Seller, Issuing Bank, and Confirming Bank.

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Zenith Bank, having collected payment for its role as Confirming Bank, allegedly reneged on its obligation to confirm and honour the LC, without providing any lawful reason.

How the Judiciary Was Allegedly Used to Conceal Breach

According to Mr. Emeka Okorie, CEO of Owigs and Obigs Nigeria Ltd, the case took a disturbing turn when it reached Nigeria’s Supreme Court under Appeal No. SC/CV/709/2020. Rather than enforcing the bank’s contractual obligations, the court reportedly:

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Erased Zenith Bank’s role as Confirming Bank from the judgment entirely.

Rewrote the dispute as a Seller-Buyer issue, despite no direct disagreement between those parties.

Fabricated a new version of the Letter of Credit, excluding both the Confirming and Issuing Banks.

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Shifted liability from Zenith Bank to the innocent Seller, absolving the bank of any wrongdoing.

“The judgment was not merely flawed; it was criminally altered to fit a predetermined outcome,” Mr. Okorie told Truth Live News in an exclusive interview from London.

“We trusted the judiciary to protect the sanctity of business contracts. Instead, the court delivered a judgment based on fiction.”

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Leaked Documents Reveal Irregularities in LC Structure

The fabricated LC version, according to verified internal documents and legal petitions submitted to the National Judicial Council (NJC), contains major anomalies:

It references only three parties, omitting the Confirming Bank entirely.

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It lacks an Issuing Bank, despite being a core requirement under UCP rules.

It removes the Buyer as a legal party to the commercial contract.

It reassigns the Issuing Bank role to the Seller’s Bank, a fundamental breach of protocol.

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Civil Society Outrage and Legal Fallout

Outraged by what they describe as a judicially sanctioned breach of contract, civil society organisations like the Empowerment for Unemployed Youths Initiative and the Independent Public Service Accountability Watch have filed formal complaints with the NJC, demanding an urgent review.

“This case isn’t about who won or lost, it’s about how the judgment was crafted,” said one senior legal analyst.

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“If Nigeria’s highest court can arbitrarily alter commercial contracts and shield defaulting banks, then the rule of law is in mortal danger.”

Zenith Bank and Supreme Court Maintain Silence

Despite mounting pressure, Zenith Bank has refused to comment however, when our correspondent put a call to Zenith Bank’ lawyer, Dr James Agbonhese on the allegations, he denied everything stating that he was not aware of any compromise. Similarly, attempts to reach the Public Affairs Directorate of the Supreme Court have gone unanswered, we put a call to the deputy registrar of the apex court, Barr Yusuf Babasoro who confirmed that he was aware of the case but had no authority to speak to us and referred us to the chief registrar, Mr. Hajo Bello, who refused to take his calls or respond to the text message sent to his mobile phone.

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This development is raising further questions about transparency and accountability, particularly from the judiciary.

The Fight for Justice Continues

Mr. Okorie says Owigs and Obigs Nigeria Ltd is prepared to escalate the matter internationally as we are aware that the BBC, Al Jazeera, CNN and other international media platforms have received briefings on the matter and the UK Parliament has also received a documentation, in a form of Petition:

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“This is not just about our company, it’s about the future of commercial justice in Nigeria.

If we allow this kind of institutional deception to stand, we lose investor trust, legal credibility, and national dignity.”

What’s at Stake?

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As the NJC initiates preliminary inquiries, this case may become a watershed moment for the Nigerian judiciary. The outcome could determine whether the country’s legal system can self-correct or whether it is, as critics fear, compromised beyond repair.

For ongoing updates and exclusive documents on this case, stay tuned to Truth Live News.

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Sen. Imasuen Champions Respect, Responsibility As ‘Comprehending Gen Z + Gen A’ Returns In Benin

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The second edition of Comprehending Gen Z + Gen A with the theme “My Body and Boundaries” held on Friday in Benin City drew wide commendation for its bold approach to youth empowerment, inclusion, and personal safety.

Sponsored by the Senator representing Edo South Senatorial District, Senator Neda Imasuen, the event gathered students, policymakers, and child advocates to discuss the importance of body autonomy, consent, and mutual respect among young people.

In his keynote address, Senator Imasuen said this year’s edition took “a bold step towards inclusion” by addressing both the boy and girl child, stressing that understanding one’s body and personal boundaries was critical to building a just society.

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“Our theme ‘My Body and Boundaries’ is not merely a slogan — it is a call to awareness, respect, and responsibility,” he declared.

“The girl child must know that her body is hers, not a tool for validation, exploitation, or control. The boy child must equally learn that true strength lies in respect, empathy, and protection, not dominance or entitlement.”

READ ALSO: Circuits Launchpad Targets 1M Jobs for Youths in the Digital Creative Sector

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He urged parents, teachers, traditional rulers, and policymakers to work together to nurture a new generation that honours their bodies and respects others.

When we educate, empower, and protect all our children, we build families that are stable, communities that are peaceful, and a nation that is strong and just,” Imasuen said.

Also speaking, the Coordinator of the Edo State Office of the First Lady underscored the importance of setting moral and behavioural boundaries in an age where exposure and peer pressure often mislead the youth. She lamented that both boys and girls have fallen victim to sexual assault because of ignorance and lack of awareness.

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“Anything that happens without your consent is rape,” she stated. “It doesn’t matter the gender — boys rape boys now, women rape boys, women rape women. Anyone who touches you inappropriately has crossed your boundary, and it is not acceptable.”

