Petrocam Trading, Patrick Ilo’s bank accounts frozen over ‘N9.05bn debt’
The Federal High Court in Lagos has ordered the freezing of bank accounts linked to Petrocam Trading Nigeria Limited and its principal, Patrick Ilo, over an alleged debt of ₦9.05 billion owed to Zenith Bank.
Justice Chukwujekwu Aneke issued the interim order in Suit No: FHC/L/CS/393/2026 after Zenith Bank filed an ex parte application seeking to secure funds reportedly owed as of May 31, 2025.
The court directed that the defendants, whether acting personally or through agents or representatives, must not withdraw, transfer, or tamper with funds up to ₦9,057,511,855.63 pending the hearing of the motion on notice.
A key aspect of the ruling targets Bank Verification Number (BVN) 22141926401, said to be connected to accounts used by Patrick Ilo in conducting Petrocam’s financial transactions.
Justice Aneke instructed all financial institutions within the court’s jurisdiction to impose a lien or “Post-No-Debit” restriction on every account linked to the BVN, effectively blocking any movement of funds until the matter is resolved.
The order also extends to major payment infrastructure operators, including the Nigeria Inter-Bank Settlement System, Interswitch Limited, and Interswitch Financial Inclusion Services Limited.
While NIBSS is expected to enforce the directive across Nigeria’s banking network through its BVN database, Interswitch and its subsidiary are required to apply the restriction to digital wallets and other electronic payment platforms.
Court documents show that the loan facility granted to Petrocam was subject to several pre-disbursement conditions. These included formal acceptance of the facility by authorised signatories, a board resolution approving the loan, and disclosure of existing debts owed to other lenders, including outstanding balances and pledged collateral.
Petrocam was also required to channel its sales proceeds and Sovereign Debt Note subsidy payments from Oando Plc and TotalEnergies Marketing Nigeria Plc into its account with Zenith Bank.
Additional requirements included submitting contract agreements for the bank’s approval and contributing a five per cent counterpart fund for each transaction.
The loan agreement further imposed ongoing obligations on Petrocam, such as submitting quarterly management accounts within 60 days after each quarter and providing audited annual accounts within 120 days after the end of the financial year.
The company was also mandated to process all import duty payments and Letters of Credit through Zenith Bank, establish Letters of Credit for petroleum imports, provide supporting documentation, and secure comprehensive marine insurance naming the bank as the first loss payee.
The bank also appointed General Marine and Oil Services Ltd to supervise Petrocam’s product warehousing at the company’s expense.
Under the facility terms, Zenith Bank was authorised to settle maturing Usance obligations at 12 per cent interest if Petrocam failed to provide the required funds. The agreement also stipulated that Petrocam would bear all legal, recovery, and related costs arising from any default.
Justice Aneke further directed the respondent institutions to submit an Affidavit of Return within seven days, detailing all accounts linked to the BVN, their balances, and six months of transaction history.
The court also granted Zenith Bank permission to serve the defendants through substituted means at their last known address in Victoria Island, Lagos, Nigeria.
The case has been adjourned until March 17, 2026, for mention.