“…Judiciary under fire as leaked documents reveal alleged forgery and collusion to exonerate defaulting bank in international trade finance dispute…”
By Truth Live investigation desk should remain and wherever you have Truth Live
Truth Live News has obtained exclusive access to confidential documents that expose what legal and civil society experts are calling a shocking case of judicial complicity and commercial fraud. The scandal implicates Zenith Bank Plc and Nigeria’s Supreme Court in a series of actions that allegedly manipulated a multi-million-dollar trade finance dispute to favour the bank, at the expense of international business credibility and judicial integrity.
At the Heart of the Scandal: A Breached $64 Million Letter of Credit
At issue is Contract No. JYOONL-001/KTTA140415, signed between Owigs and Obigs Nigeria Ltd (the Seller) and Zenith Bank Plc (as Confirming Bank). The contract was backed by a confirmed irrevocable Documentary Letter of Credit (LC), an internationally recognized instrument governed by UCP (Uniform Customs and Practice) rules that bind all participating parties: Buyer, Seller, Issuing Bank, and Confirming Bank.
Zenith Bank, having collected payment for its role as Confirming Bank, allegedly reneged on its obligation to confirm and honour the LC, without providing any lawful reason.
How the Judiciary Was Allegedly Used to Conceal Breach
According to Mr. Emeka Okorie, CEO of Owigs and Obigs Nigeria Ltd, the case took a disturbing turn when it reached Nigeria’s Supreme Court under Appeal No. SC/CV/709/2020. Rather than enforcing the bank’s contractual obligations, the court reportedly:
Erased Zenith Bank’s role as Confirming Bank from the judgment entirely. Rewrote the dispute as a Seller-Buyer issue, despite no direct disagreement between those parties.
Fabricated a new version of the Letter of Credit, excluding both the Confirming and Issuing Banks.
Shifted liability from Zenith Bank to the innocent Seller, absolving the bank of any wrongdoing.
“The judgment was not merely flawed; it was criminally altered to fit a predetermined outcome,” Mr. Okorie told Truth Live News in an exclusive interview from London.
“We trusted the judiciary to protect the sanctity of business contracts. Instead, the court delivered a judgment based on fiction.”
Leaked Documents Reveal Irregularities in LC Structure
The fabricated LC version, according to verified internal documents and legal petitions submitted to the National Judicial Council (NJC), contains major anomalies:
It references only three parties, omitting the Confirming Bank entirely. It lacks an Issuing Bank, despite being a core requirement under UCP rules. It removes the Buyer as a legal party to the commercial contract. It reassigns the Issuing Bank role to the Seller’s Bank, a fundamental breach of protocol.
Civil Society Outrage and Legal Fallout
Outraged by what they describe as a judicially sanctioned breach of contract, civil society organisations like the Empowerment for Unemployed Youths Initiative and the Independent Public Service Accountability Watch have filed formal complaints with the NJC, demanding an urgent review.
“This case isn’t about who won or lost, it’s about how the judgment was crafted,” said one senior legal analyst.
“If Nigeria’s highest court can arbitrarily alter commercial contracts and shield defaulting banks, then the rule of law is in mortal danger.”
Zenith Bank and Supreme Court Maintain Silence
Despite mounting pressure, Zenith Bank has refused to comment however, when our correspondent put a call to Zenith Bank’ lawyer, Dr James Agbonhese on the allegations, he denied everything stating that he was not aware of any compromise. Similarly, attempts to reach the Public Affairs Directorate of the Supreme Court have gone unanswered, we put a call to the deputy registrar of the apex court, Barr Yusuf Babasoro who confirmed that he was aware of the case but had no authority to speak to us and referred us to the chief registrar, Mr. Hajo Bello, who refused to take his calls or respond to the text message sent to his mobile phone.
This development is raising further questions about transparency and accountability, particularly from the judiciary.
The Fight for Justice Continues
Mr. Okorie says Owigs and Obigs Nigeria Ltd is prepared to escalate the matter internationally as we are aware that the BBC, Al Jazeera, CNN and other international media platforms have received briefings on the matter and the UK Parliament has also received a documentation, in a form of Petition:
“This is not just about our company, it’s about the future of commercial justice in Nigeria.
If we allow this kind of institutional deception to stand, we lose investor trust, legal credibility, and national dignity.”
What’s at Stake?
As the NJC initiates preliminary inquiries, this case may become a watershed moment for the Nigerian judiciary. The outcome could determine whether the country’s legal system can self-correct or whether it is, as critics fear, compromised beyond repair.
For ongoing updates and exclusive documents on this case, stay tuned to Truth Live News.
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