Lagos Court Freezes Accounts of World Oil Industries Over N407 Million Debt
The Lagos State High Court, sitting at Tapa on Lagos Island, has issued a significant order to freeze all bank accounts associated with World Oil Industries Limited and one of its directors, Kunle Abiodun Enitilo. This action stems from an alleged diesel supply debt amounting to N407,125,000 owed to Q&M Oil & Gas Limited.
Court Order and Financial Restraints
Justice (Dr) Rosul O. Olukolu granted the freezing order following an ex parte motion filed by the claimant in the case marked LD/851CM/2026. In a ruling delivered at the Commercial Courthouse in Tapa, the court imposed a Mareva injunction, which restrains multiple financial institutions from releasing or permitting any transactions on funds linked to the defendants, up to the value of the claimant's total claim.
The order impacts accounts held across various banks, as well as other commercial and digital financial service providers. Justice Olukolu directed the affected banks to immediately halt all withdrawals, transfers, or dealings involving funds connected to the defendants, their agents, subsidiaries, or related entities tied to the Bank Verification Number (BVN) of the second defendant.
Additionally, the court ordered the banks to disclose, within seven days, the balances in any accounts maintained by the defendants as of the date of the order.
Background of the Debt Dispute
The lawsuit originates from a diesel supply agreement dated February 3, 2025. Under this agreement, Q&M Oil & Gas Limited supplied petroleum products to World Oil Industries Limited to meet customer demand. The claimant stated that the transaction involved deliveries valued at approximately N1.85 billion.
However, it alleged that despite receiving the full supply, the defendants failed to settle all outstanding invoices, leaving an unpaid balance of N407,125,000. In an affidavit deposed by Tossa Godwin Oluwasegun in support of the application, the claimant accused the defendants of being evasive and failing to demonstrate any commitment to liquidating the debt.
Allegations of Asset Dissipation
The claimant further alleged that the defendants had begun dissipating assets in a manner capable of frustrating the enforcement of any eventual judgment. It claimed that some petrol stations and other assets belonging to the defendants had 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 grant the application to preserve the defendants' assets pending the determination of the substantive suit. Justice Olukolu held that the application was meritorious and necessary to safeguard the subject matter of the dispute, and accordingly granted the interim reliefs sought.
Additional Court Directives
In addition to freezing the accounts, the court restrained the defendants from selling, transferring, assigning, or otherwise dealing with any traceable assets during the pendency 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 case has been adjourned to April 2, 2026, for a report of service and further proceedings.
