Court Freezes Petrocam Accounts Over ₦9.05 Billion Debt

On March 17, 2026, Justice Chukwujekwu Anek of the Federal High Court in Lagos granted an interim order freezing accounts linked to Petrocam due to a ₦9.05 billion debt owed to Zenith Bank. The court's order, following a suit filed by Zenith Bank, restricts any withdrawal, transfer, or dissipation of funds associated with the account linked to the Bank Verification Number (BVN) 22141926401, which is reportedly connected to Patrick Ilo's operations at Petrocam.

The court directed financial institutions to enforce a lien on the account and prevent any movement of funds until the case is resolved. Additionally, Petrocam is required to submit quarterly management accounts and annual audited accounts, and establish a letter of credit for petroleum imports.

The court also mandated that Zenith Bank be allowed to serve the defendant at a substituted address in Victoria Island, Lagos, and ordered the respondent institutions to file affidavits disclosing account balances and transaction histories within seven days.