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.

Cosmetic products are widely used in Nigeria, but many consumers remain unaware of the chemicals they may contain.

Federal government has therefore approved the first national policy on cosmetics safety and health after nearly two decades of stalled attempts.

The policy was launched at the Sixty sixth National Council on Health in Calabar.

It establishes a clear system to regulate how cosmetic products are manufactured, imported, sold, used and disposed of.

The new policy supports major government priorities.

It aligns with the National Strategic Health Development Plan II, the National Chemical Safety Policy and the National Environmental Health Action Plan.

It also advances the Nigeria Health Sector Renewal Investment Initiative and strengthens the country’s commitments under the International Health Regulations and the Minamata

Convention on Mercury.

By improving regulation and surveillance, the policy strengthens health security, protects consumers and supports economic diversification.

It also responds to state level priorities, since implementation will take place across all thirty six states and the Federal Capital Territory.

Everyday products, real health risks

Cosmetics are part of daily life for millions of Nigerians, but many people do not know what is inside the products they use.

Amina Yusuf, a shop attendant in Tarauni local government area, Kano State, said she developed skin irritation after using a product sold as a “natural toning oil”.

“I thought it was safe because it was called organic,” Yusuf said. “But my skin became sensitive, and small cuts took longer to heal.”

A health worker later explained that the product likely contained harmful chemicals.

In Kura local government area, community members described how some traders repackage creams without labels. One resident said a neighbour developed rashes after using a mixture bought at a weekly market.

“People buy what they can afford,” she said.

“Most of us do not have access to formally regulated shops.”

In Sabon Gari market, Kano State, an expectant mother, Gloria Okafor, learned during an antenatal visit that a cream she used for stretch marks might contain heavy metals.

“I was careful with food and medicine during pregnancy,” Okafor said. “I never imagined body cream could be a risk.”

These experiences reflect wider challenges: limited consumer awareness, informal distribution systems and economic pressures that make unregulated products common.

The scale of the problem

Recent national and global assessments highlight both the scale and the safety concerns within Nigeria’s cosmetics sector.

Nigeria’s cosmetics industry has grown into a dynamic and increasingly sophisticated sector, with a market valuation exceeding US$ 7.8 billion¹.

Globally, the cosmetics market is valued at over US$ 429.2 billion², presenting both economic opportunity and regulatory challenges, particularly in low  and middle income countries (LMICs) such as Nigeria.

Since 2022, Nigeria has registered close to 9 000 cosmetic products that meet national regulatory requirements under the oversight of the National Agency for Food and Drug Administration and Control³, reflecting strengthened compliance efforts.

However, toxicological evidence remains concerning. Globally, over 100 known carcinogens and at least 15 endocrine disrupting chemicals have been identified in cosmetic formulations². In Nigeria, a study conducted in Anambra State found lead contamination in 62% of tested cosmetic products, with concentrations ranging from 0.10 to 42.12 mg/kg⁴ (exceeding the World Health Organization permissible limit of 10 mg/kg). Additional investigations in Ibadan and Lagos confirmed cadmium, lead and nickel levels above international safety limits in personal care products⁵⁻⁶.

These findings underscore the urgent need for strengthened surveillance, consumer awareness and enforcement to protect public health.

Why regulation matters

Studies in Nigeria have found high levels of lead, cadmium and other harmful substances in some cosmetic products.

These chemicals can cause kidney problems, skin damage and complications during pregnancy.

Market surveillance efforts in Kurmi market, Kano Municipal local government area, reveal widespread mislabelling and repackaging practices.

According to Audu Tanimu, National Agency for Food and Drug Administration and Control officer, “Some products are intentionally labelled to avoid suspicion, but laboratory testing shows restricted substances. Enforcement efforts are ongoing, yet informal supply chains continue to complicate traceability.”

Turn the vision to reality

After years of Nigeria’s vision to develop a cosmetic policy, World Health Organization (WHO) worked with the Federal Ministry of Health and Social Welfare, the National Agency for Food and Drug Administration and Control, the Nigeria Economic Summit Group, state governments, Resolve to Save Lives (RTSL), civil society and industry groups in 2025 to turn this into reality.

It provided technical guidance, reviewed evidence, supported meetings with partners and helped strengthen surveillance and reporting systems.

This support built on years of collaboration to improve chemical safety and International Health Regulations core capacities.

This work was supported by funding from the Foreign, Commonwealth and Development Office (FCDO) and RTSL.

What will change

The new policy introduces three main areas of action:

• Regulatory oversight and governance — A unified national system will ensure all cosmetic products meet safety and quality standards and improve coordination across agencies.
• Cosmetics vigilance and health intelligence — A national early warning system will help detect harmful products faster and support quicker public health responses.
• Strengthening the cosmetics value chain — The policy supports safer manufacturing and responsible trade. It also aligns with African Continental Free Trade Area opportunities, helping local industries grow while protecting workers and consumers.

These changes are expected to reduce exposure to harmful chemicals, lower the number of cosmetic related health complications and improve consumer confidence.

A collective effort

Implementation will begin across all states and the Federal Capital Territory.

The Federal Ministry of Health and Social Welfare, the National Agency for Food and Drug Administration and Control, the Nigeria Economic Summit Group, state governments, civil society and private sector actors will lead the rollout. WHO and Resolve to Save Lives will continue supporting government efforts to strengthen surveillance, raise awareness and promote safer markets.

This milestone reflects the combined efforts of government, regulators, communities and partners working toward a shared goal: protecting Nigerians from harmful exposures and strengthening national health security.

A call to action

• Political and financial commitment from government counterparts at all levels to prioritise implementation of the policy.
• Consumers should choose labelled and registered cosmetic products to safeguard their health.
• Industry actors should follow national safety standards.
• Health workers play a critical role in identifying cosmetic related health effects early and responding appropriately.
• Everyone should help raise awareness about the health effects of cosmetics and protect communities from preventable harm.

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.