Due to an alleged debt of ₦9.05 billion owing to Zenith Bank, the Federal High Court, Lagos Division, has ordered the freezing of accounts associated with Petrocam Trading Nigeria Limited and its principal, Patrick Ilo.
According to reports, Zenith Bank filed an ex parte application to preserve cash allegedly payable as of May 31, 2025, and Judge Chukwujekwu Aneke issued the interim order in Suit No. FHC/L/CS/393/2026.
Until the motion on notice is decided, the court prohibited the defendants, whether operating directly or through agents or representatives, from taking out, transferring, or spending up to ₦9,057,511,855.63.
Targeting Bank Verification Number (BVN) 22141926401, which is purportedly connected to accounts Patrick Ilo used to manage Petrocam’s financial operations, is a key component of the court’s order.
any financial institutions under the court’s jurisdiction were instructed by Justice Aneke to impose a lien or “Post-No-Debit” restriction on any BVN-related accounts.
Until the matter is settled, the order essentially stops the transfer of money related to the BVN.
Additionally, the court ordered operators of vital payment infrastructure to abide by the limitation.
Nigeria Inter-Bank Settlement System (NIBSS), Interswitch Limited, and Interswitch Financial Inclusion Services Limited are among the organizations mentioned as responders.
While Interswitch and its subsidiary will expand enforcement to digital wallets and electronic payment channels, NIBSS, which oversees Nigeria’s interbank settlement system and BVN database, is anticipated to guarantee the order’s enforcement throughout the banking network.
According to court documents, Petrocam’s loan facility was subject to a number of requirements before it could be disbursed.
Among the prerequisites were: A board resolution endorsing the facility; official approval of the facility by authorized business signatories; Disclosure of current debt to other lenders, including unpaid amounts and collateral pledges
Additionally, Petrocam had to deposit Sovereign Debt Note (SDN) subsidy payments and sales revenues from Oando Plc and/or TotalEnergies Marketing Nigeria Plc into its Zenith Bank account.
Additional requirements included giving a five percent counterpart contribution for each transaction and submitting contract documents for Zenith’s approval.
Additionally, Petrocam was subject to ongoing duties under the agreement.
These included sending all import duty payments and letters of credit through Zenith Bank; submitting audited annual accounts within 120 days of the end of the fiscal year; and submitting quarterly management accounts within 60 days of each quarter.
Additionally, Petrocam had to get complete marine insurance with Zenith listed as the first loss payee, produce Letters of Credit for petroleum imports, and provide supporting documents.
At Petrocam’s expense, the bank also designated General Marine and Oil Services Ltd. to oversee product storage.
In the event that Petrocam failed to provide funds on time, Zenith Bank was permitted by the conditions of the facility to satisfy maturing Usance debts at 12% interest.
Additionally, the agreement stated that Petrocam would be responsible for any legal, recovery, and ancillary fees resulting from any default.
Within seven days, the respondent institutions were required by Justice Aneke to submit an Affidavit of Return that included information about all accounts connected to the BVN, account balances, and six months’ worth of transactional history.
Additionally, the court authorized Zenith Bank to serve the defendants at their last known address in Victoria Island, Lagos, using alternate methods.
The matter has been postponed for mention until March 17, 2026.
