Femi Otedola and Jim Ovia: Back in Business after Resolving Dispute Out-of-Court

HighLife

When elephants fight, other inhabitants of the jungle peek out of their homes anxiously, hoping for a conclusion. Things have settled in Nigeria’s big business circle with the alleged settling of all problems between Femi Otedola and Jim Ovia.

The dispute began when Otedola accused Zenith Bank of unauthorised trading using the account of his company, Seaforce Shipping Limited, without his consent. Despite the account not being active since 2010, transactions worth billions of naira allegedly took place. Otedola claimed that Seaforce never applied for or received a loan from Zenith Bank, yet the account was used for trading, leading to substantial debts.

Upon discovering the irregularities through a whistleblower at Zenith Bank, Otedola confronted the bank’s officials, who reportedly apologised. He then highlighted discrepancies in the bank’s documentation, such as a letter from 2018 that showed a debt significantly lower than the amount recorded in the bank statements. This inconsistency prompted Otedola to seek legal action.

Things were hot for a while, especially as Otedola apparently sought to have the Nigerian judicial system sanction Ovia and his bank for their alleged fraudulent actions. If that had continued, who knows how much dirt the businessmen would have found to paste on each other’s faces?

However, the two businessmen decided to settle the matter out of court to preserve their long-standing business and personal relationships. It is speculated that they agreed to resolve the issue amicably, leading to the court dismissing the case following Otedola’s withdrawal application on June 13.

While the details of the settlement remain confidential, it is alleged that things are almost back to how they were before the case came to the public square. So, Otedola and Ovia can maintain their professional rapport and focus on growing their respective ventures without the strain of ongoing litigation.

Nigerians have welcomed this resolution, relieved that the high-profile dispute did not escalate further. The settlement does not only ensure stability within the business community, it also reflects positively on the reputations of both Otedola and Ovia, who have demonstrated a commitment to resolving conflicts constructively.