The Court of Appeal in Lagos has ordered the interim attachment of Zenon Petroleum & Gas Limited’s Victoria Island headquarters over an unpaid judgment debt of $1.8 million (approximately ₦7.2 billion), accoring to ThisDay report.
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In a ruling delivered on June 26, 2025, the appellate court directed the seizure of the company’s prime asset, Victoria Island Towers, located at 7, Tiamiyu Savage Street, pending the determination of a Motion on Notice scheduled for July 8, 2025.
The case stems from a contractual dispute between a British national, Mr. James Lloyd-Jennings, and Zenon Petroleum over agency fees from an aircraft purchase arrangement. In April 2025, the Lagos High Court ordered Zenon to pay Mr. Lloyd-Jennings $1.8 million as his entitled fee. Dissatisfied with the judgment, Zenon lodged an appeal.
Following an ex parte application by Lloyd-Jennings, the Court of Appeal granted an interim order barring Zenon and its management, led by billionaire businessman Femi Otedola, from selling, transferring, or encumbering the property until the matter is resolved.
The order, signed by Musa Mohammed Imam, Deputy Chief Registrar of the Court of Appeal, stated:
“The application is granted as prayed, pending the determination of the Motion on Notice which is fixed for 8/7/25. The Appellant and 2nd Respondent are to be duly served before that date.”
According to affidavits filed by Lloyd-Jennings, Zenon had allegedly initiated moves to transfer ownership of the property through an unregistered Deed of Gift, a development he argued would frustrate recovery efforts if allowed to proceed.
Lawyers for Mr. Lloyd-Jennings from CLP Legal welcomed the court’s intervention, describing it as “timely and just,” adding that the orders affirm the rule of law and safeguard the rights of all parties.
Court documents further reveal that Zenon is allegedly burdened by heavy indebtedness, with the Victoria Island property being its only visible asset. The interim order, therefore, was deemed crucial to prevent dissipation of assets before the resolution of the appeal.
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