Alleged N9bn Debt: Court Freezes Petrocam Accounts, Targets Director’s BVN

Wale Igbintade

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 N9.05 billion debt owed to Zenith Bank Limited.

Justice Chukwujekwu Aneke granted the interim order in Suit No: FHC/L/CS/393/2026 following an ex parte application filed by Zenith Bank seeking to preserve funds allegedly owed as of May 31, 2025.

The court restrained the defendants, whether acting personally or through agents, privies, or assigns, from withdrawing, transferring, dissipating, or otherwise dealing with funds up to the sum of N9,057,511,855.63 pending the hearing and determination of the Motion on Notice.

A major aspect of the order targets Bank Verification Number (BVN) 22141926401, which the bank claims is used by Patrick Ilo to operate Petrocam’s accounts.

Justice Aneke directed all financial institutions within the jurisdiction of the court to place a lien, also known as a ‘Post-No-Debit’ restriction, on all accounts linked to the BVN.

The order also extends beyond conventional banks to include major payment infrastructure operators.

Listed as respondents are the Nigeria Inter-Bank Settlement System (NIBSS), Interswitch Limited, and Interswitch Financial Inclusion Services Limited.

NIBSS, which manages the interbank settlement framework and the BVN database, is expected to ensure enforcement across the banking system, while Interswitch and its subsidiary are to enforce the restriction across digital wallets and electronic payment platforms.

 Court documents filed by Zenith Bank indicate that the disputed credit facility was subject to extensive Conditions Precedent before disbursement.

All security documentation relating to the facility was also required to be executed before any disbursement.

The facility also contained foreign exchange obligations, authorising Zenith Bank to settle maturing Usance obligations at an interest rate of 12 per cent if Petrocam failed to provide the necessary funds.

 Justice Aneke further directed the respondent institutions to file an Affidavit of Return within seven days, disclosing all accounts linked to the BVN, their balances, and six months’ transaction history.

The court also granted Zenith Bank leave to serve the defendants through substituted means at their last known address in Victoria Island, Lagos.

The application was argued by Chief A.A. Aribisala (SAN) on behalf of Zenith Bank.

The matter has been adjourned to March 17, 2026, for mention.