Justice Chukwujekwu Aneke of the Federal High Court in Lagos has granted Petrocam Trading Nigeria Limited conditional relief in its ongoing legal battle with Zenith Bank Plc over an alleged debt of ₦9,057,511,855.63 billion.
The court in the suit, designated FHC/L/CS/393/2026, ruled that Petrocam may have the freezing order on its accounts lifted if it provides a valid bank guarantee or bond covering the disputed sum.
Justice Aneke explained that the arrangement strikes a balance between Zenith Bank’s interest in preserving the funds and Petrocam’s need to continue business operations without undue disruption.
The defendants, Petrocam and its Managing Director, Patrick Ilo, had sought to discharge the interim freezing order, arguing wrongful debit entries, disputed interest charges, and reliance on government directives suspending interest on short‑term credit facilities.
However, the court dismissed these arguments, holding that substantive issues such as debt validity and interest legality must be determined at trial.
Zenith Bank claimed it financed petroleum imports for Petrocam, alleging diversion of proceeds outside agreed repayment structures, leading to the ₦9.05bn exposure.
But Petrocam denied the allegations, insisting the facilities were fully liquidated and accusing the bank of inflating claims through wrongful charges.
The court adopted a middle‑ground approach, requiring Petrocam to furnish a bank guarantee or bond from a reputable financial institution before the freezing order lapses.
The matter has been adjourned to October 13 and 14, 2026 for hearing.
Meanwhile, Petrocam has filed a counterclaim seeking reversal of alleged excess charges totalling ₦12.056bn, alongside ₦20bn in exemplary damages for alleged bad faith and injury to business reputation.
The company is also contesting claims that its MD provided a personal guarantee, arguing he acted only as an agent of a disclosed principal.
#Petrocam #ZenithBank #DebtDispute #NigeriaNews #FederalHighCourt #JusticeAneke #BusinessLaw #BreakingNews
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