Femi Otedola reaches out-of-court settlement with Jim Ovia’s Zenith Bank

Nairametrics can confirm that Femi Otedola, chairman of FBN Holdings and principal owner of Geregu Power, has settled his dispute against Zenith Bank, which was previously filed before a Federal High Court.

According to our sources, Otedola's withdrawal from the court case follows a recent understanding between the billionaire and the founder of Zenith Bank, Jim Ovia, after representatives from both parties attempted to settle the matter.

Nairametrics previously reported that Otedola had made several allegations against the bank about Zenon Petroleum & Gas, and other related firms. Some of the allegations were widely reported by the media.

Notice of Discontinuance
According to Premium Times, which first reported the dispute and the subsequent resolution, court papers revealed that the Federal High Court of Nigeria, Lagos Division, dismissed the case on Thursday, 13 June.

This decision came after the court received a notice of discontinuance from the plaintiffs, who had initially filed the suit against the lender on 12 March.
The plaintiffs in the case were Zenon Petroleum & Gas Limited, Seaforce Shipping Co. Limited, Luzon Oil & Gas Limited, Garment Care, and Mr. Otedola.
The defendants were Zenith Bank, Quantum Zenith Securities & Investment Limited, Veritas Registrars Limited, and Central Securities Clearing System Plc.
Reliable sources informed Nairametrics that both parties agreed to settle the matter out of court following a high-level meeting between top representatives of both sides. This led to an out-of-court settlement, which the judge eventually endorsed.

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