A major confrontation is now looming between the Take It Back Movement, Zenith Bank Plc and the Supreme Court of Nigeria as nationwide protests are set to erupt following the expiration of a seven-day ultimatum issued over the controversial handling of the $64 Million international trade dispute involving Owigs and Obigs Nigeria Limited.
The Take It Back Movement, whose convener is Omoyele Sowore, had on May 6, 2026 dispatched strongly worded letters to the Chief Justice of Nigeria, the National Judicial Council (NJC), Zenith Bank top executives, the Central Bank of Nigeria (CBN), the Minister of Industry, Trade and Investment, and the Inspector-General of Police, demanding an immediate review and reversal of the Supreme Court judgment in SC/CV/709/2020.
The letters were signed by the Abuja Coordinator of the Movement, Comrade Andrew Moses, who accused Zenith Bank of accepting the role of confirming bank for Letters of Credit issued by China’s Industrial and Commercial Bank of China (ICBC) in a solid minerals export transaction valued at $64,107,180 but allegedly failed to honour its obligations after collecting confirmation fees tied to the transaction.
According to the Movement, Zenith Bank allegedly introduced illicit and extra-contractual demands, including over $400,000 in unauthorized cash backing, naira-denominated inflows, and profit-sharing arrangements allegedly linked to affiliated entities.
Take It Back Movement claimed that when Owigs and Obigs Nigeria Limited rejected the conditions, the entire international transaction collapsed, while funds entrusted to Zenith Bank allegedly disappeared without proper accountability, leading to default liabilities estimated at $42,961,739.84.
The group described the matter as “a national economic scandal” that allegedly destroyed a Nigerian export business, wiped out jobs, and severely damaged Nigeria’s credibility in global trade and international banking relations.
In the letters signed by Comrade Andrew Moses, the Movement argued that the Supreme Court judgment delivered on May 24, 2024, by Justice Tijjani Abubakar contained “fundamental irregularities” and allegedly rewrote the contractual framework governing the transaction.
According to the Movement, the apex court allegedly erased the separate legal responsibilities of the Buyer, the Issuing Bank and the Confirming Bank — identified as Zenith Bank — before transferring liabilities to the Seller despite evidence and admissions allegedly made during cross-examination proceedings at the lower court.
Take It Back Movement further relied heavily on the dissenting judgment of Justice Helen Moronkeji Ogunwumiju, who reportedly upheld the decision of the Court of Appeal that found Zenith Bank liable for breach of contract and awarded damages to Owigs and Obigs Nigeria Limited over loss of goodwill and future trade opportunities.
The Movement also cited previous Supreme Court authorities, including the cases involving Guaranty Trust Bank and Fidelity Bank Plc, where the apex court reportedly revisited and reversed earlier decisions under Order 8 Rule 16 of its Rules in situations involving manifest injustice.
The Take It Back Movement is now demanding the immediate reconstitution of the Supreme Court Panel that handled SC/CV/709/2020 in order to review and overturn what it repeatedly described as a “defective judgment.”
The letters also raised serious concerns over the safety of the Managing Director of Owigs and Obigs Nigeria Limited, Sir Emeka Donatus Okorie, with allegations that law enforcement agencies were allegedly deployed to intimidate and harass him through invitations linked to accusations bordering on criminal conspiracy, defamation, and cyberbullying.
In separate correspondence addressed to Zenith Bank’s Group Managing Director, Dame Dr. Adaora Umeoji, the Movement expressed outrage that the bank reportedly declared over ₦1 Trillion profit after tax for the 2025 financial year while allegedly refusing to settle liabilities arising from the collapsed international trade transaction.
The Central Bank of Nigeria was also urged to investigate Zenith Bank’s compliance with UCP 600 Rules and international banking standards governing Letters of Credit and confirming bank obligations in international commerce.
Take It Back Movement equally called on the Federal Ministry of Industry, Trade and Investment to urgently intervene in order to protect Nigeria’s image before global investors and international trade partners.
“As the seven-day ultimatum issued by the Take It Back Movement has now fully elapsed without any remedial action from the Chief Justice of Nigeria, National Judicial Council, Zenith Bank Plc or relevant authorities, massive nationwide protests and coordinated actions in the United Kingdom and Nigeria will commence immediately,” the statement read.
The Movement further vowed to sustain demonstrations until the Supreme Court Judgment is reversed, full compensation paid, and accountability enforced against all parties allegedly connected to the transaction collapse.
“We demand the urgent reconstitution of the Supreme Court Panel in SC/CV/709/2020 to review and reverse the defective Judgment that has unjustly shielded Zenith Bank from liability despite admitted breach of its confirming bank obligations,” the statement added.
“Justice must prevail for Sir Emeka Donatus Okorie and Owigs and Obigs Nigeria Limited. Zenith Bank collected confirmation fees, introduced illicit demands, caused the collapse of the $64 Million international contract, and allowed entrusted funds to vanish, yet the Supreme Court allegedly rewrote the contract to exonerate them.”
The Movement insisted that nothing short of the payment of the alleged $42,961,739.84 default liabilities, reversal of the Supreme Court decision, protection for Sir Emeka Okorie, and what it called “comprehensive compensation” would stop the planned protests.
“We are ready for total shutdown actions until justice is served and Nigeria’s judicial and banking integrity is restored,” the group declared.
