Court to Rule on Petrocam-Zenith Bank ₦9 Billion Dispute

The Federal High Court in Ikoyi, Lagos, presided over by Justice Chukwujekwu Aneke, has scheduled a ruling for April 30, 2026, regarding a ₦9 billion debt claim between Petrocam Trade Nigeria Ltd and Zenith Bank Plc. Petrocam is challenging an interim order that froze its bank account, alleging that the order, granted on March 3, 2026, inflicts severe financial hardship on the company.

Petrocam's counsel, Gboyega Oyewole SAN, argued that the freezing order was obtained without disclosing material facts and that it cripples the company's daily operations. Petrocam maintains it is not indebted to Zenith Bank, asserting that it has fulfilled its obligations related to a 2014 import financing facility.

The company claims that Zenith Bank has failed to comply with directives from the Central Bank of Nigeria regarding interest waivers on subsidized debts. The case highlights significant disputes over financial management and compliance between the two entities.