A Federal High Court in Lagos has ordered the sweeping freeze of all bank accounts linked to petroleum trading company Petrocam Trading Nigeria Limited and its principal, Patrick Ilo, over an alleged debt of more than N9 billion owed to Zenith Bank.
Justice Chukwujekwu Aneke granted the interim orders in Suit No. FHC/L/CS/393/2026 following an ex parte application 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, 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.
In an unusually far-reaching measure, the court placed a restriction on Bank Verification Number 22141926401, allegedly used by Ilo to operate Petrocam’s accounts, directing all financial institutions within its jurisdiction to impose a Post-No-Debit lien on all accounts linked to that BVN. The order effectively locks down Ilo’s financial access across the entire Nigerian banking system pending resolution of the case.
Court filings reveal that the disputed credit facility granted to Petrocam was tied to a battery of strict pre-disbursement conditions. These included a formal acceptance of the loan by authorised signatories, a board resolution approving its use, and full disclosure of Petrocam’s existing indebtedness to other lenders including outstanding balances and pledged collateral.
Zenith Bank also required the domiciliation of sales proceeds and subsidy payments from oil majors Oando Plc and TotalEnergies Marketing Nigeria Plc into Petrocam’s account with the bank. The facility imposed continuing compliance obligations, requiring Petrocam to submit quarterly management accounts within 60 days of each quarter-end and audited annual financial statements within 120 days.
To ensure oversight of product storage, Zenith Bank appointed General Marine and Oil Services Ltd to monitor Petrocam’s warehousing operations at the company’s expense. Under the foreign exchange terms of the facility, the bank was authorised to settle maturing Usance obligations at 12 per cent interest should Petrocam fail to provide the necessary funds. The company also agreed to bear all legal, recovery, and related costs in the event of default.
Justice Aneke directed all respondent financial institutions to file an Affidavit of Return within seven days, disclosing all accounts linked to the BVN, their balances, and six months of transactional history. Zenith Bank was also granted leave to serve the defendants through substituted means at their last known address in Victoria Island, Lagos. The application was argued by Chief A.A. Aribisala (SAN) on behalf of Zenith Bank.
The matter has been adjourned to March 17, 2026, for mention. Neither Petrocam nor Patrick Ilo had publicly responded to the court order at the time of filing this report.