Court Maintains N9bn Petrocam Account Freeze, Delays Relief Ruling

Court has maintained N9bn Petrocam account freeze and delayed relief ruling.

 

NewsOnline Nigeria reports that Petrocam Trading Nigeria Limited remains under intense financial pressure after the Federal High Court in Lagos adjourned ruling on its bid to lift a sweeping freeze on its bank accounts over an alleged N9.05 billion debt.

 

This Nigeria news platform understands that Justice Chukwujekwu Aneke fixed April 30, 2026, to decide on the application, prolonging restrictions that the company says have effectively crippled its nationwide operations.

 

The freezing order, obtained by a commercial bank through an ex parte application, is aimed at securing funds it claims are owed by Petrocam and its principal, Patrick Ilo.

 

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At the hearing, Petrocam’s counsel, Gboyega Oyewole (SAN) and Supo Ati-John (SAN), argued that the order was secured without full disclosure and has pushed the company into severe financial strain. They warned that the continued freeze is paralysing operations and threatening business continuity.

 

Despite those claims, the court declined immediate relief, leaving the restrictions in place pending its ruling.

 

In its defence, Petrocam denied owing any debt, insisting it had fully repaid a 2014 import finance facility. The company claimed it remitted over N7.4 billion in petroleum proceeds through transactions involving Total Nigeria Plc and Oando Plc.

 

However, the dispute has been complicated by conflicting financial positions. While Petrocam points to a Letter of Non-Indebtedness allegedly issued in December 2024, the bank maintains that the company still owes billions, raising questions over the accuracy of records and the true state of its obligations.

 

Petrocam also accused the bank of breaching directives from the Central Bank of Nigeria by continuing to apply interest on subsidy-related debt, as well as ignoring instructions to refund excess charges.

 

The company further alleged procedural irregularities, including failure to properly notify it before initiating legal action, and accused the bank of mismanaging aspects of the facility such as foreign exchange arrangements.

 

Meanwhile, Patrick Ilo is seeking to exit the suit entirely, arguing he did not personally guarantee the facility and played no role in any alleged wrongdoing.

 

Counsel to the bank, Ajibola Aribisala (SAN), pushed back strongly, insisting the freeze is necessary to safeguard the bank’s ability to recover the disputed funds. He argued that Petrocam’s claims should be tested at trial rather than used to lift the interim order.

 

With the court yet to decide, Petrocam faces mounting operational and reputational risks as the account freeze drags on, intensifying pressure on the company in one of the sector’s most closely watched debt disputes.