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Court Freezes Petrocam Boss, Patrick Ilo’s Accounts Over Alleged N9.05bn Debt Owe Zenith Bank

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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 Plc.

Justice Chukwujekwu Aneke issued the interim order following an ex parte application filed by the bank in Suit No. FHC/L/C5/393/2026, directing financial institutions to preserve funds linked to the defendants pending the determination of the case.

The court restrained Petrocam and Ilo—whether acting directly or through agents or associates—from withdrawing, transferring, or otherwise dealing with funds up to N9,057,511,855.63, said to be the outstanding debt as of May 31, 2025.

In a sweeping move, the court also ordered all banks and financial institutions within its jurisdiction to place a lien or Post-No-Debit restriction on accounts connected to Bank Verification Number (BVN) 22141926401, reportedly used by Ilo to operate Petrocam’s accounts.

Beyond commercial banks, the order extends to key players in Nigeria’s digital payments ecosystem, including Nigeria Inter-Bank Settlement System, Interswitch Limited, and Interswitch Financial Inclusion Services Limited.

The involvement of these institutions means the restriction could affect not only traditional bank accounts but also digital wallets and electronic payment channels linked to the BVN.

Court filings show the disputed credit facility granted to Petrocam was tied to strict pre-disbursement conditions. These included a formal acceptance of the loan by authorised signatories, a board resolution approving the facility, and full disclosure of Petrocam’s existing indebtedness to other lenders, including outstanding balances and pledged collateral.

Zenith Bank also required the domiciliation of sales proceeds and subsidy payments from oil majors such as Oando Plc and TotalEnergies Marketing Nigeria Plc into Petrocam’s account with the bank.

Other conditions included submission of contract agreements for the bank’s approval and a five per cent counterpart contribution for every transaction before funds could be disbursed.

The facility also imposed ongoing compliance obligations. Petrocam was required to submit quarterly management accounts within 60 days of the end of each quarter and audited annual financial statements within 120 days. All import duty payments and Letters of Credit for petroleum imports were to be routed through its Zenith Bank account.

The company was further required to obtain comprehensive marine insurance for shipments, with Zenith named as the first loss payee, and keep the bank fully informed about suppliers and vessels involved in its import transactions.

To ensure oversight of product storage, Zenith appointed General Marine and Oil Services Ltd to monitor Petrocam’s warehousing operations at the company’s expense.

Under the foreign exchange terms of the facility, the bank was authorised to settle maturing Usance obligations at 12 per cent interest if Petrocam failed to provide the necessary funds. The company also agreed to bear all legal, recovery, and related costs in the event of default.

In his ruling, Justice Aneke 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 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.

The application was argued by Chief A.A. Aribisala (SAN) on behalf of the bank.

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

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