News
Zenith Bank and Nigeria’s Supreme Court in $64 Million Contract Scandal
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
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.
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:
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.
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.”
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.
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.
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.
“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.
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:
“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?
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.
News
N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs
First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.
The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.
At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.
Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.
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Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.
“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.
“Women-led enterprises are critical to economic activity, yet they face structural barriers.
This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”
“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).
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“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”
Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.
Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.
Applications for the zero-interest loan are now open.Apply now.
News
Xenophobic Attacks: Oshiomhole Tells FG To Retaliate Against South African Companies In Nigeria
Senator Adams Oshiomhole has called on the Federal Government to retaliate against South African businesses operating in Nigeria following the recent attacks on Nigerians in South Africa.
Speaking during plenary on Tuesday, Oshiomhole said the Federal Government should consider revoking the working license of South African owned companies such as MTN and DSTV.
He argued that Nigeria must respond firmly to what he described as persistent hostility against its citizens.
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“I am not going to shed tears. If you hit me, I hit you. I think it is appropriate in diplomacy. It is an economic struggle,” Oshiomhole said.
He argued that while some South Africans accuse Nigerians of taking their jobs, Nigerians should return home and take over employment opportunities created by major South African companies operating in the country, including MTN and DSTV.
“When we hit back, the President of South Africa will not only talk but will also go on his knees to recognise that Nigeria cannot be intimidated.
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“We will not condone any life being lost. If a crime has been committed under the South African law they have the right to bring any such person to justice, but to kill our people as if we are helpless, we will not allow that,” Oshiomhole added.
DAILY POST reports that several Nigerians in South Africa have reportedly been attacked, and their businesses destroyed, in ongoing xenophobic attacks in the country.
News
IGP Orders Officers Display Name Tag On Uniform, Gives Update On State Police
The Inspector General of Police, IGP, Tunji Disu, has ordered all police personnel to always have their name tags on their uniforms for easy identification.
Disu disclosed that only police personnel who are undercover are exempted from displaying their name tags.
Speaking on Tuesday, Disu said: “All police officers should have their name tags. All of us on the high table have our names apart from the undercover among us so if you look at all the Commissioners of Police we have our name tags, so it’s not our standard.
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“All the Commissioners of Police are here and that is why we called this meeting, we have list of things like this that we will want to discuss with the Commissioners of Police, we have told them earlier and we will still let them know that every that happens within their area of jurisdiction falls under their control.”
On the issue of state police, the IGP said: “Since we got the signal that the Federal Government of Nigeria intend to establish State Police and since we are the federal police, we decided to take the bull by the horn and put down our own side of what we believe on how the state police should be run.
“A lot of things were taken into consideration, a lot of comparative analysis was done and it has been transmitted to the National Assembly.”
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