Femi Otedola’s Zenon Petroleum head workplace seized over $1.8m judgment debt

These will not be the most effective of instances for Femi Otedola because the Court docket of Appeal in Lagos has ordered the interim seizure of his Zenon Petroleum & Gasoline Restricted’s headquarters in Lagos over an unpaid judgment debt of $1.8 million.

Thisday reviews that in a ruling delivered on June 26, 2025, the appellate courtroom directed the seizure of the corporate’s prime asset, Victoria Island Towers, situated at 7, Tiamiyu Savage Road, pending the willpower of a Movement on Discover scheduled for July 8, 2025.

The dispute originated from a contractual disagreement between a British nationwide, Mr. James Lloyd-Jennings, and Zenon Petroleum over company charges from an plane buy association.

In April 2025, the Lagos Excessive Court docket ordered Zenon to pay Mr. Lloyd-Jennings $1.8 million as his entitled price. Dissatisfied with the choice, Zenon filed an enchantment.

Following an ex parte utility by Lloyd-Jennings, the Court docket of Appeal granted an interim order restraining Zenon and its administration from promoting, transferring, or encumbering the property till the case is concluded.

The order, signed by Musa Mohammed Imam, Deputy Chief Registrar of the Court docket of Appeal, declared: “The appliance is granted as prayed, pending the willpower of the Movement on Discover which is fastened for 8/7/25. The Appellant and 2nd Respondent are to be duly served earlier than that date.”

Affidavits filed by Lloyd-Jennings alleged that Zenon had already initiated steps to switch possession of the property by way of an unregistered Deed of Reward, a transfer he argued would undermine restoration efforts if allowed to proceed.

Legal professionals representing Mr. Lloyd-Jennings from CLP Authorized welcomed the ruling, describing it as “well timed and simply,” whereas noting that the order reinforces the rule of regulation and protects the rights of all events concerned.

Court docket filings additional recommend that Zenon is weighed down by important indebtedness, with the Victoria Island property standing as its solely seen asset. The interim order was due to this fact deemed mandatory to stop the dissipation of belongings earlier than the enchantment is resolved.