Lagos Court Freezes World Oil Accounts Over N407m Debt

The Lagos State High Court, presided over by Justice Dr. Rosul O. Olukolu, has issued an order to freeze bank accounts associated with World Oil Industries Limited, following a claim of N407,125,000 owed to Q M Oil & Gas Limited for diesel supply.

The court's decision, made on February 3, 2025, aims to prevent the defendant from dissipating assets while the dispute is resolved. The order includes a Mareva injunction that restricts multiple financial institutions, including Guarantee Trust Bank, Access Bank, Ecobank, and others, from allowing transactions involving the defendant's funds.

The claimant, Tossa Godwin Oluwasegun, alleges that despite fulfilling the diesel supply agreement, the defendant has failed to settle the invoices. The court has mandated that the banks disclose the balances of the defendant's accounts within seven days and has adjourned the matter to April 2, 2026, to ensure the preservation of the defendant's assets pending the resolution of the case.