These are not the best of times for Petrocam Trading Nigeria Limited and its founder, Patrick Ilo, as the federal high court in Lagos has ordered the freezing of thier bank accounts over an alleged ₦9.05 billion debt.
Justice Chukwujekwu Aneke granted the interim orders in Suit No: FHC/L/CS/393/2026 after an ex parte application filed by Zenith Bank seeking to preserve funds allegedly owed by the defendants 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 the sum of ₦9,057,511,855.63, pending the hearing and determination of the motion on notice.
Justice Aneke ruled that: “An interim order is hereby granted restraining the defendants/respondents, Petrocam Trading Nigeria Limited and Patrick Ilo,whether by themselves, their agents, privies or assigns, from withdrawing, transferring, dissipating or otherwise dealing with any funds up to the sum of ₦9,057,511,855.63 pending the hearing and determination of the motion on notice.”
The court further ordered the freezing of all accounts linked to Bank Verification Number (BVN) 22141926401, which the bank alleged is being used by Ilo to operate Petrocam’s accounts.
In addition, Justice Aneke directed all financial institutions within the jurisdiction of the court to immediately 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 extends beyond traditional banks to key operators within Nigeria’s electronic payment ecosystem. Among those joined as respondents in the matter are the Nigeria Inter-Bank Settlement System, Interswitch Limited, and Interswitch Financial Inclusion Services Limited.
The court also directed the institutions to disclose the details of all accounts linked to the BVN. Justice Aneke ordered the respondents to file an affidavit of return within seven days, revealing all accounts connected to the BVN, their balances, and the transaction history covering the preceding six months.
Court documents filed in support of the application showed that the credit facility at the centre of the dispute was subject to several pre-disbursement conditions imposed by Zenith Bank.
According to the filings, Petrocam was required to formally accept the facility through its authorised signatories, provide a board resolution approving the loan, and disclose any existing indebtedness to other lenders, including facility limits, outstanding balances, and collateral pledged.
Other conditions included the domiciliation of sales proceeds and Sovereign Debt Note subsidy payments from Oando Plc and 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 percent 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 expected to submit quarterly management accounts within 60 days after the end of each quarter and audited annual financial statements within 120 days.
In addition, Petrocam was 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 also revealed that General Marine and Oil Services Ltd had been appointed by the bank to monitor petroleum product warehousing at Petrocam’s expense.
The facility agreement further imposed foreign exchange obligations, authorising Zenith Bank to settle maturing Usance obligations at 12 percent interest if Petrocam failed to provide the necessary funds.
The bank maintained that in the event of default, Petrocam would be responsible for 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 that the defendants may be served 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 has been adjourned to March 17, 2026, for mention.
