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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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Migration Agency Warns Migrants Against Irregular Travel Routes

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The International Organisation for Migration (IOM), in collaboration with Giving is Healing Foundation, has sensitised residents of Ayobo in Alimosho Local Government Area of Lagos State on the dangers of irregular migration and the need to embrace legal travel procedures.

Speaking during a sensitisation programme held at Megida Ifelodu Community Development Association in Ayobo, the founder of Giving is Healing Foundation, Mr. Gbolahan Ayediran, warned intending migrants against using illegal travel routes.

Ayediran said many Nigerians desire to migrate abroad in search of better opportunities but often ignore proper procedures, thereby exposing themselves to several dangers.

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“Lots of people want to migrate and most of them do it in the wrong direction. The reason for the programme is for us to advise people on how they can migrate in the right way. As much as migration is their right, they should do it correctly,” he said.

READ ALSO:How Wike Rescued Me From Political Oblivion — Oshiomhole

He advised intending travellers to obtain the necessary travel documents before embarking on any journey, noting that such documents include international passports, visas, flight tickets and yellow cards, depending on the destination country.

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According to him, migrants should also gather adequate information about their destination countries to enable them make informed decisions before travelling.

Ayediran further highlighted some of the dangers associated with irregular migration, including abuse, exploitation, discrimination and forced labour.

Also speaking, the Chairman of Megida Ifelodu Community Development Association, Elder Mathews Amusan, commended the organisers for enlightening members of the community on safe migration practices.

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READ ALSO: He Can’t Fix His Party Let Alone Nigeria – Oshiomhole Blasts Atiku

He urged residents planning to travel abroad to always follow legal migration procedures to avoid falling victim to human trafficking and other migration-related challenges.

One of the participants, Mr. Kolawole Adenoko, said the programme enlightened him on the dangers of irregular migration and the importance of travelling through the proper channels.

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He added that he would also educate his relatives and friends on the risks associated with illegal migration.

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Shatta Wale Bailed Burna Boy From Ghana Prison After Arrest For Smoking Weed – Captan

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Ghanian singer, Captan, has claimed that his former record label boss, Shatta Wale, once bailed Nigerian singer Burna Boy out of prison in Ghana after he was allegedly arrested for smoking weed.

Speaking in a recent podcast interview, Captan claimed that Shatta Wale sent him and others to free Burna Boy from police custody.

He also claimed that Shatta Wale and his group once accommodated Burna Boy when he was being hunted by some dangerous men.

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READ ALSO: Wale Edun Opens Up After Sack

Captan said, “I once bailed Burna Boy out of prison in Ghana when he was arrested for smoking weed. Shatta Wale sent me and some guys to go and free him from police custody.

“There was a time we also accommodated him when some people were after his life. We helped him settle the case.”

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He added that he and Burna Boy are no longer in good terms after the Nigerian artist’s fallout with his mentor, Shatta Wale.

He, however, said he and Shatta Wale are open to reconciling with Burna Boy if he asks for it.

Watch the video here

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Children’s Day: Chaos At Ogbe Stadium As Dozens Faint

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Chaos erupted on Wednesday during the Children’s Day celebration as dozens of students reportedly collapsed following a stampede triggered by the use of pepper spray.

The event,
organised by the Edo State Ministry of Education at the Samuel Ogbemudia Stadium was disrupted after some male students of Ihogbe College allegedly made uncompromising advances towards female students at the venue.

‎ A parent who identified himself as Oboh Emmanuel said, “the behaviour of those uncultured students attracted the attention of bouncers stationed at the stadium as they rebuked the male students.”

‎Oboh said the affected students later regrouped and attacked the bouncers, leading to a confrontation within the crowded arena.

READ ALSO:Children’s Day: Edo Commits To Child Protection

It was gathered that in the ensuing confusion, the bouncers were reported to have deployed pepper spray in an area occupied by a large number of students.

‎Several students, particularly female students, reportedly fainted after inhaling the substance, while others sustained injuries after being stepped on during the ensuing melee.

‎The panic was said to have spread across the stadium as students, teachers and parents scampered for safety.

‎Many of the affected students were reportedly rushed to the Edo Specialist Hospital for medical attention.

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READ ALSO: Egor LG Chair, Ogbemudia, Vice, Osawe Impeached

Reacting to the incident, Chief Press Secretary to Governor Monday Okpebholo, Dr Patrick Ebojele, said the security personnel that fired the tear gas had been detained.

He said all the students, except two, that were rushed to the hospital have been discharged.

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Ebojele stated that doctors wanted to observe the students till tomorrow before allowing them to go home.

The two students are not seriously injured. Doctors want to observe them overnight. Permanent Secretary, Ministry of Education is still at the hospital. The man who used pepper spray has been detained.

“The incident did not happen the way it is being exaggerated. All modalities were put in place to ensure the children enjoyed their day.”

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