Federal High Court sitting in Lagos has ordered the freezing of bank accounts belonging to Petrocam Trading Nigeria Limited and Patrick Ilo, its founder, over an alleged N9.05 billion debt.

Patrick Ilo and Petrocam Filling station

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

It was gathered that the ex parte motion was argued by Chief A.A. Aribisala (SAN) on behalf of Zenith Bank.

While delivering the ruling on Wednesday, the court restrained the defendants, whether acting by themselves or through agents, privies, or assigns, from withdrawing, transferring, dissipating, or otherwise dealing with funds up to the sum of ₦9,057,511,855.63, pending the hearing and determination of the motion on notice.

“An interim order is hereby granted restraining the defendants/respondents, Petrocam Trading Nigeria Limited and Patrick Ilo, whether by themselves, their agents, privies or assigns, from withdrawing, transferring, dissipating or otherwise dealing with any funds up to the sum of ₦9,057,511,855.63 pending the hearing and determination of the motion on notice,” Justice Aneke ruled.

The court further ordered the freezing of all accounts linked to Bank Verification Number (BVN) 22141926401, which the bank alleged is being used by Ilo to operate Petrocam’s accounts.

In addition, Justice Aneke directed all financial institutions within the jurisdiction of the court to immediately place a lien or “Post-No-Debit” restriction on all accounts associated with the BVN.

According to the order, “All financial institutions within the jurisdiction of this honourable court are hereby directed to place a lien or post-no-debit restriction on all accounts linked to BVN 22141926401 pending further orders of the court.”

The order extends beyond traditional banks to key operators within Nigeria’s electronic payment ecosystem. Among those joined as respondents in the matter are the Nigeria Inter-Bank Settlement System, Interswitch Limited, and Interswitch Financial Inclusion Services Limited.

The court also directed the institutions to disclose the details of all accounts linked to the BVN. Justice Aneke ordered the respondents to file an affidavit of return within seven days, revealing all accounts connected to the BVN, their balances, and the transaction history covering the preceding six months.

Court documents filed in support of the application showed that the credit facility at the centre of the dispute was subject to several pre-disbursement conditions imposed by Zenith Bank.

According to the filings, Petrocam was required to formally accept the facility through its authorised signatories, provide a board resolution approving the loan, and disclose any existing indebtedness to other lenders, including facility limits, outstanding balances, and collateral pledged.

Other conditions included the domiciliation of sales proceeds and Sovereign Debt Note subsidy payments from Oando Plc and Total Nigeria Plc into Petrocam’s account with Zenith Bank.

The company was also required to submit relevant contract agreements for the bank’s approval and provide a five percent counterpart contribution for each transaction, while all required security documentation had to be executed before the facility could be disbursed.

The bank further stated that Petrocam was expected to submit quarterly management accounts within 60 days after the end of each quarter and audited annual financial statements within 120 days.

In addition, Petrocam was required to route all import duty payments and Letters of Credit through its account with Zenith Bank, establish Letters of Credit for petroleum imports, and obtain comprehensive marine insurance naming Zenith Bank as the first loss payee.

Court filings also revealed that General Marine and Oil Services Ltd had been appointed by the bank to monitor petroleum product warehousing at Petrocam’s expense.

The facility agreement further imposed foreign exchange obligations, authorising Zenith Bank to settle maturing Usance obligations at 12 percent interest if Petrocam failed to provide the necessary funds.

The bank maintained that in the event of default, Petrocam would be responsible for all legal, recovery, and ancillary costs arising from enforcement of the facility.

The court also granted Zenith Bank leave to serve the defendants through substituted means.

Justice Aneke ruled that the defendants may be served at their last known address in Victoria Island, Lagos.

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

Telecommunications, energy, and fintech firms generate the highest number of consumer complaints in Nigeria, the Federal Competition and Consumer Protection Commission (FCCPC) has declared.

Tunji Bello, EVC, FCCPC

Tunji Bello, executive vice chairman, made this known on Thursday while briefing State House correspondents at the Aso Rock Presidential Villa, Abuja.

Bello said the commission had received thousands of complaints from Nigerians across these sectors and had recovered over N20bn for consumers as of March 2026.

According to him, the commission resolved more than 9,000 complaints and recovered over N10bn for consumers between March and August 2025 alone.

“Let me tell you where most complaints come from. Mostly on energy, fintech. For energy, people complain about the electricity supply, and so on. That’s where we get most complaints. And that led to recent action in Lagos against a disco. Also fintech. You know, people do a lot of transactions online, and most of them are either given unfair terms.

“Somebody has borrowed money, and then you discover that when they ask to pay back, the interest rate is outrageous. Most of them we have interrogated, and we’ve been able to resolve as many as possible,” Bello stated.

He added that the telecommunications sector and banks also account for significant complaints, noting that the commission receives about 25,000 complaints annually through various platforms.

Bello said cumulative recoveries for consumers had exceeded N20bn as of March 2026, up from N10bn recorded in October 2025.

Ghanaian authorities have arrested 93 Nigerian nationals over alleged involvement in internet fraud and immigration violations, as the West African nation intensifies its crackdown on cross-border cybercrime networks.

The arrests followed an intelligence-led raid by the Ghana Immigration Service (GIS) on six houses in Devtraco Estate in Accra believed to be operating as a hub for online fraud.

In a statement, GIS spokesperson Maud Anima Quainoo said the suspects comprised 91 men and two women and were arrested during a coordinated operation targeting a suspected cybercrime ring.

“This operation targeted six houses at Devtraco Estate where officers rescued 73 victims who had reportedly endured severe abuse and torture at the hands of the suspects,” said Quainoo.

Authorities said the victims were later repatriated to Nigeria.

Investigators recovered equipment suggesting a well-organised cybercrime enterprise. Items seized included 82 laptops, 57 mobile phones, 17 television sets, counterfeit US dollar notes and fake gold bars, along with household appliances believed to have supported the group’s operations.

Preliminary investigations indicate that some suspects entered Ghana through unauthorised border crossings, while others allegedly overstayed the 90-day visa-free entry period available to citizens of Economic Community of West African States countries.

The arrests are the latest in a growing list of cybercrime crackdowns in Ghana, highlighting the country’s struggle to contain increasingly sophisticated digital fraud operations.

In January, Ghanaian authorities arrested 53 Nigerians suspected of cybercrime and rescued 44 individuals believed to have been forced into online scam operations. In December, separate raids in Greater Accra led to the arrest of dozens of suspects linked to internet fraud syndicates.

Ghana has become a target for criminal networks running schemes such as romance scams, sextortion, online investment fraud, impersonation and mobile money scams. Victims are often recruited through fake job offers or promises of overseas opportunities before being forced to operate scam accounts targeting victims in Europe, North America and Asia.

Authorities have also uncovered cases involving digital gold trading scams, where fraudsters lure victims with fake mining investments or counterfeit gold deals.

The presence of high-speed internet equipment, including routers and satellite connectivity tools in previous raids, has further highlighted how cybercrime syndicates are leveraging advanced technology to expand operations.