READ ALSO:Senate Gives FG Ultimatum To Submit Budget Performance Report

She cautioned students against cultism, drug abuse, and indecent dressing, noting that Edo State has strict laws against cult-related activities.

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On his part, Dr Osigbovo Eriamiantoe of the University of Benin Health Centre advised young people to take their mental health seriously, warning that substance abuse and cultism were leading triggers of depression and violence.

Representing the Edo State Commissioner for Youth Affairs, Permanent Secretary, Iryn Omoroguiwa commended the initiative as a “significant step towards empowering young people” and reaffirmed the government’s commitment to providing safe spaces for youth engagement and personal development.

Impact advocate, Dr Owen Omo-Ojo, founder of HIGH Health Consultant, added that setting and defending personal boundaries “is not rudeness but courage, an act of self-awareness and self-respect.”

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The event featured a talk show, drama performances, and the presentation of gifts to participating schools. It ended with a resounding message: empowering the younger generation through knowledge, confidence, and respect is the surest path to building a safe and balanced society.

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JUST IN: Abuja Airport Shutdown Over Aircraft Incident

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The Nnamdi Azikiwe International Airport (NAIA), Abuja, was temporarily shut down on Thursday following an aircraft incident on its runway.

The aircraft, a Gulfstream 400 with the registration number 5N-PZE, a private jet, had its nosewheel damaged on landing at the airport at about 2 pm.

A source close to the airport confided in our correspondent that the aircraft, carrying 10 passengers and four crewmembers, had departed Enugu Airport for Abuja before the incident.

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The cause of the incident could not be ascertained at the time of filing this report, but the source confirmed that the aircraft had been evacuated from the scene.

READ ALSO:Abuja Employer Bathes 16-year-old With Hot Water

The source said: “Yes, I can confirm an aircraft incident on the runway of Abuja Airport today (Thursday). The aircraft was coming from Enugu Airport but had a nosewheel incident on landing.

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“As of the time of the incident, there were 14 souls onboard, including four crewmembers. However, there was no casualty among the passengers or the crew. It led to a minimal closure of the airport. The incident happened at about 2 pm.”

When The Guardian contacted the Director of Public Affairs and Consumer Protection of the Federal Airports Authority of Nigeria (FAAN), Mr. Henry Agbebire, he did not respond to the enquiry from our correspondent.
Details later…

 

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Edo IPDs Lament Economic Hardship, Seek Assistance

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The Internally Displaced Persons (IDPs) camp in Uhogua, Benin City, Edo State capital, has lamented hardship caused by the economic situation of the country.

Coordinator of the camp known as Home for the Needy Foundation, Pastor Solomon Folorunsho, said due to the economic hardship, feeding lifestyle of the IDPs has drastically dropped, adding that many of the students sponsored by the foundation in various universities are at home due to backlog of unpaid school fees.

Pastor Folorunsho, who spoke with newsmen on how the IDPs have been coping with the current hardship, said due to the economic hardship, a single meal where they used to cook 15 bags of rice has been reduced to 5.

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Pastor Folorunsho, who is also the overseer of the International Christian Centre, while lamenting that the IDPs currently have no food, stated “it has not been easy feeding multitude as this especially with this economic situation of Nigeria, but the passion we have for the less privileged has kept us moving.”

READ ALSO:Court Sentences 11 to 79 Years Improvement In Edo

He added: “Normally, we cook like 15 bags of rice per meal, 12 bags of garri per meal, 100 tubers of yam per meal, but because of the economic situation, what we have is what we cook for them. Sometimes, we cook 5 bags, and this is very little. Their eating has drastically reduced because of the economy.

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“At times, it will get to a stage that we will not have money to buy foodstuffs, but good customers we have usually give us, and when money comes we pay. Currently, we don’t have food. We really want people to come support their feeding and school fees.”

The coordinator, who disclosed that Home for the Needy Foundation is currently sponsoring over 400 students in various universities across the country, however, lamented that “some universities are not allowing our students to write exams because they have been unable to pay their school fees.”

We have over 400 students currently in different universities, and as I talk to you we have over 60 that just graduated. A few days ago, 6 doctors graduated amongst the students, likewise lawyers. We have about 70 students that ought to have graduated by now but the universities didn’t allow them to write their final year exams. They are currently with us, crying, but we keep encouraging them that God will send a good Samaritan.”

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READ ALSO:Edo To Commence Production Of Essential Drugs

On healthcare, Pastor Folorunsho said: “We also need an abundance, because, at times, when we have emergencies, we have to be running up and down to get a vehicle, but if we have an abundance stationed here, we can rush to UBTH.

“We also need medical laboratory equipment for our medical personnel to run tests in the health centre.”

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The coordinator, while appreciating those who have been donating to the IDPS, passionately appealed to “well-meaning Nigerians, Non-Governmental Organisations, the international community, even food producing companies like Dangote and everyone that loves humanity to come provide food for these children.

READ ALSO:Edo To Commence Production Of Essential Drugs

What these children need is food to eat, and they are able to go to school. They need notebooks and textbooks. We need those that will pay our teachers and their school fees.

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“We all know where these children are coming from— Some of them saw their parents beheaded, some saw dead bodies — they saw all sorts of horrible things, so, they were highly traumatized in the beginning. Now that they are out of trauma, we don’t want them to go back to trauma again because of not having food to eat, or because of inability to pay school fees. Inability to pay school fees will bring trauma back, of which we don’t want.”

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