The Court of Appeal, Lagos Division, has ordered the seizure of Zenon Petroleum & Gas Limited’s headquarters located on Victoria Island, Lagos, over an unpaid judgment debt of ₦7.2 billion.
In a ruling delivered on June 26, 2025, the appellate court directed the attachment of the company’s prime asset, Victoria Island Towers, after years of legal tussle between the Asset Management Corporation of Nigeria (AMCON) and the oil firm.
Background of the Dispute
The case originated when AMCON, the government agency tasked with recovering non-performing loans acquired from commercial banks, approached the Federal High Court in Lagos over Zenon Petroleum’s indebtedness.
The Federal High Court had earlier ruled in AMCON’s favour, affirming that the company was liable for the outstanding debt. With Zenon Petroleum failing to meet its repayment obligations, AMCON sought enforcement of the judgment, prompting the Court of Appeal’s decisive order.
Enforcement of Judgment
The ruling specifically restrains Zenon Petroleum’s management, led by billionaire businessman Mr. Femi Otedola, from selling, transferring, or in any way dealing with the seized property until the full settlement of the debt.
To ensure strict compliance, the Court of Appeal appointed a Deputy Chief Registrar to oversee the enforcement process and supervise the takeover of the Victoria Island Towers.
Implications of the Ruling
The seizure marks a major victory for AMCON, which has in recent years intensified efforts to recover trillions of naira owed by prominent individuals and companies.
Legal analysts note that the decision also sends a strong signal to corporate debtors that the courts will back AMCON’s recovery drive, even against high-profile businesses.
