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Due to a purported ₦9.05 billion debt owed 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 purportedly payable as of May 31, 2025, and Judge Chukwujekwu Aneke issued the interim injunction in Suit No. FHC/L/CS/393/2026.

Until the motion on notice is decided, the court prohibited the defendants, whether acting directly or through agents or representatives, from taking out, transferring, or using up to ₦9,057,511,855.63.

Targeting Bank Verification Number (BVN) 22141926401, which is purportedly connected to accounts Patrick Ilo used to conduct Petrocam’s financial operations, is a key component of the court’s order.

All financial institutions under the court’s jurisdiction were instructed by Justice Aneke to impose a lien or “Post-No-Debit” restriction on all accounts connected to the BVN.

Until the matter is settled, the order essentially stops the transfer of money associated with the BVN.

Additionally, the court ordered operators of vital payment infrastructure to adhere to the prohibition.

Nigeria Inter-Bank Settlement System (NIBSS), Interswitch Limited, and Interswitch Financial Inclusion Services Limited are among the organizations listed as responders.

The injunction is anticipated to be enforced throughout the banking network by NIBSS, which oversees Nigeria’s interbank settlement system and BVN database, while Interswitch and its subsidiary will expand enforcement to digital wallets and electronic payment methods.

According to court documents, Petrocam’s loan facility was subject to a number of requirements prior to disbursement.

The prerequisites included: A board resolution endorsing the facility; formal adoption of the facility by authorized business signatories; disclosure of current debt to other lenders, including pledged collateral and unpaid amounts

Additionally, Petrocam had to deposit sales profits and Sovereign Debt Note (SDN) subsidy payments into its Zenith Bank account from Oando Plc and/or TotalEnergies Marketing Nigeria Plc.

Zenith’s clearance of contract agreements and the provision of a five percent counterpart contribution for each transaction were additional requirements.

Petrocam was also subject to ongoing responsibilities under the agreement.

These included sending all import duty payments and Letters of Credit through Zenith Bank, submitting quarterly management accounts within 60 days of each quarter, and submitting audited yearly accounts within 120 days after the end of the fiscal year.

Additionally, Petrocam had to get complete marine insurance with Zenith named as the first loss payee, arrange Letters of Credit for petroleum imports, and produce supporting documents.

At Petrocam’s expense, the bank also assigned General Marine and Oil Services Ltd. to oversee product storage.

Zenith Bank was permitted under the conditions of the facility to satisfy maturing Usance commitments at 12% interest in the event that Petrocam failed to deliver money on time.

Additionally, the agreement stated that Petrocam would be responsible for any legal, recovery, and ancillary expenses 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 of transactional history.

Additionally, the court authorized Zenith Bank to serve the defendants at their last known address in Victoria Island, Lagos, using alternative methods.

For mention, the matter has been postponed until March 17, 2026.

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