A Federal High Court in Lagos has ordered the freezing of bank accounts belonging to Petrocam Trading Nigeria Limited and its founder, Patrick Ilo, over an alleged N9.05 billion debt owed to Zenith Bank.
Justice Chukwujekwu Aneke granted the interim ex parte orders in Suit No: FHC/L/CS/393/2026, filed by Zenith Bank to preserve funds outstanding as of May 31, 2025.
Chief A.A. Aribisala (SAN) argued the motion on behalf of the bank.
The court restrained the defendants, their agents, privies or assigns from withdrawing, transferring, dissipating or dealing with funds up to N9,057,511,855.63 pending the hearing of the motion on notice.
Justice Aneke also ordered the freezing of all accounts linked to Bank Verification Number (BVN) 22141926401, alleged to be operated by Ilo for Petrocam.
All financial institutions within the court’s jurisdiction must place a lien or “Post-No-Debit” restriction on accounts tied to the BVN pending further orders.
The order covers key payment operators including Nigeria Inter-Bank Settlement System, Interswitch Limited and Interswitch Financial Inclusion Services Limited.
The institutions must disclose details of all BVN-linked accounts, balances and six-month transaction history, filing affidavits of return within seven days.
Court filings showed the credit facility required Petrocam to accept terms through authorised signatories, provide board resolution, disclose other debts, domicile sales proceeds and subsidy payments from Oando Plc and Total Nigeria Plc into Zenith’s account.
Further conditions included contract approvals, five percent counterpart contributions, quarterly management accounts within 60 days, audited statements within 120 days, routing of import duties and Letters of Credit through Zenith, marine insurance naming the bank as loss payee, and monitoring by General Marine and Oil Services Ltd at Petrocam’s expense.
The agreement authorised Zenith to settle Usance obligations at 12 percent interest on default, with Petrocam liable for enforcement costs.
Zenith Bank secured leave for substituted service at the defendants’ last known Victoria Island address.
The matter is adjourned to March 17, 2026 for mention.
