LAGOS, NIGERIA — In a major move to enforce debt recovery within the energy sector, the Federal High Court in Lagos has ordered an interim freeze on all bank accounts linked to Petrocam Trading Nigeria Limited and its promoter, Patrick Ilo.
The order comes following an alleged default on a N9.05 billion debt owed to Zenith Bank PLC.
The ruling, delivered by Justice Chukwujekwu Aneke in suit FHC/L/C5/393/2026, also targeted the Bank Verification Number (BVN) linked to Patrick Ilo.
By naming the Nigeria Inter-Bank Settlement System (NIBSS) and Interswitch as respondents, the court has effectively locked the defendants out of the broader financial ecosystem, including digital wallets and electronic payment gateways.
Justice Aneke also directed all financial institutions to place a Post-No-Debit restriction on any account associated with the specified BVN until the Motion on Notice is heard.
According to the legal action, the N9.05 billion represents the outstanding balance as of May 31, 2025.
The legal battle highlights the rigorous Conditions Precedent that Petrocam allegedly agreed to before the funds were disbursed.
These conditions included: Sales proceeds and Sovereign Debt Note (SDN) subsidy payments from industry giants Oando and Total Nigeria were to be paid directly into Petrocam’s Zenith Bank account, a 5% counterpart contribution for every transaction and the appointment of a third-party monitor, General Marine and Oil Services Ltd, to oversee product warehousing, and requirements to submit quarterly management accounts and annual audited reports to ensure the bank could track the company’s solvency.
Zenith Bank, represented by Chief A.A. Aribisala, SAN, argued that the freeze is necessary to prevent the dissipation of assets while the court determines the final liability.
The court mandated all affected financial institutions to file an Affidavit of Return within seven days. This document, according to the judge, must disclose all account balances and provide a six-month transactional history for the linked BVN.
The defendants were served via substituted means at their Victoria Island office, and the matter has been adjourned to March 17, 2026, for mention.
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