Business News

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


Naijaonpoint 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.

Naijaonpoint 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.

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.

Reliable sources informed Naijaonpoint 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.

Naijaonpoint also gathers that the dispute has now ended with the settlement reached and the case being withdrawn from the court. The ability of both parties to settle the issue amicably and out of court is a significant boost to dispute resolution processes, especially given the speed at which the matter was resolved.

Femi Otedola, a prominent Nigerian businessman, has made significant strides in the country’s financial and energy sectors.