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Court Fixes Ruling Date As Petrocam, Zenith Bank Clash Over ₦9 Billion Debt.

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Court Schedules April 30 Ruling In Petrocam vs Zenith Bank ₦9 Billion Account Freeze Dispute....KINDLY READ THE FULL STORY HERE▶

Justice Chukwujekwu Aneke of the Federal High Court, Ikoyi, Lagos, has slated April 30, 2026, to deliver a ruling on Petrocam Trading Nigeria Ltd’s request to lift an interim order freezing its bank accounts over an alleged ₦9.05 billion debt claimed by Zenith Bank Plc.

The freeze, issued in Suit No: FHC/L/CS/393/2026 following an ex parte application by Zenith Bank, aims to secure funds purportedly owed by Petrocam and its principal, Patrick Ilo, as of May 31, 2025.

At Thursday’s resumed hearing, Petrocam’s legal team, including Gboyega Oyewole (SAN), S. Isaac John (SAN), Kolawole Salami, and Ademola Adefolaju, urged the court to discharge the March 3, 2026, interim injunction, arguing it was obtained without full disclosure and has severely disrupted the company’s operations.

Petrocam Denies Debt
Affidavit evidence from the company’s Head of Trade, Sunmola Omolara, asserts that Petrocam is not indebted to Zenith Bank. The company claims all obligations under a 2014 import finance facility were settled, with over ₦7.4 billion in petroleum sales proceeds remitted to the bank. Major oil firms, including Total Nigeria Plc and Oando Plc, were involved in the payments.

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Petrocam stated that any temporary financing gaps were due to delays by the Federal Government in servicing Sovereign Debt Notes, with all obligations ultimately cleared between 2019 and 2020. Interest on the short-term facility was reportedly waived, with the Debt Management Office overseeing payments.

The company also alleges Zenith Bank failed to comply with a Central Bank of Nigeria directive mandating a 100% interest waiver on subsidy-related debts, unlike other banks, and ignored regulatory instructions to refund excess charges.

Letter of Non-Indebtedness Contradicts Claim
Petrocam submitted a December 16, 2024, Letter of Non-Indebtedness from Zenith Bank confirming the company’s account was in credit, challenging the bank’s ₦9 billion claim. The defendants further argued that no proper demand notice was served before the suit, describing the June 2025 demand letter as misdirected and an afterthought.

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Principal Denies Personal Liability
Patrick Ilo, the second defendant, seeks to have his name removed from the suit, denying any personal guarantee or involvement beyond his role as Petrocam’s agent. He refutes allegations of fraud or fund diversion.

Petrocam’s legal team maintained that the injunction was improperly granted, with no serious issue for trial and a balance of convenience favouring the company, which is facing operational paralysis. They argued that Zenith Bank could be compensated through damages if it ultimately succeeds.

Zenith Bank Opposes Application
Zenith Bank’s counsel, Ajibola Aribisala (SAN), urged the court to uphold the freezing order, stressing the need to protect the disputed funds and maintain the bank’s ability to recover the alleged debt.

After hearing submissions from both sides, Justice Aneke adjourned the case for ruling on April 30, 2026.

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2027: Tinubu Will Lose If ADC Is On Ballot – Amaechi.

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Former Minister of Transportation, Rotimi Amaechi, has stated that President Bola Tinubu would lose the 2027 presidential election if the African Democratic Congress (ADC) is allowed to participate fully.....KINDLY READ THE FULL STORY HERE▶

News reports that Amaechi made the claim during an appearance on Channels Television’s breakfast programme on Friday.

He criticised the Tinubu administration and the All Progressives Congress (APC), accusing them of interfering in opposition parties and attempting to weaken potential challengers ahead of the election.

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Amaechi argued that regardless of whether the election is free or flawed, Tinubu would be defeated if credible opposition candidates are on the ballot.

He also dismissed interpretations of a Court of Appeal ruling suggesting the opposition was leaderless, insisting that such claims misrepresent the law.

According to him, the government is working to prevent strong opponents from emerging by using institutions, including the judiciary, to influence party structures.

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Amaechi called on authorities to allow political institutions to function independently and ensure that all parties can field candidates without interference.

He maintained that Nigerians would ultimately decide at the polls, questioning the administration’s chances amid economic challenges and ongoing insecurity.

“How can he win with the current state of the economy and security situation?” he asked.

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Airtel Suspends Airtime And Data Credit Services In Nigeria.

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Airtel Nigeria has announced the temporary suspension of its airtime and data credit services, which previously allowed eligible prepaid customers to borrow airtime or data and repay on their next recharge.....KINDLY READ THE FULL STORY HERE▶

reports that the telecom operator said the decision is part of ongoing operational adjustments driven by evolving regulatory requirements in Nigeria’s telecommunications sector.

In a statement on Friday, the Director of Corporate Communications and CSR, Femi Adeniran, explained that the move was necessary to ensure compliance with current industry standards.

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He added that the suspension aligns with broader efforts to meet regulatory and operational guidelines governing telecom services in the country.

Despite the suspension, Airtel assured customers that normal services remain unaffected, noting that subscribers can still purchase airtime and data through regular channels.

The company further stated that the temporary pause will not impact network performance or overall service delivery nationwide.

Reacting to the development, Airtel Nigeria’s Director of Marketing, Ismail Adeshina, described the decision as necessary and responsible.

He said: “This is a necessary and responsible step as we align our operations with evolving requirements. Airtel Nigeria remains committed to the highest standards of compliance, transparency, and consumer protection, while continuing to innovate responsibly within Nigeria’s digital ecosystem.”

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Airtel added that further updates on the suspended service will be communicated in due course.

The development comes amid growing regulatory scrutiny of digital lending and credit-based telecom services in Nigeria.

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Tinubu Signs 2026 Budget, Expands 2025 Appropriation Bill Into Law.

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President Bola Ahmed Tinubu has signed the ₦68.32 trillion 2026 Appropriation Bill into law.....KINDLY READ THE FULL STORY HERE▶

reports that the development was announced on Friday in a statement by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.

The 2026 budget provides a total expenditure of ₦68.32 trillion. Tinubu also approved the extension of the 2025 budget implementation period from March 31, 2026, to June 30, 2026.

Of the total budget, ₦4.799 trillion is allocated to statutory transfers, ₦15.8 trillion to debt servicing, ₦15.4 trillion to recurrent expenditure, and ₦32.2 trillion to capital projects under the Development Fund.

With capital spending accounting for about 50 percent, the budget reflects the administration’s focus on economic stability, security, infrastructure development, and inclusive growth.

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The allocation structure is designed to balance statutory commitments, debt obligations, recurrent costs, and capital investments aimed at boosting productivity and improving living standards.

The President also signed the Appropriation (Repeal and Enactment) (Amendment) Bill, 2026, extending the implementation of the 2025 capital budget to June 30, 2026.

The extension is expected to ensure full utilisation of funds for ongoing infrastructure and development projects across the country.

It will also allow Ministries, Departments, and Agencies (MDAs) to complete ongoing projects, improve execution rates, and maximise public spending value.

With the 2026 Appropriation Act taking effect from April 1, the Federal Government is set to begin full implementation in line with the Renewed Hope Agenda.

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Tinubu directed MDAs to ensure transparency, discipline, and efficiency in the use of allocated resources, stressing value for money and timely project delivery.

He commended the National Assembly for its swift consideration and passage of the budget, and reiterated the importance of cooperation between the Executive and Legislature in driving national development.

The President also reaffirmed his administration’s commitment to fiscal reforms, stronger revenue generation, job creation, and expanded social protection programmes.

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