Alleged ₦9.05bn Debt: Court Freezes Accounts of Petrocam and Patrick Ilo
The Federal High Court sitting in Lagos has granted an interim order allowing Zenith Bank Plc to freeze bank accounts linked to Petrocam Trading Nigeria Limited and its principal, Patrick Ilo, over an alleged debt of ₦9.05 billion.
Justice Chukwujekwu Aneke issued the order in Suit No: FHC/L/CS/393/2026 after an ex parte application filed by Zenith Bank seeking to secure funds reportedly owed by the defendants as of May 31, 2025.
The court restrained Petrocam and Ilo, either directly or through representatives, from withdrawing, transferring, or tampering with funds up to ₦9,057,511,855.63 pending the determination of a Motion on Notice.
A major component of the ruling involves the Bank Verification Number linked to the defendant. The court directed financial institutions to place a “Post-No-Debit” restriction on all accounts associated with BVN 22141926401, said to be used by Ilo in operating accounts connected to Petrocam.
Justice Aneke also ordered banks and financial institutions within the court’s jurisdiction to comply with the directive to prevent any movement of funds during the pendency of the case.
The order extended to key payment infrastructure providers, including Nigeria Inter-Bank Settlement System, Interswitch Limited, and Interswitch Financial Inclusion Services Limited, to ensure the restriction covers electronic transactions and digital wallets.
Documents filed before the court showed that the credit facility at the centre of the dispute came with several conditions that Petrocam was expected to meet before the funds could be accessed.
These included formal acceptance of the facility by authorised company representatives, submission of a board resolution approving the transaction, and disclosure of all existing debts owed by the company to other financial institutions.
Petrocam was also required to route its sales proceeds and Sovereign Debt Note subsidy payments from Oando Plc and Total Nigeria Plc through its Zenith Bank account.
Other requirements included providing contract documents for the bank’s review and making a five per cent counterpart contribution for each transaction under the facility.
The agreement further required that all security documentation related to the facility be properly executed before any disbursement could take place.
In addition, Petrocam was mandated to maintain financial transparency by submitting quarterly management accounts within 60 days after the end of each quarter and audited annual financial statements within 120 days.
The company was also expected to process import duty payments and Letters of Credit for petroleum imports through its Zenith Bank account.
Supporting documents for petroleum shipments and marine insurance policies naming Zenith Bank as the first loss payee were also part of the loan conditions.
Zenith Bank also appointed General Marine and Oil Services Limited to monitor petroleum product warehousing linked to Petrocam at the company’s expense.
The agreement contained provisions regarding foreign exchange obligations, allowing the bank to settle maturing usance obligations at 12 per cent interest if Petrocam failed to provide funds when due.
It also stipulated that Petrocam would bear all legal, recovery, and associated costs if a default occurred.
As part of the court’s directive, the financial institutions affected by the order were required to file an Affidavit of Return within seven days, disclosing all accounts connected to the BVN, their balances, and six months of transaction records.
The court also granted Zenith Bank permission to serve the defendants through substituted means at their last known address in Victoria Island, Lagos.
Counsel to Zenith Bank, A. A. Aribisala, argued the application before the court.
Justice Aneke adjourned the case until March 17, 2026, for mention.