Court Upholds N9bn Petrocam Account Freeze in Lagos

The Federal High Court in Lagos has upheld the freeze on Petrocam's bank account, which is valued at N9 billion, while postponing a decision on the company's application to lift the freeze amid claims of a debt owed to Nigeria. Justice Chukwujekwu Aneke has scheduled the next hearing for April 30, 2026.

Petrocam's counsel, Gboyega Oyewole, SAN, argued that the freeze is crippling the company's operations nationwide and that the bank's claims of debt are unfounded, asserting that the company has fully repaid its obligations from a 2014 import financing arrangement. The company claims to have remitted N7.4 billion from petroleum transactions involving Total Nigeria PLC and Oando PLC.

However, the bank, represented by Ajibola Aribisala, SAN, contends that the freeze is necessary to secure the recovery of disputed funds, emphasizing that Petrocam's claims should be tested in court rather than lifting the interim order.