Chairman of FBN Holdings and principal owner of Geregu Power, Femi Otedola has settled his dispute with Zenith Bank, which was previously filed before a Federal High Court.
Gatekeepers News reports that Otedola’s withdrawal from the court case comes after a recent understanding between the founder of Zenith Bank, Jim Ovia and himself.
The representatives of both parties had attempted to settle the matter amicably.
Before this, Otedola made several allegations which were reported by the media, against the bank about Zenon Petroleum & Gas, and other related firms.
Court papers revealed that the Federal High Court of Nigeria, Lagos Division, dismissed the case on Thursday, 13 June.
This was after the court’s receipt of a notice of discontinuance from the plaintiff who filed the suit against the lender before 12 March.
The plaintiffs included Zenon Petroleum & Gas Limited, Seaforce Shipping Co. Limited, Luzon Oil & Gas Limited, Garment Care, and Femi Otedola.
The defendants of the case were Zenith Bank, Quantum Zenith Securities & Investment Limited, Veritas Registrars Limited, and Central Securities Clearing System Plc.
According to sources, both parties agreed to settle the matter out of court after a high-level meeting was held between top representatives of the plaintiff and defendant and the judge endorsed it.
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