Patrick Ilo and Petrocam Filling station
Court Orders Freezing of Accounts Pending Investigation
Justice Chukwujekwu Aneke issued interim orders under Suit No: FHC/L/CS/393/2026 in response to an ex parte application from Zenith Bank, aimed at preserving funds allegedly owed by the defendants as of May 31, 2025.
The court ruled that the defendants, Petrocam Trading and Patrick Ilo, are prohibited from withdrawing, transferring, or otherwise handling funds amounting to ₦9,057,511,855.63 until a hearing on the matter occurs.
Legal Proceedings and Bank Requirements
The motion was presented by Chief A.A. Aribisala (SAN) on behalf of Zenith Bank, emphasizing the urgency of the situation. Justice Aneke outlined strict measures for the defendants, including restrictions on all financial transactions linked to Bank Verification Number (BVN) 22141926401, which is reportedly used to operate Petrocam’s accounts.
Financial institutions are mandated to implement a “Post-No-Debit” restriction on accounts associated with this BVN, extending beyond traditional banking networks to include critical players in Nigeria’s electronic payment landscape. Respondents in the case include the Nigeria Inter-Bank Settlement System and Interswitch Limited.
Detailed Account Monitoring Required
Furthermore, the court instructed these financial institutions to provide full disclosure regarding account details tied to the specified BVN. They are required to submit an affidavit within seven days, detailing account balances and transaction histories from the previous six months.
Conditions of the Credit Facility
Legal documents submitted indicate that the credit facility in question was subject to several prerequisites set by Zenith Bank, including:
- Formal acceptance of the facility by Petrocam’s authorized representatives.
- Submission of a board resolution endorsing the loan.
- Disclosure of any debts owed to other lenders.
- Domiciliation of sales proceeds and certain payments into Petrocam’s Zenith Bank account.
- Provision of a five percent counterpart contribution for each transaction.
Implications of Non-Compliance
Failure to meet these conditions could trigger significant repercussions, including interest penalties and the responsibility for legal and recovery costs. Notably, General Marine and Oil Services Ltd has been engaged to oversee petroleum product warehousing at Petrocam’s cost.
The bank retains the right to settle unpaid obligations at a 12 percent interest rate should Petrocam default on its commitments.
Next Steps in Legal Proceedings
The Federal High Court also granted Zenith Bank permission to notify the defendants through alternative means, allowing service to be conducted at their last known address in Victoria Island, Lagos. The case is scheduled for mention on March 17, 2026.
This ongoing legal action highlights the pressing need for corporations to adhere to financial agreements and the judicial system’s measures to resolve disputes effectively. For further updates on corporate legal affairs, [stay tuned](https://www.nigeriacommunicationsweek.com.ng).
