• By Darlington Okpebholo Ray
• Investigative Correspondent, Truth Live News
LONDON / ABUJA – British financial regulators have launched a formal investigation into Zenith Bank UK Ltd, following a high-profile petition submitted to the UK Parliament by Chief Emeka Okorie, Managing Director of Nigerian multinational firm Owigs and Obigs Ltd. The petition accuses the bank of financial misconduct that resulted in the collapse of an international trade transaction valued at over \$300 million, and a direct loss claim of \$42.9 million. The unfolding case also raises serious concerns about the conduct of the Nigerian judiciary, which is allegedly being used to shield the bank from accountability.
At the centre of the dispute is an alleged breach of a Letter of Credit (LC) confirmation agreement, in which Zenith Bank PLC, acting as the confirming bank, is said to have received full commission but failed to fulfil its role, an omission that ultimately triggered the contract’s default clause and caused the transaction to collapse.
A Deal Gone Sour
In an exclusive interview with Truth Live News, Chief Okorie explained that his company’s global trade venture was abruptly cut short due to what he described as “a calculated breach of trust.” According to him, Zenith Bank was a critical party and signatory to a Letter of Credit agreement that required it to confirm an LC already paid for by Owigs and Obigs Ltd.
“Zenith Bank collected their commission for LC confirmation but failed to confirm it,” Okorie stated. “This failure activated the penalty and default clauses in the contract, which all parties, including Zenith Bank, duly signed. Their inaction collapsed a deal worth over \$300 million and threw our entire supply chain into disarray.”
The Managing Director emphasised that the bank’s failure to act, despite accepting financial compensation, constituted a clear breach of international banking practice and good faith obligations.
•Nigerian Judiciary Implicated
What has added fuel to the controversy is the role allegedly played by the Nigerian judiciary, which Chief Okorie claims enabled Zenith Bank PLC to escape liability through questionable court rulings. He cited Supreme Court Justice Kudirat Kere-Ekun as having presided over judgments that effectively protected the bank from being held accountable, despite clear contractual obligations.
Observers warn that this case is fast becoming a textbook example of how judicial compromise and corporate impunity can combine to sabotage business confidence and economic development in Nigeria.
•UK Regulatory Action Underway
Following the petition to the UK Parliament, credible sources confirm that Zenith Bank UK Ltd is currently being investigated by both the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), the key bodies responsible for supervising banking institutions in the United Kingdom.
Zenith Bank UK Ltd, which is authorised by the PRA and regulated jointly with the FCA, is being probed over potential breaches of trust and regulatory standards related to its role in the disputed transaction.
Sources also indicate that the UK Financial Services Compensation Scheme (FSCS) has been notified. While no formal public statement has been released, insiders suggest that, should wrongdoing be established, Zenith Bank UK Ltd may face:
* Revocation or suspension of its banking licence in the UK
* Financial penalties and regulatory sanctions
* Public advisories warning UK citizens and residents against engaging with the bank
Such consequences could severely affect Zenith Bank’s operations beyond Nigeria and deal a significant blow to its reputation as one of Africa’s leading financial institutions.
•Global Implications Loom
Zenith Bank is widely regarded as a pillar of banking in Nigeria and across West Africa. However, this unfolding case raises serious concerns about its corporate governance, legal compliance, and cross-border integrity. If UK regulators take decisive action, it could set a global precedent for how financial institutions are held accountable for breaches that transcend borders.
Market analysts warn that the ripple effect of any regulatory action in the UK could lead to financial instability, a loss of international trust, and legal challenges in multiple jurisdictions.
•A Call for Accountability
As regulatory scrutiny intensifies, Owigs and Obigs Ltd insists that it will pursue every lawful avenue to recover its losses and expose what it terms the “systematic collaboration between judicial failure and banking negligence.”
> “This case is not only about a failed transaction,” Chief Okorie said. “It is about the abuse of power, the betrayal of trust, and the cost of impunity to honest businesses.”
This story is no longer just a corporate disagreement. It is rapidly becoming a watershed moment in the battle for justice, transparency, and financial accountability in both Nigerian and international banking systems.
As an unbiased news agency, Truth Live News made an effort to reach Zenith Bank, but unfortunately, all calls and text messages to the mobile phone of the Zenith Bank MD to gather their perspectives went unanswered.
For further updates and investigative coverage, follow Truth Live News or contact us via info@truthlivenews.com
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