Zenon Petroleum denies seizure of Victoria Island property over N7.2bn judgment debt

Zenon Petroleum & Gas Limited has refuted media reports claiming that its Victoria Island property was seized by the Court of Appeal in connection with a N7.2 billion judgment debt.

In a statement signed by Paschal Chimezie, its counsel, and titled “Re: Appeal Court Seizes Zenon Property Over Unpaid Judgment Debt,” the company described the reports as “mischievous and misleading.”

“Zenon’s attention has been drawn to the mischievous and misleading reports circulating in the media.

“To set the record straight, the matter in question involves an agency fee in respect of an aircraft which Zenon planned to purchase but was ultimately taken over by AMCON, and the Court of Appeal is to determine the issue of liability as well as the merit of an ex parte order of Interim Attachment against a property not owned by Zenon but by a third party,” the statement read.

The company stressed that its Victoria Island headquarters was not affected by any seizure order.

According to it, “the whole purpose of the misleading reports circulating in the media is not only to use extra-judicial means to extort money from Mr Otedola but also to malign his reputation in order to blackmail him to settle a matter that is subjudice.”

Earlier reports had indicated that the Court of Appeal, Lagos Division, on June 26, 2025, issued an interim order of attachment on Zenon’s property located at 7, Tiamiyu Savage Street, Victoria Island, Lagos, in relation to an ongoing dispute over a N7.2bn debt allegedly owed to a British national, James Lloyd-Jennings.

Part of the Court Order read: “Upon reading the Motion Ex-parte dated and filed on the 16th day of June, 2025 and the affidavit deposed to by Uylosa Erhabor on the 16th day of June, 2025, it is hereby ordered as follows: 1.

“That the application is granted as prayed pending the determination of the Motion on Notice which is fixed for 8/7/25. 2. The Appellant and 2nd Respondent to be duly served before that date.”

In a separate statement, Lloyd-Jennings disclosed that the Appeal Court also restrained Zenon and members of the public from dealing with the property in any way until the Motion on Notice seeking similar orders is heard, warning that non-compliance could attract consequences.

Zenon Petroleum & Gas Limited was founded by Femi Otedola, a well-known Nigerian businessman and philanthropist. He also serves as its Executive Chairman.