The Federal High Court, Lagos Division, has ordered the freezing of accounts linked to Petrocam Trading Nigeria Limited and its principal, Patrick Ilo, over an alleged ₦9.05bn debt owed to Zenith Bank.
9news Nigeria reports that Justice Chukwujekwu Aneke granted the interim 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, whether acting personally or through agents or representatives, from withdrawing, transferring, or dissipating funds up to ₦9,057,511,855.63 pending the determination of the motion on notice.
A central element of the court’s order is the targeting of Bank Verification Number (BVN) 22141926401, reportedly linked to accounts used by Patrick Ilo to operate Petrocam’s financial transactions.
Justice Aneke directed all financial institutions within the court’s jurisdiction to place a lien or “Post-No-Debit” restriction on all accounts associated with the BVN.
The order effectively prevents the movement of funds connected to the BVN until the case is resolved.
The court also directed critical payment infrastructure operators to comply with the restriction.
The institutions cited as respondents include: Nigeria Inter-Bank Settlement System (NIBSS), Interswitch Limited, Interswitch Financial Inclusion Services Limited.
NIBSS, which manages Nigeria’s interbank settlement system and BVN database, is expected to ensure the enforcement of the order across the banking network, while Interswitch and its subsidiary will extend enforcement to digital wallets and electronic payment channels.
Court filings indicated that the loan facility granted to Petrocam was subject to several conditions precedent before disbursement.
Among the requirements were: Formal acceptance of the facility by authorised company signatories; A board resolution approving the facility; Disclosure of existing indebtedness to other lenders, including outstanding balances and pledged collateral
Petrocam was also required to domicile sales proceeds and Sovereign Debt Note (SDN) subsidy payments from Oando Plc and/or TotalEnergies Marketing Nigeria Plc into its Zenith Bank account.
Other conditions included submitting contract agreements for Zenith’s approval and providing a five per cent counterpart contribution for every transaction.
The agreement also imposed continuing obligations on Petrocam.
These included: Submission of quarterly management accounts within 60 days of each quarter; Submission of audited annual accounts within 120 days of the financial year-end; Routing all import duty payments and Letters of Credit through Zenith Bank
Petrocam was further required to establish Letters of Credit for petroleum imports, provide supporting documentation, and obtain comprehensive marine insurance naming Zenith as first loss payee.
The bank also appointed General Marine and Oil Services Ltd to monitor product warehousing at Petrocam’s expense.
Under the facility terms, Zenith Bank was authorised to settle maturing Usance obligations at 12 per cent interest if Petrocam failed to provide funds when due.
The agreement also stipulated that all legal, recovery, and ancillary costs arising from any default would be borne by Petrocam.
Justice Aneke ordered the respondent institutions to file an Affidavit of Return within seven days, disclosing: All accounts linked to the BVN; Account balances; Six months of transactional history
The court also granted Zenith Bank permission to serve the defendants through substituted means at their last known address in Victoria Island, Lagos.
The case has been adjourned to March 17, 2026, for mention.
