Federal High Court Freezes Petrocam Accounts Over N9.05bn Zenith Bank Debt
The Federal High Court, Lagos Division, has granted an interim order freezing bank accounts linked to Petrocam Trading Nigeria Limited and its principal, Mr. Patrick Ilo, in respect of an alleged indebtedness of ₦9.05 billion owed to Zenith Bank Plc.
In Suit No: FHC/L/CS/393/2026, Justice Chukwujekwu Aneke, upon an ex parte application by Zenith Bank, restrained the defendants—whether personally or through agents, privies, or assigns—from withdrawing, transferring, or otherwise dealing with funds up to ₦9,057,511,855.63 pending the determination of the substantive motion.
A central feature of the order is the restriction placed on Bank Verification Number (BVN) 22141926401, allegedly used by Mr. Ilo to operate Petrocam’s accounts. The court directed all financial institutions within its jurisdiction to impose a lien (Post‑No‑Debit) on accounts linked to the BVN.
The order extends to payment infrastructure operators, with the Nigeria Inter‑Bank Settlement System (NIBSS), Interswitch Limited, and Interswitch Financial Inclusion Services Limited listed as respondents. NIBSS is mandated to enforce compliance across the banking system, while Interswitch and its subsidiary are to implement restrictions across digital wallets and electronic payment platforms.
Court filings reveal that the disputed credit facility was subject to extensive conditions precedent and security documentation prior to disbursement. The facility also carried foreign exchange obligations, authorising Zenith Bank to settle maturing Usance obligations at 12% interest where Petrocam failed to provide requisite funds.
Justice Aneke further ordered the respondent institutions to file an Affidavit of Return within seven days, disclosing all accounts linked to the BVN, their balances, and six months’ transaction history. Leave was also granted to Zenith Bank to serve the defendants by substituted means at their last known address in Victoria Island, Lagos.
The application was moved by Chief A.A. Aribisala, SAN, for Zenith Bank. The matter is adjourned to 17 March 2026 for mention.
