A Lagos State High Court sitting at Tapa, Lagos Island, has ordered the freezing of all bank accounts linked to World Oil Industries Limited and one of its directors, Kunle Abiodun Enitilo, over an alleged unpaid diesel supply debt of N407,125,000 owed to Q&M Oil & Gas Limited.
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The interim order was granted by the court, presided over by Justice (Dr) Rosul O. Olukolu following an ex parte application filed by Q&M Oil & Gas Limited in Suit No: LD/851CM/2026.
In the ruling delivered at the Commercial Courthouse in Tapa, the court issued a Mareva injunction, restraining several financial institutions in Nigeria from allowing withdrawals, transfers, or any dealings involving funds linked to the defendants up to the value of the claimant’s total claim.
The order affects accounts allegedly linked to the defendants across multiple financial institutions, including Guaranty Trust Bank Limited, Access Bank Plc, Ecobank Nigeria Plc, Fidelity Bank Plc, First Bank of Nigeria Limited, United Bank for Africa Plc, Zenith Bank Plc, as well as other commercial and digital financial service providers.
Justice Olukolu directed the affected banks to immediately halt any transaction involving funds connected to the defendants, their agents, subsidiaries, or related entities tied to the Bank Verification Number (BVN) of the second defendant.
The court also ordered the banks to disclose, within seven days, the balances of any accounts maintained by the defendants as of the date of the order.
The legal dispute arose from a diesel supply agreement dated February 3, 2025, under which Q&M Oil & Gas Limited said it supplied diesel products to World Oil Industries Limited to meet the fuel demands of its customers.
According to the claimant, the agreement resulted in the supply of diesel valued at approximately N1.85 billion.
Q&M Oil & Gas Limited alleged that although the defendants benefited from the full supply, they failed to settle all invoices issued for the product, leaving an outstanding balance of N407,125,000 despite repeated demands.
In an affidavit supporting the ex parte motion, deposed to by Tossa Godwin Oluwasegun, the claimant alleged that the defendants had been evasive and had failed to show any clear commitment to liquidating the alleged debt.
The claimant further told the court that there were signs the defendants were dissipating assets in a manner that could frustrate the enforcement of any eventual judgment.
According to the affidavit, some petrol stations and other assets allegedly linked to the defendants had either been leased or transferred to third parties, raising concerns that funds could be moved beyond the jurisdiction of the court.
Counsel to the claimant urged the court to preserve the defendants’ assets pending the hearing of the substantive suit.
Justice Olukolu held that the application was necessary to protect the subject matter of the dispute and granted the interim reliefs sought.
In addition to freezing the accounts, the court restrained the defendants from selling, transferring, assigning, or otherwise dealing with any traceable assets pending the determination of the suit.
The court also granted leave for substituted service of court processes by pasting the documents at the last known address of the second defendant at No. 1, Great Favour Street, Ikota Estate, Lekki, Ibeju-Lekki, Lagos.
The matter was adjourned to April 2, 2026, for a report of service and further proceedings.
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