How Ebenezer Onyeagwu’s Zenith Bank allegedly Connived And Supplied Form M To Unknown Company to Round Trip Millions Of Dollars

Findings has revealed that, the Central Bank of Nigeria, through its circular dated August 24th 2020, with reference number: TED/FEM/FP/GEN/01/005, directed all commercial banks to stop opening form ‘M’ which payments are routed through a buying company/agent or any third party, rather form M should be open for letters of credit, bill for collection and other forms of payment in favour of the ultimate supplier of the product or services. In compliance to this directive by the apex bank, the Managing Director, Ebenezer Onyeagwu directed the management to acknowledge such with letter of notice which was issued the next day dated 25th of August 2020 that Zenith bank will no longer entertain requests from importers with regards to the issuance of Form M but directly to the ultimate supplier.

Few months after, Ebenezer ate his word as one of the branches he oversees knowingly violated the laws, with the hope of not being caught. In the beginning of the crime, Klemzet Integrated Farms Ltd- Klemzet Integrated Farms Limited, with its official address at House 3, Foreign Affairs Estate, 1st Avenue, Gwarinpa Abuja, and a capital of one million shares, was incorporated on November 16, 2017. According to findings, the company’s directors are two brothers in their early 30s and another unidentified person, all of whom are named below. Ehikhuemen Emmanuel Odion- Born- 27th August 1990 Ehikhuemen Shadrack Osaemudiamen- Born- March 1989 Damudi Musa While investigations revealed that the sole purpose of opening the company with the Corporate Affairs Commission (CAC) was to engage in farm produce, import and export solely for farming purpose, the company turned out to be a farm with sinister purpose. Klemzet Integrated Farm Ltd approached Zenith Bank’s Dei-Dei International Market branch, met with the manager, Mr Michael Ajah, and an account was opened for the ‘farm’ company on June 26th, 2019 without the bank conducting the essential Know Your Customer (KYC) procedures. The crime kicks off With an unknown address, farmland, no PENCOM, and no audited accounts, the company approached Zenith Bank in 2021 and was issued the all-powerful form ‘M’ to raise foreign currency in connivance with the bank. The hard currency was given to the company, which was then transferred to a Canadian intermediary bank, Citibank N.A based in London with sort code: 18-50-08 and swift code: CITIGB2L with Account number 10407941 in US dollars, and then re-routed to the Nigerian black market for sale at exorbitant prices.

The funds were transferred in two installments to Zenith bank with swift code: ZEIBNGLA onward to Klemzet Integrated Farms Ltd with Account numbers: USD: 5071111033 Naira: 1016411910 According to our source, under the guise of purchasing agricultural equipment and pigs for the renowned farm, with sort code number: 057080222, no bill of lading was recorded for this import, nor were they ever received at any of Nigeria’s ports. Within three months of opening the account, it received suspicious funds totaling more than 1.3 billion, allegedly with the help of officials led by the branch manager, Mr. Micheal Dei-Dei.

In a particular month, the farm company received 300 million Naira from an unknown current account, which is suspected of also violating the CBN policy on financial transactions. It then received 5 billion Naira within a month as a transfer from the same source under the supervision of Mr. Michael Ajah, the manager of Zenith Bank, Dei-Dei International Market branch, after which the account was closed. With the CBN directive making it mandatory for a company requesting form M to present a 3 years audited financial statement, it was obvious Klemzet Integrated Farms Ltd, a company barely 2years old at the time the transaction occurred was a front for a cartel of financial gangsters, as Zenith Bank not minding the odds circumvented stipulated laws to issue the form M to a company with a fictitious location in Gwarimpa. However, further investigation and a visit to the location reveal that it is a residence for foreign affairs personnel.

Secret Reporters

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