N54m Fraud: Femi Otedola dragged to court…May be arrested by EFCC

Otedola

 SHOWBIZPLUS can authoritatively reveal that this is definitely not the best of times for leading oil marketer and boss of Zenon Oil, Femi Otedola.

The controversial business mogul has been dragged before a Lagos high court over alleged diversion and  conversion of N54 million being  proceed of rent  on the property of front line entrepreneur, Chief Bode Akindele.

According to court documents obtained by SHOWBIZPLUS, Dr. Anthony Solomon who is the proprietor of Pharmacare Ltd, is accusing billionaire Otedola of deceiving him to pay the whooping sum as rent to his firm, Zenon Oil, instead of the rightful owner of the property, Chief Akindele.

The medical doctor is contending that Otedola vacated a building he was living in at 268C  Kofo Abayomi street, Victoria Island, Lagos and sub-let same to him under the pretence that the actual owner of the house, Chief Akindele had approved the arrangement. He said his deal with Zenon for which he paid the N54 million between December 15, 2014 was to cover the sub-lease of the property for the period up to May 31, 2014.

Solomon further disclosed  in his statement of  claim that it was only on July 2011  the bubble burst and he discovered that the sub-lease arrangement  did not have the approval of Chief Akindele and that it was also a breach of the tenancy contract between the latter’s company, Modandola Investment Ltd and Otedola’s Zenon Oil. “Sometimes in July 2011, the claimant (Dr Solomon) discovered that the 1^st defendant (Zenon Oil)  did not remit  the bank drafts to the 2^nd defendant (modandola) nineteen (19) months after the bank draft  were  issued  to the 1^st defendant for remittance  to the second defendant .  The claimant subsequently discovered that the 1^st defendant  remitted  only the sum  of N8,000,000.00 (eight million naira) to the 2^nd defendant  and fraudulently  withheld and remaining sum without remitting same to the 2^nd defendant  as rent for the property having collected  the sum of N54,000,000.00 (fifty four million  naira) from the claimant ; Dr Solomon  disclosed in his statement  of claim  filed before the court by his lawyer, Anthony Onweaze of  Doyin Rhodes Vivour and co chambers.

Among others relief being sought by Dr Solomon against Otedola include, “General Damages against the 1^st defendant (Zenon Oil) in the sum of N 50,000,000.00 (fifty million naira) paid to the 1^st defendant which funds were withheld by the 1^st defendant for 19 months at the rate of 21% per annum being loss of interest  that would have accrued on the funds.

SHOWBIZPLUS further gathered that the owner of the property, Chief Akindele has instructed his lawyers, M.A Banire and Association  to file a petition against Otedola at the Economic  and Financial Crimes Commission (EFCC) to probe allegations of fraud against the oil magnate.