Lagos Court Freezes World Oil Accounts Over N407m Diesel Debt

The Lagos State High Court sitting in Tapa, Lagos Island, has ordered the freezing of all bank accounts linked to World Oil Industries Limited and its Director, Kunle Abiodun Enitilo, over an alleged debt of N407,125,000 owed to Q&M Oil & Gas Limited for diesel supplies. The order aims to prevent the Defendants from dissipating assets, ahead of the resolution of the dispute.

Justice (Dr) Rosul O. Olukolu granted the injunction following an ex-parte application filed by Q&M Oil & Gas Limited through its legal team in Suit No: LD/851CM/2026. The ruling included a Mareva injunction restraining multiple financial institutions, from releasing or allowing transactions on any funds connected to the Defendants up to the total claim.

The freeze affects accounts across several banks, including Guaranty Trust Bank, Access Bank, Ecobank, Fidelity Bank, First Bank of Nigeria, United Bank for Africa, Zenith Bank, and other commercial and digital financial service providers. Justice Olukolu directed banks to immediately halt withdrawals, transfers, or dealings involving funds linked to the Defendants, their agents, subsidiaries, or companies tied to the director’s Bank Verification Number (BVN).

The court also ordered the banks to disclose within seven days the balances of any accounts maintained by the Defendants as of the date of the order. The legal action stems from a diesel supply agreement dated February 3, 2025, under which Q&M Oil & Gas Limited supplied diesel valued at approximately ₦1.85 billion to meet the fuel demands of World Oil Industries’ customers.

In an affidavit deposed by Tossa Godwin Oluwasegun, the  Claimant alleged that despite benefiting from the full supply, the Defendants failed to settle invoices totalling ₦407,125,000. The affidavit further claimed the Defendants had begun dissipating assets, including leasing or transferring petrol stations and other property to third parties, potentially frustrating any eventual judgement.

Lawyers for Q&M Oil & Gas urged the court to preserve the Defendants’ assets, pending the substantive hearing. Justice Olukolu agreed, granting interim reliefs that also restrain the Defendants from selling, transferring, assigning, or otherwise dealing with traceable assets during the pendency of the suit. Substituted service of court documents was permitted by pasting at the 2nd Defendant’s last known address in Ikota Estate, Lekki.

The matter was adjourned to April 2, 2026 for a report of service and further proceedings, as the court ensures that the Defendants’ assets remain secured, pending resolution of the dispute.