The Federal High Court of Nigeria, Lagos Division, has granted an interim order allowing Zenith Bank to freeze accounts linked to Petrocam Trading Nigeria Limited and its principal, Patrick Ilo, over an alleged N9.05 billion debt.
Justice Chukwujekwu Aneke issued the order in Suit No: FHC/L/CS/393/2026 following an ex parte application filed by Zenith Bank seeking to preserve funds allegedly owed as of May 31, 2025.
The court restrained the defendants, either personally or through agents, from withdrawing, transferring, dissipating, or dealing with funds up to N9,057,511,855.63 pending the hearing of a Motion on Notice.
A central element of the ruling involves the Bank Verification Number linked to the defendant. The court directed financial institutions to place a lien or “Post-No-Debit” restriction on all accounts connected to BVN 22141926401, reportedly used by Ilo in operating Petrocam’s accounts.
Justice Aneke further ordered all financial institutions within the court’s jurisdiction to enforce the restriction to prevent the movement of funds during the pendency of the case.
The order also extended to critical payment infrastructure operators, including Nigeria Inter-Bank Settlement System, Interswitch Limited, and Interswitch Financial Inclusion Services Limited, ensuring enforcement across digital wallets and electronic transactions.
Court filings indicated that the credit facility at the centre of the dispute was subject to several conditions before funds could be disbursed to Petrocam.
Among the requirements were formal acceptance of the facility by authorised signatories, a board resolution approving the transaction, and full disclosure of the company’s existing indebtedness to other lenders.
Petrocam was also required to domiciliate its sales proceeds and Sovereign Debt Note subsidy payments from Oando Plc and Total Nigeria Plc into its account with Zenith Bank.
Other pre-disbursement conditions included submitting contract agreements for the bank’s approval and providing a five per cent counterpart contribution for every transaction.
Security documentation was also required to be fully executed before any disbursement could be made under the facility.
In addition, Petrocam was expected to maintain ongoing financial obligations, including submitting quarterly management accounts within 60 days of the end of each quarter and audited annual accounts within 120 days.
The company was also mandated to route all import duty payments and Letters of Credit through its Zenith Bank account and establish Letters of Credit for petroleum imports.
Supporting documentation for petroleum shipments and marine insurance naming Zenith Bank as first loss payee were also listed among the loan requirements.
Zenith Bank further appointed General Marine and Oil Services Ltd to monitor petroleum product warehousing at Petrocam’s expense as part of the facility conditions.
Foreign exchange obligations were also stipulated in the agreement, allowing Zenith Bank to settle maturing usance obligations at 12 per cent interest if Petrocam failed to provide the necessary funds.
The agreement also required Petrocam to bear all legal, recovery, and ancillary costs in the event of a default.
As part of the court order, the respondent institutions were directed to file an Affidavit of Return within seven days, disclosing all accounts linked to the BVN, the balances in those accounts, and six months of transaction history.
The court also granted Zenith Bank leave to serve the defendants through substituted means at their last known address in Victoria Island, Lagos.
The application was argued by A A Aribisala, who appeared for Zenith Bank.
Justice Aneke subsequently adjourned the matter to March 17, 2026, for mention.