The bank accounts of Petrocam Trading Nigeria Limited and its owner, Patrick Ilo, have been frozen by the federal high court, Lagos over an alleged N9.05 billion debt to Zenith Bank.
Justice Chukwujekwu Aneke granted the interim orders in Suit No: FHC/L/C5/393/2026 following an ex parte application by Zenith Bank to preserve funds allegedly owed as of May 31, 2025.
The court restrained the defendants, whether acting personally or through agents, privies, or assigns, from withdrawing, transferring, dissipating, or otherwise dealing with funds up to N9,057,511,855.63 pending the hearing and determination of the Motion on Notice.
A key feature of the ruling is the targeting of Bank Verification Number (BVN) 22141926401, reportedly used by Patrick Ilo to operate Petrocam’s accounts.
Justice Aneke directed all financial institutions within the court’s jurisdiction to place a lien or “Post-No-Debit” restriction on all accounts linked to the BVN.
Significantly, the order extends beyond traditional banks to include critical payment infrastructure operators.
Cited as respondents are Nigeria Inter-Bank Settlement System (NIBSS), Interswitch Limited, and Interswitch Financial Inclusion Services Limited.
Court filings reveal that the disputed facility was subject to extensive conditions precedent before disbursement.
Petrocam was required to formally accept the facility through its authorised signatories, submit a board resolution approving its use, and provide disclosure of existing indebtedness to other lenders, including facility limits, outstanding balances, and pledged collateral.
Other pre-disbursement requirements included domiciliation of sales proceeds and Sovereign Debt Note (SDN) subsidy payments from Oando Plc and/or Total Nigeria Plc to Petrocam’s account with Zenith, submission of contract agreements subject to Zenith’s approval, and a five per cent counterpart contribution for every transaction.
Justice Aneke directed the respondent institutions to file an affidavit of return within seven days, disclosing all accounts linked to the BVN, account balances, and six months of transactional history.
Zenith Bank was also granted leave to serve the defendants by substituted means at their last known address in Victoria Island, Lagos.
The motion was argued by A. A. Aribisala (SAN) on behalf of Zenith Bank.
The matter has been adjourned to March 17, 2026, for mention.
