A Nigerian businessman, Sir Emeka Donatus Okorie, Managing Director of Owigs and Obigs Nigeria Limited, has accused Zenith Bank Plc of orchestrating a campaign of intimidation through the police following a controversial judgment by the Supreme Court of Nigeria over a $64 million international trade contract.
The dispute stems from the Supreme Court’s decision delivered on May 24, 2024, in the case Owigs and Obigs Nigeria Limited v. Zenith Bank Plc (SC/CV/709/2020), a ruling that critics say raises serious concerns about contract enforcement and judicial interpretation in Nigeria’s commercial law framework.
At the center of the dispute is International Commercial Contract No. JYOONL-001/KTTA140415, valued at more than $64 million, for the export of columbite, tantalite and tin ores, findings revealed.
The transaction was structured under the global trade finance framework known as the Uniform Customs and Practice for Documentary Credits (UCP 600), which governs letters of credit used in international trade.
According to court filings, Zenith Bank admitted during proceedings at both the FCT High Court in Abuja and the Court of Appeal that it received commission to confirm the Letter of Credit.
However, documents referenced in the bank’s amended respondent’s brief of argument reportedly acknowledged that the confirmation was never carried out.
As a result, Owigs and Obigs Nigeria Limited claims it suffered $42,961,739.84 in confirmed profit losses and default liabilities following the collapse of the transaction.
Court documents filed by Owigs and Obigs allege that the dispute began when senior officials of Zenith Bank Plc demanded that trade proceeds be paid in Naira rather than U.S. dollars, contrary to the terms of the international contract.
The company further alleged that the bank attempted to introduce an affiliated entity into the transaction to share profits outside the original contractual arrangement.
According to the claimant, the Managing Director, Sir Emeka Donatus Okorie, rejected the proposed arrangement. The firm claims the bank subsequently failed to confirm the Letter of Credit, leading to the collapse of the export deal.
The appeal was heard by a five-member panel of the Supreme Court of Nigeria comprising: Kudirat Motonmori Olatokunbo, Kekere-Ekun (now Chief Justice of Nigeria), Mohammed Lawal Garba,
Ibrahim Mohammed, Musa Saulawa, Tijjani Abubakar (who delivered the lead judgment), Helen Moronkeji Ogunwumiju.
In a 4–1 majority decision, the court ruled in favour of Zenith Bank, effectively absolving the bank of liability. However, Justice Helen Moronkeji Ogunwumiju issued a strong dissenting judgment, holding that the bank had indeed breached its obligations.
She awarded ₦500 million in general damages to Owigs and Obigs Nigeria Limited for loss of goodwill and missed trading opportunities with Chinese business partners.
Her dissent relied on Relief 8 originally sought at the trial court, which she held was supported by evidence but ignored by the majority decision.
According to documents cited by the claimant, the Supreme Court’s judgment characterized the buyer as a third party, while allegedly removing the issuing bank from its contractual role and redefining Zenith Bank’s position from Confirming Bank to merely the seller’s bank.
The lead judgment reportedly stated that “the advising or confirming bank does not have any legal relationship with the beneficiary.”
However, under the rules of Uniform Customs and Practice for Documentary Credits (UCP 600), a confirming bank assumes a direct and independent obligation to honour payment to the beneficiary, establishing a clear legal relationship.
The Court of Appeal in Abuja had earlier ruled against the bank in Appeal No. CA/A/1016/2016. In the judgment, Yargata Byenchit Nimpar held that the bank’s conduct constituted a clear breach of commercial obligations.
According to the appellate court: “It gave its consent for the issuance of letter of credit but failed to confirm it. A clear and obvious breach… The respondent did not act professionally and that occasioned the appellant loss of business prospects.”
The Supreme Court’s majority decision overturned that reasoning.
Lawyers supporting Owigs and Obigs argue that the Supreme Court has the authority to revisit its decision if substantial injustice is demonstrated. They cite the precedent established in Adegoke Motors Ltd v. Adesanya (1989), where the court affirmed its power to depart from previous decisions.
They also reference the court’s 2022 reversal of the judgment in the dispute involving Guaranty Trust Bank and Innoson Motors after allegations of fraud and misrepresentation. Under Order 8 Rule 16 of the Supreme Court Rules, the court may set aside its judgment where it was obtained through fraud, deceit, or where the court was misled.
Meanwhile, Sir Emeka Donatus Okorie claims he is being subjected to intimidation after publicly challenging the judgment.
A letter dated January 29, 2026, signed by ACP Magaji K. Mohammed of the Police Monitoring Unit at Force Headquarters reportedly invited him for questioning over allegations of Criminal conspiracy, Criminal defamation, Cyberbullying and Abuse of court process.
The businessman alleges that the police action amounts to harassment and an attempt to silence his demand for justice.
All efforts to reach the founder and chairman of Zenith Bank Plc, Jim James Ovia, and the bank’s Group Managing Director and Chief Executive Officer, Adaora Umeoji, for comments proved abortive.