Jim Ovia

Femi Otedola accused Zenith Bank and associated companies of unauthorised transactions involving accounts and shares of his companies and initiated proceedings in 2024. The parties subsequently settled out of court and the action was discontinued.

A former IT official at Veritas Registrars brought a case before the National Industrial Court, alleging that executives had manipulated rights issues and public offers and retaliated against him after his disclosures. Jim Ovia was among the named defendants.

State of the evidence

Allegations

Attribution

Accused

The Paradise Papers linked Jim Ovia to Oviation and offshore structures used to own and import two private jets through the Isle of Man, as part of a wider investigation into mechanisms used to reclaim or reduce VAT on private aviation.

State of the evidence

Documented

Attribution

Directly implicated

Cyberspace, Jim Ovia's company, received a 900 MHz spectrum band on presidential instruction rather than through an auction, prompting allegations of preferential treatment and undervaluation. Ovia subsequently returned the spectrum and recovered the 3 billion naira paid.

State of the evidence

Documented

Attribution

Directly implicated