The owner of Geregu Power and chairman of FBN Holdings, Femi Otedola, has resolved his legal battle with Zenith Bank, which was earlier brought before a Federal High Court.
Sources claim that Otedola’s decision to withdraw from the legal proceeding is the result of a recent agreement reached between the billionaire and Jim Ovia, the founder of Zenith Bank, according to Nairametrics.
It was earlier reported that Otedola had made allegations against Zenith Bank about Zenon Petroleum & Gas and other associated companies.
Premium Times had previously reported the dispute and the subsequent resolution.
According to court documents, the case was dismissed on Thursday, June 13 by the Lagos Division of the Federal High Court of Nigeria.
This follows the receipt of a notice of discontinuance from Zenon Petroleum & Gas Limited, Seaforce Shipping Co. Limited, Luzon Oil & Gas Limited, and Mr. Otedola.
The defendants were Zenith Bank, Quantum Zenith Securities & Investment Limited, Veritas Registrars Limited, and Central Securities Clearing System Plc.
According to sources privy to the information, high-level negotiations between both sides resulted in an agreement to resolve the dispute without going to trial, led to an out-of-court settlement,
It was also gathered that the matter has been withdrawn from the court and that a settlement has been reached, ending the conflict
Femi Otedola is a major player in the oil and gas sector with the interests also spanning from power, real estate, and maritime industry.
