Court Freezes World Oil & Gas Boss, Kunle Enitilo’s Accounts Over Alleged N407m Debt

 

The Lagos State High Court, sitting in Tapa Area of Lagos Island, has ordered the freezing of all bank accounts linked to oil tycoon, Kunle Abiodun Enitilo and his company, World Oil & Gas Industries Limited over an alleged debt of ₦407,125,000 owed Q&M Oil & Gas Limited.

The freezing order was granted by Justice (Dr.) Rosul O. Olukolu, following an ex-parte motion filed through the legal team of Q&M Oil & Gas Limited in the Suit No: LD/851CM/2026.

Delivering the ruling at the Commercial Courthouse in Tapa, Lagos, the court issued a Mareva injunction restraining several financial institutions operating in Nigeria from releasing or allowing transactions on any funds linked to the defendants up to the value of the claimant’s total claim.

The order affects accounts held by the defendants across numerous financial institutions, including Guaranty Trust Bank Limited, Access Bank Plc, Ecobank Nigeria Plc, Fidelity Bank Plc, First Bank of Nigeria Limited, United Bank for Africa Plc, Zenith Bank Plc, and several other commercial and digital financial service providers.

Justice Olukolu directed the banks to immediately halt any withdrawals, transfers, or dealings involving funds connected to the defendants, their agents, subsidiaries, or related companies tied to the Bank Verification Number (BVN) of the second defendant, Enitilo.

The Court further ordered the affected 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 to Enitilo’s World Oil to meet the fuel demands of its customers.

According to the Exparte motion filed by the claimant, the agreement led to the delivery of diesel valued at approximately ₦1.85 billion.

The claimant alleged that despite benefiting from the full supply, the defendants failed to settle all invoices issued for the product, and that repeated attempts to recover the outstanding balance were unsuccessful, leaving an alleged unpaid sum of ₦407,125,000.

The claimants in an affidavit deposed to by Tossa Godwin Oluwasegun, in support of the application, alleged the defendants have been evasive and failed to demonstrate any clear commitment toward repaying the debt.

The claimant also alleged that the defendants had begun dissipating their assets in a manner that could frustrate any eventual judgment.

According to the claimant, there were indications that some petrol stations and other assets belonging to the defendants had been leased or transferred to third parties, raising concerns that funds could be moved beyond the jurisdiction of the court.

Lawyers to the claimant urged the court to grant the application to preserve the defendants’ assets pending the hearing of the substantive motion.

Justice Olukolu agreed that the application was necessary to safeguard the subject matter of the dispute and granted the requested interim reliefs.

In addition to freezing the accounts, the court restrained the Enitilo and his company from selling, transferring, assigning, or otherwise dealing with any traceable assets during the pendency of the suit.

The court also granted permission for substituted service of court processes by pasting the documents at the last known address of Enitilo located at No. 1, Great Favour Street, Ikota Estate, Lekki, Lagos.

The matter has been adjourned to April 2, 2026, for a report of service and further proceedings.