These are usually not one of the best of instances for Femi Otedola because the Court of Appeal in Lagos has ordered the interim seizure of his Zenon Petroleum & Gas Limited’s headquarters in Lagos over an unpaid judgment debt of $1.8 million.
Thisday stories that in a ruling delivered on June 26, 2025, the appellate court docket directed the seizure of the corporate’s prime asset, Victoria Island Towers, positioned at 7, Tiamiyu Savage Street, pending the willpower of a Motion on Notice 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 High Court 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 software by Lloyd-Jennings, the Court 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 of Appeal, declared: “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.”
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 Gift, a transfer he argued would undermine restoration efforts if allowed to proceed.
Lawyers representing Mr. Lloyd-Jennings from CLP Legal welcomed the ruling, describing it as “timely and just,” whereas noting that the order reinforces the rule of regulation and protects the rights of all events concerned.
Court filings additional counsel that Zenon is weighed down by important indebtedness, with the Victoria Island property standing as its solely seen asset. The interim order was subsequently deemed mandatory to stop the dissipation of belongings earlier than the enchantment is resolved.
