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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…”

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By Truth Live News Investigations Desk

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

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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.

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

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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:

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.

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

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.

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

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:

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

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.

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

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.

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

“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

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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.

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

The Fight for Justice Continues

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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:

“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.”

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What’s at Stake?

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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Anambra Guber: ‘I’m On Sabbatical,’ Don’t Use My Name In Your Campaign, Ngige Tells APC

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Former Anambra State governor and two-time minister, Senator Chris Ngige, has asked the All Progressives Congress (APC) governorship candidate, Prince Nicholas Ukachukwu, and his running mate, Senator Uche Ekwunife, not to link him to their campaign, saying he is currently on sabbatical from partisan politics.

A campaign poster featuring Ngige alongside the APC candidates has been circulating on social media, creating the impression that he is backing the party in the November 8 governorship election.

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In a statement signed by his media aide, Hyggi Obialo, Ngige clarified that his consent was neither sought nor obtained before the publication was released.

READ ALSO:Stop Begging Tinubu For Nnamdi Kanu’s Release, IPOB Tells Igbo Leaders

Senator Chris Ngige is on sabbatical from active partisan politics as he takes a well-deserved rest after 25 years in politics and public service,” the statement read. “We advise those behind the poster to respect his wishes, as he has repeatedly stated in public that he is out of partisan politics for now.”

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Ngige served as governor of Anambra State from 2003 to 2006, represented Anambra Central in the Senate from 2011 to 2015, and was Minister of Labour and Employment from 2015 to 2023.

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8,246 mentally ill inmates in custody nationwide – NCoS

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The Nigerian Correctional Service(NCoS) says no fewer than 8,246 inmates are currently suffering from mental illness across the custodial centres nationwide.

The Assistant Controller General of Corrections (ACG), in charge of Medical Services, Dr Glory Essien, disclosed the figure during a public hearing on Tuesday in Abuja.

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The News Agency of Nigeria (NAN) reports that the Independent Investigative Panel on Alleged Corruption, Abuse of Power, Torture, and Other Inhumane Treatment by the NCoS began the third public hearing on Monday.

Essien, however, highlighted the harsh reality of incarceration and its impact on mental health during her address to the panel.

We have 8,246 inmates with mental health conditions in our custodial centres.

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“From the moment someone is brought in, those who have seen a custodial centre know what I mean.

READ ALSO:Alarming Food Shortage Forces People To Eat Animal Feed In Sudan

The police escort them to the gate, and it’s opened, they’re admitted, and then that gate is locked behind them.

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“That instant loss of freedom can trigger something. Some begin to show signs of disturbed behaviour almost immediately, as if something in their mind has shifted,”she said.

Essien explained that the prison system relied on an internal network of trained inmate-leaders who assisted staff in identifying those showing signs of psychological distress.

According to her, these leaders are trained to alert the staff when they notice concerning behaviour.

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They might say, ‘This inmate seems dazed, hasn’t eaten, hasn’t spoken to anyone.’ That helps us intervene early,” she said.

Essien said in spite of these efforts, the scale of mental health issues far exceeded the available resources.

READ ALSO:Parole Board Sensitizes Inmates In Benin, Urges Them To Key In

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She said: “If you’re in a facility housing 500 to 1,000 inmates, and you’re the only attending doctor, nurse, or psychologist, it’s simply not possible to monitor everyone individually.

“That’s why we rely on these trained inmates to help us identify those in need, so we can provide care as best we can,” she said.

She, however, underscored the logistical challenges of delivering mental healthcare in correctional facilities.

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Mental illness is chronic. It’s not like malaria, where a single dose clears up the issue, highlighting transportation issues, limited drug supplies, and staff shortages as ongoing obstacles.

“We’re not operating in a five-star environment.But with the little we have, we are committed to upholding the highest standards of our work,” she maintained.

Similarly, the Assistant Controller General of Corrections in charge of pharmaceutical services, Mohammed Bashir, addressed concerns around drug provision and mental health treatment.

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He said that the Federal Government had actually been doing its utmost to ensure that it catered to the health needs of the inmates.

READ ALSO:FG Places N5m Bounty On Fleeing Inmates Of Ilesa Prison

Money has been appropriated, but is the money enough? No.

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“Out of 81,122 inmates in 256 correctional facilities nationwide, about 2.3 per cent are female,” he said.

Bashir revealed that a single item, such as sanitary pads for menstruating inmates, costs over “four million naira monthly.

On mental healthcare, Bashir confirmed that a psychological services unit had been created within the service to focus on treatment.

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“We have partnership with this psychiatric and psychological association. We have the consultants who usually go to about 12 designated custodial centres that have a large number of these cases,” he said.

He, however, admitted that drug supplies often ran out within weeks due to inadequate funding and staffing.

READ ALSO:7 Inmates Escape From Osun Prison

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In her remarks, the Permanent Secretary(PS) in the Ministry of Interior, Dr Magdalene Ajani, called for urgent support and systemic changes.

Ajani made a passionate appeal to the Nigerian Medical Association and pharmaceutical companies for support.

Please come to Macedonia and help us. We are in dire need of psychiatric and psychological aid in remote states beyond Abuja and Lagos.”

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Ajani, who chairs the panel, expressed concern over the maldistribution of mental health professionals.

Let them not only be centered in Abuja and Lagos. We need them to go out to the fields. Because if we even put two in the states, it will help them,” she added.

READ ALSO:16 Inmates Escape In Keffi Jail Break

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The PS emphasized the importance of transparency and collaboration with private companies, noting that public-private partnerships would be beneficial.

According to her, we can approach companies that can give us drugs as CSR; they do it.

So, don’t let us sit in the office and forget our primary responsibility.

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“Do it now. Build a bridge and empower younger people to be able to sustain that bridge that you are building,” she emphasised.

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Tinubu Appoints New NCC Chairman, Fresh Board Members

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President Tinubu has approved the appointment of Idris Olorunnimbe as Chairman of the Nigerian Communications Commission, NCC.

The Executive Vice Chairman of the Commission, Dr Aminu Waida, will continue to serve in that capacity.

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READ ALSO:WHO Announces Three New Drugs For COVID-19 Clinical Trials

President Tinubu also approved the appointments of the members of the board of the NCC.

The members include Abraham Oshidami, Executive Commissioner, Technical Services; Rimini Makama, Executive Commissioner, Stakeholder Management; Hajia Maryam Bayi, Former Director, Human Capital and Administration; Col Abdulwahab Lawal (retd); Senator Lekan Mustafa; Chris Okorie, and Princess Oforitsenere Emiko.

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