Reporter
The Federal High Court in Lagos has ordered the freezing of accounts linked to Petrocam Trading Nigeria Limited and its principal, Patrick Ilo , over an alleged N9.05 bn debt owed to Zenith Bank Limited.
Justice Chukwujekwu Aneke granted the interim orders in Suit No: FHC/L/CS/393/2026 following an ex parte application filed by Zenith Bank seeking to preserve funds allegedly owed as of May 31, 2025.
While delivering the ruling on Wednesday, the court restrained the defendants, whether acting by themselves or through agents, privies or assigns, from withdrawing, transferring, dissipating or otherwise dealing with funds up to N9,057,511,855.63 pending the hearing and determination of the motion on notice.
The court ordered: “An interim order is hereby granted restraining the defendants/respondents, whether by themselves, their agents, privies or assigns, from withdrawing, transferring, dissipating or otherwise dealing with any funds up to the sum of N9,057,511,855.63 pending the hearing and determination of the motion on notice.”
The court also ordered the freezing of accounts linked to Bank Verification Number 22141926401, which the bank alleged is used by Patrick Ilo to operate Petrocam’s accounts.
Justice Aneke directed all financial institutions within the court’s jurisdiction to place a lien or “Post-No-Debit” restriction on all accounts associated with the BVN.
According to the order: “All financial institutions within the jurisdiction of this honourable court are hereby directed to place a lien or post-no-debit restriction on all accounts linked to BVN 22141926401 pending further orders of the court.”
The order also extends beyond conventional banks to key operators in Nigeria’s electronic payment system.
Joined as respondents in the matter are the Nigeria Inter-Bank Settlement System, Interswitch Limited , and Interswitch Financial Inclusion Services Limited.
The court further directed the institutions to disclose details of accounts connected with the BVN.
Justice Aneke ordered: “The respondents are to file an affidavit of return within seven days disclosing all accounts linked to the said BVN, the balances in those accounts and the transactional history for the preceding six months.”
Court documents filed in support of the application revealed that the credit facility at the centre of the dispute was subject to several pre-disbursement conditions.
According to the filings, Petrocam was required to formally accept the facility through its authorised signatories, submit a board resolution approving the loan and disclose any existing indebtedness to other lenders, including facility limits, outstanding balances and collateral pledged.
Other conditions precedent included the domiciliation of sales proceeds and Sovereign Debt Note subsidy payments from Oando Plc and/or Total Nigeria Plc into Petrocam’s account with Zenith Bank.
The company was also required to submit relevant contract agreements for the bank’s approval and provide a five per cent counterpart contribution for each transaction, while all required security documentation had to be executed before the facility could be disbursed.
The bank further stated that Petrocam was required to submit quarterly management accounts within 60 days of the end of each quarter and audited annual financial statements within 120 days.
The company was also required to route all import duty payments and Letters of Credit through its account with Zenith Bank, establish Letters of Credit for petroleum imports, and obtain comprehensive marine insurance naming Zenith Bank as the first loss payee.
Court filings further showed that General Marine and Oil Services Ltd was appointed by Zenith Bank to monitor petroleum product warehousing at Petrocam’s expense.
The facility agreement also imposed foreign exchange obligations, authorising Zenith Bank to settle maturing Usance obligations at 12 per cent interest if Petrocam failed to provide the necessary funds.
The bank further stated that in the event of default, Petrocam would bear all legal, recovery and ancillary costs arising from enforcement of the facility.
The court also granted Zenith Bank leave to serve the defendants through substituted means.
Justice Aneke ruled: “Leave is hereby granted to the applicant to serve the defendants/respondents by substituted means at their last known address in Victoria Island, Lagos.”
The ex parte motion was argued by Chief A.A. Aribisala (SAN) on behalf of Zenith Bank.
The matter was subsequently adjourned to March 17, 2026, for mention.
Punch
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